What you need to know
- Disney+ has surpassed 94.9 million subscribers globally.
- Disney expects its streaming service to have over 260 million subscribers by 2024.
- The company had initially set a goal to hit 90 million subscribers by 2024.
Disney had initially expected to hit 90 million subscribers only by 2024. As announced by the company in December last year, it now expects Disney+ to have between 230 million to 260 million subscribers by 2024.
Disney's other streaming platforms also witnessed strong growth during the December quarter. Hulu now has 39.4 million subscribers, while ESPN+ is at 12.1 million subscribers. While Disney+ has seen a massive increase in popularity since it first launched in November 2019, it still remains far behind Netflix, which currently has around 204 million subscribers globally.
Disney's average revenue per user dropped to $4.03 in the December quarter, which could be a cause for concern for the company. When Disney+ first launched, its average revenue per user was $5.56. The most significant reason behind the drop in average revenue per user is the fact that existing Hotstar subscribers in India can access Disney+ content for less than two dollars a month. It is worth noting, however, that Disney+ Hotstar subscribers make up approximately one-third of the platform's global subscriber base. ESPN+ and Hulu, on the other hand, saw a 26% growth in average monthly revenue per user during the quarter.
Disney is currently working on bringing over 80 new movies and shows to Disney+, including a dozen Marvel series and ten Star Wars series.