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Disney's Path to Subscriber Success Lies Outside The U.S.; The Profit Route Is Less Obvious

Aria Thomas

May 12, 2022 10:08

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The quarterly results of Walt Disney (NYSE:DIS) Co reveal foreign expansion as a way to a quarter billion users. However, it is not obvious that a rapid increase in non-U.S. customers will lead to a profit bonanza.


Some investors and analysts were unhappy by the costs of the business, despite the fact that Disney's streaming gains for its flagship Disney+ video program exceeded Wall Street's expectations.


The stock slid 3 percent to $102 a share following the release of the company's second quarter results on Wednesday, showing new concern about the streaming business in the wake of Netflix's (NASDAQ:NFLX) recent stumbles.


"Undoubtedly, Disney has added more subscribers than Netflix. On the other side, getting there costs them a great deal of money "According to LightShed Partners media and technology expert Richard Greenfield. Wall Street is becoming more profit-driven.


The number of Disney+ subscribers at the end of March increased by 7.9 million over the previous quarter. According to a Disney source, the program will launch in 42 countries this summer, bringing its global footprint to 106. It will develop around 500 shows in local languages around the world in order to gain subscribers in these markets.


Bob Chapek, the chief executive officer of Disney, stated that the company's goal of 230 million to 260 million members for Disney+ by September 2024 is on track.


However, more than half of its quarterly membership gains were attributable to Disney+ Hotstar in India, where users pay an average of 76 cents per month. Customers pay $6.32 on average in the United States.


Operating losses for the company's streaming business, which also includes ESPN+ and Hulu, tripled to $877 million in the third quarter, due to increasing content and production expenses. As the firm invests more heavily in original content and sports rights, spending on programming is projected to grow by more than $900 million in the third quarter.


During an investor call, Chapek stated, "We believe that our subscribers will be driven by the quality of our material, and that the scale of our subscribers will drive our profitability." "Therefore, we do not necessarily view them as opposing. They are somewhat compatible with the general strategy we've outlined."


PP Foresight analyst Paolo Pescatore said that Disney+ will continue to grow as it expands into new areas and produces compelling streaming material, such as the Oscar-winning animated film "Encanto." That may not, however, be a financial success.


Pescatore stated, "It is evident that all providers place too much emphasis on net additions." "Unfortunately, given the nature of streaming, there will be substantial amounts of churn that will damage all providers. Consequently, this will have a negative impact on revenue and the bottom line."

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