Disney’s video-on-demand streaming service Disney+ announced that it has doubled to 116 million subscribers from 57.5 million a year earlier.
In its earnings report on Thursday, the company said that across Disney+, ESPN+, and Hulu, Disney reported a total of 174 million subscribers. Disney also beat estimates on earnings and revenue, boosting the stock by about 6 percent in after-hours trading, reports CNBC.
“We ended the third quarter in a strong position and are pleased with the company’s trajectory as we grow our businesses amidst the ongoing challenges of the pandemic,” said Bob Chapek, Chief Executive Officer of The Walt Disney Company.
“We continue to introduce exciting new experiences at our parks and resorts worldwide, along with new guest-centric services, and our direct-to-consumer business is performing very well, with a total of nearly 174 million subscriptions across Disney+, ESPN+ and Hulu at the end of the quarter, and a host of new content coming to the platforms,” Chapek added.
Analysts remain optimistic that Disney+ will reach its goal of 230 million to 260 million subscribers by 2024 as the company continues to roll out exclusive content. Consumers, however, are on average, paying less.
The report said report said that the average monthly revenue per paid subscriber for Disney+ fell to $4.16 from $4.62 a year earlier.
Among the most recent releases from Disney+ are the mini-series “The Falcon and the Winter Soldier,” based on Marvel Comics characters, and “Loki,” another Marvel-based series. The Pixar feature film “Luca” came out in June.
While the service is growing rapidly, it also faces a legal battle with “Black Widow” star Scarlett Johansson, who is suing the company for releasing the film simultaneously on the streaming platforms and in theatres.