Disney+ stands as one of the world’s largest streaming platforms, with approximately 132 million global subscribers as of its last officially reported quarter (Q4 FY2025, ending September 2025). Combined with Hulu, Disney’s streaming ecosystem reaches nearly 196 million subscribers. However, starting in Q1 FY2026 (October–December 2025), Disney has ceased reporting subscriber counts and ARPU for Disney+ and Hulu, shifting its focus to profitability metrics. The streaming division is now a profitable business, generating $1.3 billion in operating income in FY2025 and targeting a 10% operating margin for FY2026.
Disney+ Subscriber Growth Timeline
Since its launch in November 2019, Disney+ experienced explosive growth, reaching over 160 million subscribers by late 2022 before experiencing declines driven by content strategy shifts and the loss of Hotstar in India. The table below tracks Disney+’s global subscriber count at key milestones:
| Date | Disney+ Subscribers (Global) |
| November 2019 (Launch) | 10 million |
| December 2019 | 26.5 million |
| April 2020 | 50 million |
| December 2020 | 86.8 million |
| March 2021 | 100 million |
| July 2022 | 152.1 million |
| October 2022 (Peak) | 164.2 million |
| December 2022 | 161.8 million |
| April 2023 | 157.8 million |
| July 2023 | 146.1 million |
| December 2023 | 149.6 million |
| March 2024 | 153.6 million |
Fiscal Year 2025 Quarterly Breakdown
Disney restructured its subscriber reporting in FY2025 following the Star India transaction, which removed Disney+ Hotstar subscribers from its global count. This resulted in a reported base of ~125 million, but the underlying core Disney+ business actually grew steadily throughout FY2025:
| Fiscal Quarter (FY2025) | Disney+ Subscribers | Disney+ & Hulu Combined |
| Q1 (Oct–Dec 2024) | 124.6 million | ~178 million |
| Q2 (Jan–Mar 2025) | 126 million | ~181 million |
| Q3 (Apr–Jun 2025) | 128 million | 183 million |
| Q4 (Jul–Sep 2025) | 131.6 million | ~196 million |
In Q4 FY2025 alone, Disney+ added 3.8 million subscribers, bringing combined Disney+ and Hulu growth to 12.4 million for the quarter. Domestically (US & Canada), Disney+ had 59.3 million subscribers, while international markets contributed 72.4 million.
Disney Stops Reporting Subscriber Numbers
On August 6, 2025, Disney announced it would no longer disclose quarterly subscriber counts and ARPU figures for Disney+, Hulu, or ESPN+ — mirroring a similar decision by Netflix in 2024. CEO Bob Iger and CFO Hugh Johnston stated that subscriber metrics have become “less meaningful in assessing our business performance” as the company’s DTC strategy has evolved.
Key aspects of this reporting change:
- ESPN+ subscriber reporting ended with Q3 FY2025 (June 2025 quarter)
- Disney+ and Hulu subscriber reporting ended after Q4 FY2025 (September 2025 quarter)
- Disney will instead focus on DTC profitability and revenue metrics
- The company indicated it may still share subscriber milestones at major junctures
The Q1 FY2026 earnings report (covering October–December 2025) was the first quarter without subscriber data. Disney reported streaming revenue of $5.35 billion (up 11% YoY) and operating income of $450 million (up 72% YoY) but provided no subscriber or ARPU breakdown.
Revenue and Financial Performance
Streaming Revenue Trajectory
Disney’s DTC streaming business has undergone a remarkable financial turnaround, moving from billions in annual losses to sustained profitability:
| Metric | Q1 FY2026 | Q1 FY2025 | Change |
| Total Streaming Revenue (SVOD) | $5.35B | $4.82B | +11% |
| Subscription Fees | $4.42B | $3.93B | +13% |
| Advertising Revenue | $922M | $888M | +4% |
| Operating Income | $450M | $261M | +72% |
| Operating Margin | 8.4% | 5.4% | +300 bps |
For full fiscal year 2025, Disney’s DTC segment generated $1.3 billion in operating income, a massive swing from $143 million in FY2024 and losses of $4 billion in FY2022. Management has guided for a 10% operating margin for DTC SVOD in FY2026 and expects Q2 FY2026 streaming operating income of approximately $500 million.
