Disney Plus global subscribers are now down by more than 2 million, which is its first-ever loss since the streaming service debuted in 2019.
Its Chief Executive Officer, Bob Iger, who recently got back to the highest post, also announced that Disney is laying off thousands of its employees.
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WASHINGTON, DC - JUNE 05: The Walt Disney Company Chairman and CEO Robert Iger delivers remarks during an event introducing Disney's new "Magic of Healthy Living" program at the Newseum June 5, 2012 in Washington, DC.
Disney Plus First Subscriber Loss Since Debut
Since Disney introduced its streaming service, it has consistently gained new subscribers, according to Tech Crunch, until now.
The giant entertainment firm shared its first quarter earnings for 2023, revealing the dwindling subscriber count of Disney+.
The giant streamer, which also houses Marvel and Star Wars content, now only has 161.8 million subscribers worldwide. However, in the previous quarter, the streaming service had more.
Tech Crunch notes that Disney+ previously flaunted roughly 164.2 million subscribers. But this time, it dropped by about 2.4 million.
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NEW YORK, NY - DECEMBER 14: The Disney logo is displayed outside the Disney Store in Times Square, December 14, 2017 in New York City.
Despite that, the Iger-led firm disclosed that the streamer continues to grow in North America, specifically in the United States and Canada. It added roughly 200,000 subscribers in the region in the last quarter.
Besides that, Variety reports that Hulu added around 800,00 subscribers. In total, it now has roughly 48 million, whereas ESPN+ gained 600,000 new subscribers, giving it 24.9 million in total.
On the other hand, the streaming giant lost around 3.8 million Disney+ Hotstar subscribers, which serves folks based in India and Southeast Asia. This significant drop affects the global subscriber count of Disney Plus.
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Bob Iger Announces Disney Layoff
Given that, the big boss of Disney now plans to make its streaming service profitable. And to do so, Iger plans a major restructuring in the House of Mouse, which includes letting go of thousands of employees.
Tech Crunch notes in its story that the giant firm stopped hiring new employees last November. And now, it plans to cut jobs, letting go of thousands of its workers.
(Photo : CHRIS DELMAS/AFP via Getty Images)
Attendees walk by the booth for the Disney+ streaming service during San Diego Comic-Con International in San Diego, California, on July 24, 2022.
Iger says the move is "necessary to address the challenges we face today." However, he notes that he does "not make this decision lightly," adding that he has "enormous respect" for all the employees of Disney in various parts of the globe.
The CEO also expressed appreciation for their efforts and dedication, as the House of Mouse plans to lay off 7,000 workers.
The looming job cuts on Disney affects roughly three percent of the total workforce of the giant firm globally.
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