[ad_1]
Disney, in its earnings report for the year, reported a 7% subscriber loss on its streaming platform Disney+ Hotstar. The media conglomerate saw 2.8 million subscribers leave the service, taking the total subscriber loss for the year to 23.8 million.
Disney’s financial year is between October 2022 to September 2023.
The platform’s average monthly revenue per paid subscriber increased from $0.59 to $0.70 due to a lower mix of wholesale subscribers and higher advertising revenue.
Disney’s loss of subscribers is likely due to the streaming service losing the rights to the Indian Premier League – which moved to JioCinema – and the non-renewal of its content deal with HBO, which has also moved to its Reliance competitor.
Star Sports – the media company’s India sports broadcasting arm – saw its operating profit shrink 29% YoY to $12 million while revenue fell 21% YoY to $92 million. The India sports business reported an operating loss of $444 million for the nine-month period ending July 1. It earned $637 million in revenue during the period under review.
For the fiscal ended September, Walt Disney‘s operating profit rose 6% to $12.8 billion while revenue increased 7% to $88.8 billion. Revenue from the streaming business, including Disney+ Hotstar, increased 12% to $21.9 billion while operating loss decreased 35% to $2.6 billion.
Walt Disney-owned Star India’s consolidated net profit for FY23 has dropped 31% year over year to Rs 1,272 crore compared to Rs 1,834 crore in the previous fiscal. While the company’s operating revenue from TV and digital businesses increased by 6% to Rs 19,857 crore, its total income increased by 9% to Rs 20,699 crore.
[ad_2]
Source link