Annual Disney+ Revenue
Disney+ revenue has grown consistently since launch, driven by price increases, ad-tier adoption, and international expansion:
| Year | Disney+ Revenue |
| 2020 | $2.8 billion |
| 2021 | $5.2 billion |
| 2022 | $7.4 billion |
| 2023 | $8.4 billion |
| 2024 | $10.4 billion |
| Q1 2025 | $2.82 billion |
The $10.4 billion in 2024 revenue represented a 23.81% increase over the prior year.
Average Revenue Per User (ARPU)
ARPU has been on an upward trajectory, reflecting Disney’s successful pricing strategy and ad-tier monetization. The last reported ARPU figures (before Disney stopped disclosure) were:
| Region | ARPU (Latest Reported) |
| US & Canada (Domestic) | $8.06 (Q2 FY2025) |
| International | $8.00 (Q4 FY2025) |
| Overall Disney+ | $7.55 (Q1 FY2025) |
International ARPU notably improved from $7.67 to $8.00, driven by favorable currency effects and subscriber mix shifts.
Ad-Supported Tier Growth
Disney+’s ad-supported plan has emerged as a critical growth driver. Approximately 30% of Disney+ subscribers (excluding legacy Hotstar users) are on the ad-supported tier, equating to around 36.8 million subscribers.
US Ad-Supported Viewership Forecast
eMarketer projects the number of Disney+ viewers on ad-supported plans will continue to grow:
| Year | Disney+ Ad-Supported Viewers (US) |
| 2022 | 109.8 million |
| 2023 | 122 million |
| 2024 (est.) | 134 million |
| 2025 (est.) | 145.2 million |
| 2026 (est.) | 152.8 million |
US Advertising Revenue Forecast
Disney+ ad revenues are projected to grow at double-digit rates:
| Year | Disney+ US Ad Revenue | Growth |
| 2024 | ~$912 million | — |
| 2026 (est.) | $1.2 billion | +21% |
| 2027 (est.) | $1.4 billion | +17% |
US Viewership Projections
Even as subscriber data is no longer publicly reported, third-party estimates from eMarketer project steady viewership growth for Disney+ in the United States. The research firm defines “viewers” as individuals of any age who watch Disney+ at least once per month via any platform:
| Year | Disney+ US Monthly Viewers | Growth Rate |
| 2025 | ~122.4 million | — |
| 2026 (est.) | 128.1 million | +4.6% |
| 2027 (est.) | 133.3 million | +4.1% |
For Hulu, viewership is expected to reach 142.5 million in 2026 (up 2.7%) and 145.8 million in 2027.
Market Share and Competitive Position
Disney+ is the fourth-largest SVOD platform globally, holding approximately 12% market share as of Q1 2024. The competitive landscape among major streaming platforms:
| Platform | US SVOD Market Share |
| Amazon Prime Video | 22% |
| Netflix | 21% |
| Max | 13% |
| Disney+ | 12% |
| Hulu | 10% |
| Paramount+ | 9% |
| Apple TV+ | 8% |
| Peacock | 1% |
In terms of actual US TV viewing time (measured by Nielsen), Disney+ and Hulu combined account for 4.7% of total viewing, compared to Netflix’s 8.3%. While Disney has nearly doubled its streaming subscriber count in five years, its viewership share has barely increased from its 4.4% mark in May 2021.
Content Strategy and Investment
Disney plans to spend $24 billion on content across entertainment and sports in FY2026, a $1 billion increase from FY2025’s $23 billion. This investment is split roughly 50/50 between sports (primarily ESPN) and entertainment, though CFO Hugh Johnston indicated entertainment spending may increase slightly faster.
