Disney Sees Revenue, Subscriber Gains in Q1

The Walt Disney Company saw its Q1 revenues rise by 34 percent to $21.8 billion, helped in part by gains at its direct-to-consumer streaming division, with Disney+ ending the quarter with 129.8 million total subscribers, a 37 percent year-on-year gain.

“We’ve had a very strong start to the fiscal year, with a significant rise in earnings per share, record revenue and operating income at our domestic parks and resorts, the launch of a new franchise with Encanto and a significant increase in total subscriptions across our streaming portfolio to 196.4 million, including 11.8 million Disney+ subscribers added in the first quarter,” said Bob Chapek, CEO. “This marks the final year of The Walt Disney Company’s first century, and performance like this coupled with our unmatched collection of assets and platforms, creative capabilities and unique place in the culture gives me great confidence we will continue to define entertainment for the next 100 years.”

Disney Media and Entertainment Distribution revenues were up 15 percent to $14.6 billion. Revenues from the linear networks were flat at $7.7 billion, with operating income down 13 percent to $1.5 billion. At the direct-to-consumer segment, revenues rose 34 percent to $4.7 billion, with a narrower operating loss of $593 million. As of the end of the quarter, the company had 42.9 million Disney+ subs in the U.S. and Canada, with 41.1 million for Disney+ internationally and 45.9 million for Disney+ Hotstar in India and Southeast Asia. ESPN+ had 21.3 million, a 76 percent gain. Hulu’s total subs base hit 45.3 million, a 15 percent rise, with 40.9 million for the SVOD tier and 4.3 million for live TV with SVOD. Content sales, licensing and other revenues were up 43 percent to $2.4 billion, but the segment posted an operating loss of $98 million.

Disney Parks, Experiences and Products saw revenues more than double to $7.2 billion, with an operating profit of $2.45 billion.

Net income at the company surged to $1.1 billion.