On Wednesday, Disney released its fiscal Q2 2022 results, which were mostly good. And the Disney+ streaming platform outperformed subscription forecasts for the quarter. This comes as Netflix is losing subscribers and rethinking its economic strategy.
According to CNBC, Disney+ had 137.7 million members at the end of the third quarter, whereas industry experts projected about 135 million. The platform garnered 7.9 million new users in the second quarter alone.
According to Disney CEO Bob Chapek, the outstanding results demonstrate that Disney is in “a league of our own.”
With ESPN+, Hulu, and other Disney-owned streaming outlets included, the corporation currently has over 205 million customers.
Disney said last year that it aims to have at least 230 million Disney+ customers by 2024.
The results were excellent enough for Disney’s stock to increase almost 5% in after-hours trading. Analysts were “ecstatic” to learn that Disney+ was able to gain new consumers while Netflix struggled with its platform.
Netflix stated earlier this year that it lost 200,000 customers in the previous quarter and expects to lose up to 2 million more in the coming months.
Netflix attributes these figures to “unpaid accounts,” which are individuals who utilize passwords supplied by friends and relatives. Later, the company declared that it is working on methods to reduce password sharing, and that it is contemplating releasing a new ad-supported plan at a cheaper price.
At the same time, Apple TV+ is enjoying itself. With award-winning movies and shows, Apple’s streaming platform has increased its worldwide market share in recent months, approaching HBO Max – though it remains well behind Disney+, Amazon Prime Video, and Netflix.
Disney+ and Apple TV+ are both less expensive than Netflix. And, despite having a far wider repertoire than any other streaming network, users have complained that Netflix does not renew most series, which causes them to lose interest in the site. As a consequence, Netflix is losing momentum to other smaller streaming companies.