Disney+ streaming service has reportedly lost around 4 million subscribers in the first three months of the year. As per reports, Disney saw this impact amid a wider cost cutting drive across the company.
According to a BBC report, while Disney has braced a massive loss in terms of subscribers, the platform has narrowed its losses by $400 million. The report comes after the company reported its first quarter results.
It adds that most of the subscriber losses for Disney come from its Hotstar services in Asia which also lost streaming rights for the Indian Premier League (IPL) this year as JioCinema led the game. However, not just India/Asia, Disney+ also reportedly lost around 3,00,000 customers in the US and Canada.
It must be noted that the subscriber loss in US and Canada has primarily been attributed to Disney+ raising the subscription prices.
All these updates from Disney+ come as the company’s streaming business also reduced its operating losses to $659 million, which was down from $1.1 billion in the previous year, BBC adds. On this, Disney CEO Bog Iger said that the improved financial performance shows the “strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success.”
Recently, Disney also started executing its layoffs after company announced about 7,000 job cuts in February. As per media reports, these job reductions would be carried out in phases.