May 11, 2023

Disney+ streaming business loses 4m subscribers in first quarter

Disney says its flagship streaming service lost 4m subscribers in the first three months of the year amid a wider cost-cutting drive. It comes as Disney's streaming business reduced its operating losses to $659m for the first three months of this year. Disney chief executive Bob Iger said the improved financial performance reflects "The strategic changes we've been making throughout the company to realign Disney for sustained growth and success." The walkout has already shut down several Disney projects, including those set to run on Disney+. Disney has poured billions of dollars into its streaming platforms in recent years, transforming it from a company rooted in traditional television, movies and theme parks into one of the streaming industry's major players.

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