Q4 Earnings Takes Disney+ to 73.7 Million Paid Subscribers
The Walt Disney company had announced that India has fetched the maximum number of subscribers for its video streaming service in the September quarter, Disney+ added an additional of 16 million paid users reaching a massive total of 73.7 million paid users, of which the majority are from India. The Disney+ version in India is famously known as Disney+Hotstar.
The increase in the number of additions could be due to the start of the delayed IPL season which was showcased in it, Disney+Hotstar subscribers account for a little over a quarter of their subscriber base. The savvy move that Disney made with the IPL being available for annual-only VIP plan customers, the numbers are said to go strong for at least a year now.
Back in April, Disney released their first official numbers for Hotstar which had 8 million paid subscribers. With the numbers now, Disney+Hotstar has increased its subscriber-based two folds.
The COVID-19 pandemic has proven beneficial to OTT platforms and it had acquired several famous titles including Laxmii starring Akshay Kumar, Ajay Devgan’s Bhuj: The Pride of India, and Alia Bhatt’s Sadak 2, for an estimate of Rs 400-crore and also ramping up originals and memories of our childhood shows.
Disney is likely to focus more on its OTT platform than television broadcasting, sports catalog and film studio business in India. Disney India is now focusing on developing and producing original content for the company’s streaming services.
The Walt Disney Company has released the full fiscal years and Q4 reports with $14 billion in revenue. Even with the COVID-19 pandemic, they have been efficiently able to manage the business by taking bold steps and focusing on things that were efficient for their growth such as Disney+.
CEO Bob Iger predicted that the streaming platform would reach 60-90 million subscribers by 2024. Disney+ is looking forward to launching in Latin America which is not too far away. The company earned $14.7 billion in revenues during the quarter which a large part of it came from Disney+. The number is lower than what they had earned during the same quarter last year which accounts for up to $19.1 billion. This negative impact could be due to the pandemic and the slowdown in its theatre and theme park businesses.
Disney has outplayed all of its competitors, including Netflix and Amazon Prime in India which have about 4.5 million users in India. According to Disney Plus worldwide, the year-old streaming platform will be fully focused on now as the pandemic has led to a rise in subscribers for all streaming platforms such as Hulu and ESPN too. The race to get to the top isn’t a sprint but rather a marathon to keep the momentum going, to keep the people entertained while also competing with other platforms such as Netflix or even free platforms like YouTube and TikTok. Antenna Analytics has claimed that the people canceling their Disney Plus subscriptions are below the industry average, but Disney must find a way to ensure the steady growth of the platform.
Along with the IPL, Disney Plus’ spike in subscribers came through other shows and TV series such as Hamilton, The Mandalorian and Mulan.