Disney has reached a new milestone. The company revealed in its third quarter earnings report that it now has over 100 million streaming video subscribers. That figure includes 57.5 million customers from Disney+, 8.5 million from ESPN (up from 2.5 million a year ago), and 35.5 million from Hulu (up from 27.9 million). As with many streaming providers, it’s clear that the COVID-19 pandemic is pushing consumers more to Disney’s video options. Having Hamilton on Disney+ early also likely spurred on subscribers (though it didn’t arrive until July 3rd, after the quarter ended).
Disney reported revenues of $11.8 billion during the quarter, down 42 percent from last year’s $20.2 billion. You can chalk most of that up due to COVID-19 business disruptions. The company took a $3.5 billion dollar hit from its parks being closed over the last few months. And even as Disney has started to reopen parks, it’s had to limit capacity and add new restrictions for visitors.
The company also announced today that it will be releasing its live action Mulan adaptation on Disney+ for $29.99 on September 4th. That’s surprising, as the company has never discussed premium offerings on top of its streaming service before.
"We’re looking at Mulan as a one off, as opposed to trying to say there’s a new business windowing model we're looking at,” Disney CEO Bob Chapek said during an earnings call today. “That said, we find it very interesting to be able to take a new offering, our premiere access offering, to consumers at that $29.99 price and learn from it..." Specifically, he says the company will be looking at transaction figures, as well as subscriber uptick.