Disney's streaming services — which include Disney+ Hulu, and ESPN Plus — turned a profit for the first time ever last quarter.
As reported by The Verge, Disney said in its latest financial results that its streaming business made $47 million in its third quarter. This is a considerable improvement to its performance last year, when Disney reported a $512 million loss for its streaming business.
“This was a strong quarter for Disney, driven by excellent results in our Entertainment segment both at the box office and in DTC, as we achieved profitability across our combined streaming businesses for the first time and a quarter ahead of our previous guidance,” Disney CEO Bob Iger said in a statement published alongside the results.
Disney+ launched in 2019 but has struggled to make a profit since then, though last quarter it and Hulu posted positive results. They were held down by ESPN Plus, however, which stopped Disney's combined streaming business earning a profit overall.
Word on its success comes just a day after Disney announced another price hike for its streaming services. Disney+, Hulu, and ESPN Plus are all increasing in price. Perhaps most notably, the ad free Disney+ tier will rise to $15.99 on October 17, 2024, more than double what it launched at in 2019.
Ryan Dinsdale is an IGN freelance reporter. He'll talk about The Witcher all day.
