Disney reports fourth quarter and full year earnings for fiscal 2024

BURBANK, Calif. — The Walt Disney Company (NYSE: DIS) today reported earnings for its fourth quarter and full year ended September 28, 2024.

Entertainment – Direct-to-Consumer

• Entertainment DTC delivered 14% ad revenue growth in Q4, contributing to $253 million in operating income, and our combined DTC streaming businesses improved their profitability in Q4, with operating income of $321 million.
• We ended the quarter with 174 million Disney+ Core and Hulu subscriptions, and more than 120 million Disney+ Core paid subscribers, an increase of 4.4 million over the prior quarter.

Key Metrics – Fourth Quarter of Fiscal 2024 Comparison to Third Quarter of Fiscal 2024

In addition to revenue, costs and operating income, management uses the following key metrics to analyze trends and evaluate the overall performance of our Disney+ and Hulu direct-to-consumer (DTC) product offerings, and we believe these metrics are useful to investors in analyzing the business. The following tables and related discussion are on a sequential quarter basis.

Paid subscribers at: (in millions)

                                            September 28,       June 29,
                                                     2024           2024  Change
                                            -------------  -------------  ------
Disney+
 Domestic (U.S. and Canada)                          56.0           54.8      2%
 International (excluding Disney+ Hotstar)           66.7           63.5      5%
   Disney+ Core                                     122.7          118.3      4%

 Disney+ Hotstar                                     35.9           35.5      1%
 
Hulu
 SVOD Only                                           47.4           46.7      1%
 Live TV + SVOD                                       4.6            4.4      5%
  Total Hulu                                         52.0           51.1      2%

Average Monthly Revenue Per Paid Subscriber for the quarter ended:

                                            September 28,       June 29,
                                                     2024           2024  Change
                                            -------------  -------------  ------
Disney+
 Domestic (U.S. and Canada)                         $7.70          $7.74    (1)%
 International (excluding Disney+ Hotstar)           6.95           6.78      3%
  Disney+ Core                                       7.30           7.22      1%

 Disney+ Hotstar                                     0.78           1.05   (26)%

Hulu
 SVOD Only                                          12.54          12.73    (1)%
 Live TV + SVOD                                     95.82          96.11      —%

Domestic Disney+ average monthly revenue per paid subscriber decreased from $7.74 to $7.70 due to a higher mix of subscribers to ad-supported and wholesale offerings, partially offset by higher advertising revenue.

International Disney+ (excluding Disney+ Hotstar) average monthly revenue per paid subscriber increased from $6.78 to $6.95 due to higher retail pricing, partially offset by a higher mix of subscribers to ad-supported and wholesale offerings and an unfavorable foreign exchange impact.

Disney+ Hotstar average monthly revenue per paid subscriber decreased from $1.05 to $0.78 due to lower advertising revenue.

Hulu SVOD Only average monthly revenue per paid subscriber decreased from $12.73 to $12.54 primarily due to a higher mix of subscribers to multi-product offerings and lower advertising revenue.

Sports – ESPN+

Key Metrics – Fourth Quarter of Fiscal 2024 Comparison to Third Quarter of Fiscal 2024

In addition to revenue, costs and operating income, management uses the following key metrics to analyze trends and evaluate the overall performance of our ESPN+ DTC product offering, and we believe these metrics are useful to investors in analyzing the business. The following table and related discussion are on a sequential quarter basis.

                                            September 28,       June 29,
                                                     2024           2024  Change
                                            -------------  -------------  ------
Paid subscribers at: (in millions)                   25.6           24.9      3%
Average Monthly Revenue Per Paid
 Subscriber for the quarter ended:                  $5.94          $6.23    (5)%

The decrease in ESPN+ average monthly revenue per paid subscriber was due to lower advertising revenue and a higher mix of subscribers to wholesale and multi-product offerings.