Disney posted its first-ever streaming profit yesterday, with divisions including Disney+, Hulu, and ESPN+ producing $47M in operating income in Q3 this year, compared to a loss of $512M in the same period last year.
The news comes as Disney plans to hike prices for streaming subscriptions in October. Yesterday, CEO Bob Iger also revealed the company's plans to crack down on password sharing next month. Meanwhile, Disney Studios unit posted income of $254M—its first quarterly profit in over two years. Disney is the first studio this year to top $3B in worldwide ticket sales, driven by box office successes "Inside Out 2" and "Deadpool & Wolverine." The unit is expected to continue its box office streak with anticipated releases like "Moana 2" later this year.
Disney's Experiences unit, however—including its theme parks and cruise line—saw domestic profit drop 6% from last year. The company lowered its revenue forecast for Q4, blaming softening tourist demand. Shares dropped over 3% on the news.
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