Cricket drought hits Disney+ Hotstar

Disney+Hotstar had 40.4 million subscribers at June-end, down nearly 21 million since October last year….reports Asian Lite News

Disney+ Hotstar lost around 12.5 million subscribers for its third quarter that ended on July 1, as the absence of cricket content on its platform continues to pinch it harder.

The April-June period is the third consecutive quarter in which Disney+Hotstar has lost a significant number of subscribers. International Channels revenues for the quarter decreased 20 per cent to $1.2 billion, and operating results decreased to a loss of $87 million from income of $166 million.

The decrease in advertising revenue was due to lower rates attributable to Indian Premier League (IPL) cricket programming, the company said in its earning report late on Wednesday.

Disney+Hotstar had 40.4 million subscribers at June-end, down nearly 21 million since October last year.

“We actually have been looking at multiple markets around the world with an eye toward prioritising those that are going to help us turn this business into a profitable business. What that basically means is there are some markets that we will invest less in local programming but still maintain the service,” said Bob Iger, Disney CEO.

“What I’m saying is not all markets are created equal. And in terms of our march to profitability, one of the ways we believe we’re going to do that is by creating priorities internationally,” he added.

Overall, the Walt Disney Company reported that revenues for the quarter and nine months grew 4 per cent and 8 per cent, respectively.

“Our results this quarter are reflective of what we’ve accomplished through the unprecedented transformation we’re undertaking at Disney to restructure the company, improve efficiencies, and restore creativity to the centre of our business,” said Robert A Iger, CEO, The Walt Disney Company.

International Disney+ (excluding Disney+ Hotstar) average monthly revenue per paid subscriber increased from $5.93 to $6.01 “due to an increase in average retail pricing and a favourable foreign exchange impact, partially offset by a higher mix of wholesale subscribers.”

ALSO READ: Funding spring soon?

Tagged:

Leave a Reply

Your email address will not be published. Required fields are marked *