Disney+ up to 103 million subscribers
NEW YORK — Disney second-quarter revenue dropped as the pandemic continued to weigh on its parks and theme parks. Disney+ subscriptions continued to surge but missed some analyst expectations. Still, net income beat expectations, and CEO Bob Chapek said signs of recovery can be seen across the company’s business as the pandemic begins to wane.
Disney+ subscribers more than doubled from a year ago to 103.6 million subscribers as of April 3. That was lower than the 109.3 million analyst expected, according to FactSet. Chapek said the company is still on track to reach its goal of 230 to 260 million subscribers for Disney+ by 2024.
CFO Christine McCarthy said in a call with analysts Thursday that growth in subscriber signups was slower during the first two months of the year due to no major product launches and a price increase in the Africa, Middle East and Asia region. But she
said signups grew more quickly in March.
The vast library of Disney+, including Disney movies and TV shows plus hit original series like Marvel’s “WandaVision” and the Star Wars spinoff “The Mandalorian,” have helped drive signups. People stuck at home during the pandemic over the past year also boosted subscriptions, but that could begin to ease as things open up again.
Revenue per Disney+ customer dropped 29% to $3.99. That’s because the figures include
Disney’s offering in India, where customers pay less than in other parts of the world.
Revenue from parks dropped 44% to $3.17 billion. But parks are beginning to show signs of life after being shuttered during most of the pandemic. Disneyland in Anaheim, California, reopened on April 30, after the quarter ended. Disney World in Orlando and other parks around the world were open during the quarter, although at reduced capacity.