Disney+ and Hulu made money in the quarter — $47 million. Last year in the second quarter, Disney+ and Hulu lost $587 million.The Walt Disney Co mpany CEO Bob Iger attends the Nominees Luncheon for the 95th Oscars in Beverly Hills, California, U.S. February 13, 2023.
Stripping out ESPN+, Disney+ and Hulu actually made money in the quarter — $47 million. Last year in the second quarter, Disney+ and Hulu lost $587 million. That hasn't happened yet, but this quarter finally suggests that moment is upon us. It's not just that Disney nearly made money in streaming — it's that the company's traditional linear TV results were awful.
Looking at Disney's results in the second quarter, it's clear why the company has finally pulled the ripcord on ESPN. While ESPN's revenue rose 3% to $4.21 billion, operating income dropped 9% to $799 million. Lower advertising revenue, a drop in cable subscribers, and higher programming costs attributable to the College Football Playoff led to the decline, Disney said.
Source: News Formal (newsformal.com)
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