Disney announced it will no longer provide quarterly subscriber data for its streaming services, including Disney+, Hulu, and ESPN+. The change, which aligns with Netflix’s earlier move, is scheduled to begin with the September 2025 quarter for ESPN+ and the first quarter of fiscal 2026 (covering the last three months of calendar 2025) for Disney+ and Hulu.
Streaming Metrics Deemed “Less Meaningful”
In a joint statement, Disney CEO Bob Iger and CFO Hugh Johnston said that paid subscriber counts and ARPU (average revenue per user) have become “less meaningful to evaluating the performance of our businesses.”
“We are focused on managing our businesses to deliver growth in a sustained way, and to align our financial reporting with how we operate,” the execs said in their quarterly earnings commentary. “Since we began reporting the number of paid subscribers and ARPU, our DTC strategy and the operating environment have evolved.”
Instead, Disney said it will begin reporting on “Entertainment Direct-to-Consumer profitability,” which it believes is a better reflection of how the company evaluates its progress and strategy.
Industry-Wide Shift
Netflix announced in spring 2024 that it would stop reporting quarterly subscriber numbers, a move that surprised Wall Street and Hollywood. Netflix said memberships are just one piece of its overall business and pointed to engagement, revenue, and operating margin as better metrics.
Now, Disney is taking a similar approach, stating its reporting changes will better reflect “the media landscape, the unique nature of our integrated assets, and how we operate.”
Current Subscriber Figures
While this will be the last stretch of public subscriber updates, Disney did release current numbers as part of its June 2025 quarter:
- Disney+: 128 million (up 1.8 million from the prior quarter)
- Hulu: 55.5 million (up 800,000)
- Combined Disney+/Hulu: 183 million (up 2.6 million overall)
Disney is projecting that total Disney+ and Hulu subscriptions will increase by more than 10 million during the July–September quarter, largely driven by its expanded deal with Charter. However, the company is only expecting a “modest increase” in Disney+ subscribers specifically.
In related news, Disney also announced Disney+ will be absorbing Hulu.
ESPN is also getting an expanded streaming service.
Streaming Segment Profit
Disney’s streaming segment posted $346 million in profit for the June quarter, with revenue up 6%. While Disney is shifting away from reporting subs, the company appears focused on maintaining profitability and using other performance indicators to measure success.
