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‘Didn’t They Have Record Increase in Subscribers?’: Internet Threatens to Cancel Subscriptions as Disney+, Hulu Announce Steep Price Hike After Registering Huge Profits

In the streaming industry, money does seem to affect the quality as well as the subscriber count. Earlier, it was reported that a whopping 8 million new subscribers joined Disney+ while Netflix accounted for a loss of many of its customers. But it is confirmed that Disney+ along with Hulu and ESPN are hiking their streaming prices despite the added customers.

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Disney+ to increase the streaming fees.
Disney+ to increase the streaming fees.

A price hike despite more subscribers!

Despite a whopping 8 million new subscribers in the last quarter and another 14 million in the third quarter, it seems Disney+ is still going for a loss. The earlier prices of Disney+ were $7.99/ month which the company raised to $10.99/month!

A plethora of companies owned by Disney.
Disney owns a plethora of companies

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The price hike will reportedly be changed and charged from the month of October this year. An ad-supported version is also being made available for Hulu that will cost up to $7.99/month from its current price of $6.99/month. An ad-free subscription to Disney+, Hulu, and, ESPN with live TV would therefore cost an average subscriber around $82.99/month.

Fans took to Twitter to offer their opinions and suggestions regarding the recent price hike.

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Price hike: Greed or Honesty?

The price hike is a result of loss.
The price hike is a result of the loss.

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According to a Disney executive, the price hike comes because although the subscriber count increased to a whopping 221 million subscribers across all its services, the company still reported a loss compared to the budget they set for these services.

According to Disney, the rising amount in production costs along with programming costs are much higher in recent times. That, along with the rights to telecast sports for ESPN made the company at a loss.

The following is a statement released by Disney:

“Direct-to-Consumer revenues for the quarter increased 19% to $5.1 billion and operating loss increased $0.8 billion to $1.1 billion. The increase in operating loss was due to a higher loss at Disney+, lower operating income at Hulu and, to a lesser extent, a higher loss at ESPN+”.

Disney also reported decreasing its estimated subscriber count of 230-260 million for 2024 to somewhere between 215-245 million subscribers.

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Source: The Verge