Disney raises streaming price, offers plans with ads

Disney has lost money from streaming as it invests heavily in content and technology to boost sign-upsWalt Disney shares rose after the company reported better-than-expected subscriber growth for its streaming service in the third quarter and said it would raise the price of Disney+ by 38 per cent, part of plan to generate more revenue from the money-losing online business.

While Disney “shares have underperformed, the business has continued to outperform, analysts at Morgan Stanley wrote in a note following the results. The world’s largest entertainment company, Disney is trying to stem losses in its direct-to-consumer business as it navigates a transition from traditional TV viewing to online options. Disney+, launched in November 2019, includes films and TV shows from the company’s vast library, as well as new series tied to company brands such as Marvel and “Star Wars. The company has said it expects Disney+ to be profitable in fiscal 2024.

The Burbank, California-based company reported fiscal third-quarter sales and earnings that beat analysts’ expectations, driven in part by strong performance of its theme parks. Sales in the period ended July 2 jumped 26% to $21.5 billion, led by soaring park revenue and beating analysts’ expectations of $21 billion. Earnings jumped to $1.09 a share excluding some items, topping estimates of 96 cents.

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