The direct-to-consumer business, which includes Disney+ and Hulu, posted quarterly operating income of $47 million compared with a loss of $587 million a year earlier. Revenue rose 13% to $5.64 billion.
For the combined streaming businesses, which includes Disney+, Hulu and ESPN+, secondquarter operating loss shrunk to $18 million from $659 million, while revenue improved to $6.19 billion from $5.51 billion.
Disney+ core subscribers climbed by more than 6% in the second quarter.
Yet the improved picture for Disney on streaming arrives with its cable business in decline. That segment saw revenue slide 8% in the most recent quarter.
“Looking at our company as a whole, it’s clear that the turnaround and growth initiatives we set in motion last year have continued to yield positive results,” Iger said in a prepared statement.
Speaking during Disney’s conference call, Iger said that the company plans to add an ESPN tab to Disney+ by the end of the year, a maneuver that was previously made with Hulu. This will give U.S. subscribers access to some live sports and studio programming within the Disney+ app.
ESPN, Fox and Warner Bros. Discovery announced plans in February to launch a sports streaming platform in the fall that will include offerings from at least 15 networks and all four major professional sports leagues.
Iger also said that next month the company will start cracking down on password sharing for its streaming service in some markets, and will expand that crackdown globally in September.
While Disney has quality streaming content, Iger said that the company must now focus on building out its technology, similar to what rivals like Netflix have been doing. Those actions, including the password crackdown, are expected to improve profits.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
AUSTRALIAN STATES BACK NATIONAL PLAN TO BAN CHILDREN YOUNGER THAN 16 FROM SOCIAL MEDIA
Australia’s states and territories unanimously backed a national plan to require most forms of social media to bar children younger than 16.
FACEBOOK AND INSTAGRAM USERS IN EUROPE CAN OPT FOR LESS PERSONALIZED ADS
Facebook and Instagram users in Europe will get the option to see less personalized ads if they don’t want to pay for an ad-free subscription, social media company Meta said Tuesday, bowing to pressure from Brussels over privacy and digital competition concerns.
IN THIS FLORIDA SCHOOL DISTRICT. SOME PARENTS ARE PUSHING BACK AGAINST A CELLPHONE BAN
It’s no surprise that students are pushing back on cellphone bans in classrooms. But school administrators in one South Florida county working to pull students’ eyes away from their screens are facing some resistance from another group as well – parents.
DIAMOND SPORTS GROUP WILL OFFER SINGLE-GAME PRICING TO STREAM NBA AND NHL GAMES STARTING NEXT MONTH
The nation’s largest owner of regional sports networks will offer single-game pricing for NBA and NHL games beginning next month.
ON THE EVE OF OSCARS HONOR, JAMES BOND PRODUCERS REFLECT ON LEGACY AND FUTURE OF 007
For the late James Bond producer Albert “Cuddy” Broccoli, receiving the Irving G. Thalberg Memorial Award was a true high point in his career.
'SATURDAY NIGHT LIVE' TO TRUMP: 'WE'VE BEEN WITH YOU ALL ALONG'
The first “Saturday Night Live” since Donald Trump’s election victory began with the most somber of tones as a group of plainly dressed cast members, primarily women and minorities, described their new reality.
US AGENCY SAYS TESLA'S PUBLIC STATEMENTS IMPLY THAT ITS VEHICLES CAN DRIVE THEMSELVES. THEY CAN'T
The U.S. government’s highway safety agency says Tesla is telling drivers in public statements that its vehicles can drive themselves, conflicting with owners manuals and briefings with the agency saying the electric vehicles need human supervision.
WAYMO'S ROBOTAXIS NOW OPEN TO ANYONE WHO WANTS A DRIVERLESS RIDE IN LOS ANGELES
Waymo this week opened its robotaxi service to anyone who wants a ride around Los Angeles, marking another milestone in the evolution of self-driving car technology since the company began as a secret project at Google 15 years ago.
BITCOIN HAS TOPPED $93,000 FOR A NEW RECORD HIGH. WHAT TO KNOW ABOUT CRYPTO'S POST-ELECTION RALLY
As money continues to pour into crypto following Donald Trump’s victory last week, bitcoin has climbed to yet another record high.
AMAZON LAUNCHES AN ONLINE DISCOUNT STOREFRONT TO BETTER COMPETE WITH SHEIN AND TEMU
Amazon has launched a low-cost online storefront featuring electronics, apparel and other products priced at under $20, an effort to compete with discount retailers that have increasingly encroached on the e-commerce giant’s turf.
