2023 saw price hikes in streaming services like Disney+ and Netflix, which the general public criticised. In the resulting aftermath, Disney+ lost 1.3 million subscribers and its top spot as biggest box office earner. Now, the company is looking to recover its losses with a strong start to 2024, but will it be enough to turn the tide?
Consumers unhappy with the move have cancelled their streaming service plans, resulting in Disney+ losing over 1.3 million subscribers. The House of Mouse is planning to make up for 2023’s poor performance, projecting to increase its subscribers by 6 million in 2024, and attributing its entertainment and media losses to the poor performance of The Marvels and Wish at the box office.
“Just one year ago, we outlined an ambitious plan to return The Walt Disney Company to a period of sustained growth and shareholder value creation,” said Disney CEO Bob Iger, “Our strong performance this past quarter demonstrates we have turned the corner and entered a new era for our company.”
Disney also teased release dates for its upcoming projects up to 2026 in its quarterly earnings call, and a timeline for its refreshed park offerings. Things could be looking up for Disney this year, and the company remains optimistically careful about its projected profits.