Disney+, Hulu saw 615% profitability jump last quarter
Disney+, Hulu saw 615% profitability jump last quarter
Disney’s combined streaming presence grew to 204.8 million global customers.
It is earnings report season in the media world, and one of the largest media companies in the world dropped its earnings statement for the first three months of 2025 on Wednesday morning. Disney revealed that its results in its second fiscal quarter of 2025 continued the company’s strong footing when it comes to its streaming services Disney+, Hulu, ESPN+, and Hulu + Live TV. Altogether, Disney’s entertainment streaming segment showed an operating income increase of $289 million and a jump of 2.5 million subscribers in the company’s fiscal second quarter.
Key Details:
- Profitability unlocked: Disney’s two entertainment streamers hit $336 million in profit during the quarter.
- Continued growth: Disney+ and Hulu saw a combined total of 180.7 million paid global customers in Q2 20025.
- Cyclical slides: ESPN+ was the only Disney-owned streamer to lose subscribers last quarter, but that is to be expected following the end of the football season.
Disney’s corporate calendar is one quarter ahead of other companies, which means its report covering the months of January through March is actually for its second fiscal quarter of 2025. During the period, the company’s entertainment streamers, Disney+ and Hulu saw their operating profits rise to $336 million. That represents a 615% increase over the corresponding quarter in 2024. The company did not report whether the third streamer in its direct-to-consumer (DTC) offerings, ESPN+ was profitable or not.
Looking at results from the individual platforms, let’s start with Disney+, which added 1.4 million subscribers to land at a total of 126 million internationally. That number includes 57.8 million customers in the United States and Canada, and 68.2 million more around the world. Hulu finished the quarter with 54.7 million total viewers; 50.3 million of those are on the on-demand Hulu service, and another 4.4 million more on the Hulu + Live TV platform.
Average revenue per user (ARPU) domestically for Disney+ went from $7.99 to $8.06, and internationally it changed from $7.19 to $7.52. On-demand Hulu’s ARPU fell to $12.36 from $12.52, and Hulu + Live TV’s jumped from $99.22 to $99.94.
ESPN+ now has 24.1 million customers, down from 24.9 million at the end of 2024, but that is to be expected with the cyclical nature of sports and the end of the football season. The sports streamer’s average revenue per customer climbed from $6.36 to $6.58.
“Following an excellent first half of the fiscal year,” Disney CEO Bob Iger said in a message accompanying the earnings report, “we have a lot more to look forward to, including our upcoming theatrical slate, the launch of ESPN’s new DTC offering, and an unprecedented number of expansion projects underway in our Experiences segment. Overall, we remain optimistic about the direction of the company and our outlook for the remainder of the fiscal year.”
The biggest streaming story for Disney in its fiscal second quarter is the announcement that the company will merge Hulu + Live TV with the sports-focused streaming service Fubo. The Department of Justice has pledged to investigate that transaction, concerned that the combination might violate American antitrust laws. If the merger passes muster, however, the Fubo management team will stay in place as Fubo launches a new streaming product more focused on sports-only channels.
-
Disney+
Disney+ is a video streaming service with over 13,000 series and films from Disney, Pixar, Marvel, Star Wars, National Geographic, The Muppets, and more. It is available in 61 countries and 21 languages. It is notable for its popular original series like “The Mandalorian,” “Ms. Marvel,” “Loki,” “Obi-Wan Kenobi,” and “Andor.”
-
Hulu
Hulu is a video streaming service that gives access to thousands of full seasons of exclusive series, hit movies, kids shows, and Hulu Originals like “Only Murders in the Building,” and “The Handmaid's Tale.”
-
ESPN Select
ESPN Select is a streaming service that replaced ESPN+ and provides access to live NHL, MLB, and MLS games, PGA Tour Golf, international sports events, ESPN original programming, and a complete archive of “30 for 30.” Find out our review of the service and how to start streaming ESPN Select.
-
Hulu Live TV
Hulu Live TV is a live TV streaming service with more than 70 channels for $89.99 per month. Hulu + Live TV base plan includes local channels 32 of the top 35 cable channels, and regional sports networks (RSNs). Subscribers get free access to Disney+ and ESPN Select at no extra charge.
