Walt Disney Co. anticipates that Disney+’s most recent publicly stated 2024 subscriber target will not be met by the streaming service’s tens of millions of customers.
Then-CEO Bob Chapek set the target of 215 to 245 million subscribers in August 2022. In keeping with Netflix Inc.’s move, Disney’s incoming CEO, Bob Iger, announced in February that the company will no longer publish subscriber predictions.
Disney+ is losing subscribers as a result of increased costs and a decline in demand in India after the business was unable to get cricket broadcasting rights, prompting management to predict that it will not return to its previous levels.
The business is still dedicated to drawing users to Disney+. Disney+ and Charter Communications Inc.’s Spectrum TV service will be combined as part of an agreement announced this week, which would add millions of new subscribers. Charter Communications Inc. is the No. 2 cable provider in the U.S. Disney will be given discounted wholesale pricing for these subscribers.
As previously reported by Bloomberg News, both Byron Allen and Nexstar Media Group Inc. have separately indicated interest in purchasing Disney’s ABC network and local TV stations.
The price of Disney stock increased 1.2% to $84.48 at the end of New York trade.