American-owned Entertainment Company, Walt Disney records another height in the number of subscribers for streaming services, avoiding the slowdown experienced by Netflix.
Over nine million subscribers added to the number of Disney’s online video platforms in the first three months of 2022.
Disney Parks business also witnessed this new increase in the number of users. Disney’s performance was under serious check following Netflix’s fall in subscribers last month.
Netflix is the first company to start an online streaming platform but is having difficulty attracting new subscribers as it tries to build on an already huge 220 million subscriber-based platform.
“A huge sigh of relief for Disney”, said PP Foresight analyst, Paolo Pescatore. Disney has poured investment into its streaming services, seeing them as key to the future of its business, as movie attendance decreases and more people turn from traditional television.
But analysts had worried that its troubles might be more widespread and signal a wider slowdown in consumer demand for streaming.
There are currently 138 million subscribers on Disney since its launch in 2019. Gaining more from hit-movies like Marvel’s “Moon Knight” series and Pixar movie “Turning Red”.
The firm also owns Hulu, ESPN and Hotstar in India.
Disney executives said subscriber growth over the last six months was stronger than they had expected.
However, believe that the number may be slow in the coming months, as the firm enters markets, like Poland, where the war in Ukraine is affecting sentiment.
But they said they remained confident that they will hit sign-up goals.
Chief Financial Officer, Christine McCarthy said “We still do expect an increase in growth.”
“The company’s growth was likely to remain strong, as the company launches in more markets overseas. The company is also planning an ad-supported service,” added Pescatore.
“For now, take-up for its direct-to-consumer services like Disney+ remains robust and will continue to do so,” he said. “Ultimately, it is in a different phase of growth compared to rivals including Netflix, akin to a start-up.”
Disney revenues increased year on year at 23 per cent for the first three months of the year to $19.25bn, boosted by its amusement park business, which saw revenues more than double.
Meanwhile, Nigeria’s movie, Blood Sisters has been placed 9th on the newly released movie ranking n=by Netflix as the most-watched movie.
The movie which was released barely a week ago has garnered positive reviews from movie buffs propelling the Netflix film to global acclaim.
According to the ranking by Netflix, Blood Sisters took this position when it had about 11 million viewing hours.
Produced by Mo Abudu’s Ebony Live TV Studios “Blood Sisters” is categorised under the Crime TV Show and as a limited series with four episodes. The film was released on May 5, 2022.