Key content drivers:
- Sports rights: The new NBA rights deal requires Disney/ESPN to pay $2.6 billion annually — approximately three times the value of the previous contract
- Film franchises: FY2026 content pipeline includes ongoing Marvel, Star Wars, Pixar, and Disney Animation projects, building on the FY2025 success of Zootopia 2 and Avatar: Fire and Ash
- Local content: Disney is expanding local original programming in select international markets, including titles like “The Manipulated” (APAC) and “Hija del Fuego” (LATAM)
- ESPN Unlimited: ESPN’s standalone streaming service launched in fall 2025, providing access to linear ESPN channels and leveraging NFL, NBA, and other sports rights
Content spending is not expected to return to peak levels of $33 billion (projected in FY2022), as the industry has shifted away from the “overproduction” era.
India and the Hotstar Transition
The Disney+ Hotstar story in India underwent a dramatic transformation. Disney+ Hotstar had approximately 35.9 million paid subscribers in India as of September 2024. However, in February 2025, Disney+ Hotstar merged with JioCinema to form JioHotstar under the Reliance–Disney joint venture (JioStar).
Post-merger, JioHotstar has become India’s dominant streaming platform:
- 100+ million paid subscribers as of early 2026
- 500+ million total users across the platform
- 160+ million unique viewers across India
- Approximately 300,000 hours of content available at launch
This merger means Disney+ Hotstar is no longer separately reported in Disney’s global subscriber counts, which is the primary reason the headline Disney+ number dropped from ~150 million to ~125 million in late 2024.
Subscriber Demographics
Disney+ skews younger than most streaming platforms, with the largest viewership among millennials. US demographic breakdown:
| Age Group | Share of Disney+ Users |
| 0–11 years | 15.2% |
| 12–17 years | 10.3% |
| 18–24 years | 16.7% |
| 25–34 years | 24.7% |
| 35–44 years | 19.2% |
| 45–54 years | 11.9% |
| 55–64 years | 7.0% |
| 65+ years | 4.7% |
The 25–34 age group is the single largest segment at 24.7%, and nearly 60% of Disney+ viewers are under 35. The platform’s subscriber retention rate stands at 68% for bundle subscribers after six months and 62% for standalone Disney+ monthly subscribers — below Netflix’s 72% but above Hulu’s 65%.
Forward-Looking Outlook
What Public Data Tells Us (2026 and Beyond)
With Disney no longer reporting subscriber numbers, projecting future subscriber growth relies on third-party estimates and financial proxies. Several signals indicate continued growth:
- Streaming revenue growth: Q1 FY2026 streaming revenue grew 11% YoY, with subscription fees up 13%, indicating continued subscriber and/or ARPU expansion
- Profitability trajectory: Management targets 10% SVOD operating margins for FY2026 and expects content spending to grow slower than DTC revenue
- ESPN integration: 80% of ESPN’s DTC subscribers also subscribe to Disney+ and Hulu, creating a cross-platform bundling advantage
- AI and product enhancements: Disney is investing in AI-powered recommendations, personalized experiences, and potential user-generated content features on the platform
Analyst Projections
Historical forecasts from Digital TV Research had projected Disney+ reaching 271–294 million subscribers by 2026–2027, but these assumed continued Hotstar growth in India and aggressive international expansion. The loss of exclusive IPL cricket rights and subsequent Hotstar merger dramatically altered this trajectory. Revised 2023 estimates projected Disney+ reaching approximately 222 million subscribers by 2028, but even this figure appears optimistic given the current ~132 million base without Hotstar.
Key Growth Levers
- International expansion: Disney+ is available in over 80 countries with plans to expand local content in key markets
- Bundling strategy: The integrated Disney+, Hulu, and ESPN bundle offers competitive pricing and reduces churn
- Ad-tier monetization: US ad revenue is projected to grow from ~$912 million in 2024 to $1.4 billion by 2027
- Price increases: Disney has implemented annual price hikes across all tiers, boosting ARPU while managing subscriber growth
Key Risks
- Reporting opacity: Investors and analysts now lack visibility into subscriber trends, making it harder to assess growth momentum
- Viewership stagnation: Despite growing subscribers, Disney+’s share of US TV viewing has remained relatively flat at ~4.7%
- Competition: Netflix (300+ million global subscribers), Amazon Prime Video, and emerging platforms continue to compete aggressively for viewer attention
- Content cost pressures: The $24 billion content budget in FY2026, including costly sports rights, could pressure margins if revenue growth slows.
