Disney+ and the direct pipeline to consumers was supposed to be the future of the company. But its performance maybe even more disappointing than expected.
The streaming service is expected to fall “tens of millions subscribers” short of its last publicly stated target for 2024, which was set a year ago by then-CEO Bob Chapek, according to Bloomberg, citing anonymous sources. He had said that Disney+ would hit 215 million to 245 million subscribers by 2024. Since that guidance was given, Disney no longer offered any new projections, with returning CEO Bob Iger only focused on its return to profitability.
The numbers mark just the latest defeat for a service that was once heralded as a potential rival to Netflix, having shot out of the gate with viral sensation The Mandalorian and Baby Yoda. Since then, the service has seen enthusiasm wane for its original programming, from Secret Invasion to Obi-Wan, anger over its price hikes, big losses and even a lawsuit claiming a financial hijinks around its content.
A Disney spokesman wasn’t immediately available for comment.
Since Iger has taken over, the company talks less about subscriber numbers. Instead, Iger said he focused on turning Disney+ profitable by September 2024.