Disney+ grows to more than 60.5M subscribers

Lawrence Kim
August 5, 2020

Disney CEO Bob Chapek recently revealed in an earnings call that Disney+ now has 60.5 million global subscribers.

The direct-to-consumer and global segment, which houses its streaming service, Disney+, reported an operating loss of US$706 million, compared with an operating loss of US$562 million in the year-ago quarter.

While "Mulan" going to Disney+ is big news for Hollywood, it's yet to be seen if the announcement will have huge ramifications for theaters since Chapek called the film's release "a one off". Mulan will still release theatrically where it can, but streaming will be available in areas where it is not yet safe to open movie theaters.

"We're looking at "Mulan" as a one-off, as opposed to saying there's some new business windowing model that we're looking at", he said.

Disney announced on Tuesday that the remake of the 1998 animated classic will be heading to Disney+, the company's new streaming service, for an additional fee of $29.99.

Disney held it's 3Q earnings call today, and during that, the fate of Mulan was finally revealed.

Bob Chapek, Disney's CEO, said the pandemic has forced the company to think of "different approaches" to better serve consumers. That has made the company "even more confident about our future" and encouraged them to be "more aggressive" with programming.

Disney plans to launch an global direct to consumer general entertainment offering under the Star brand in calendar year 2021. Chapek said it would draw content from Disney-owned ABC Studios, FX, Freeform, 20th Century Studios and Searchlight, among other Disney assets.

Mulan is one of the highest-profile theatrical films to go straight to a streaming service or VOD this year in response to the coronavirus outbreak, which has claimed more than 160,000 lives in the USA alone. The normally lucrative parks, experiences and consumer products segment saw revenue plummet 85% to $1 billion, while studio entertainment revenue sank 55% to $1.7 billion.

The media network segment, which includes ESPN and Disney channels, reported a 48% jump in operating income to US$3.15 billion.

Other reports by Click Lancashire

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