Disney's combined streaming services became profitable for the first time, executives shared in the company's third quarter earnings report Wednesday.
"In Quarter 3 2024, our combined DTC (Direct to Consumer) streaming businesses improved year over year by over $550 million to $47 million," the official earnings presentation reads.
The news comes a day after Disney announced Oct. 17 price hikes across its platforms.
"We're seeing growth in consumption and the popularity of our offerings, which gives us the pricing leverage we believe we have," Iger said on the earnings call, as reported by CNBC.
The basic Disney+ plan will increase from $7.99 a month to $9.99. In September, the streamer will also feature an ABC News Live playlist and "a playlist focused on preschool content," a press release states. A new bundle that features Max also launched in July."The combination of exceptional content and a broad brand portfolio is the key to our success as we build streaming into a profitable growth business for the company over the longer term," Iger and CFO Hugh Johnston said in a statement.
The Walt Disney Company saw its quarterly revenue increase nearly a billion dollars when compared with 2023. Inside Out 2, which became the highest-grossing animated film, drew in some 1.3 million Disney+ subscribers.
