The saying goes everything that goes woke goes broke.
Disney’s fiscal quarter 2 results have revealed the company had a net loss of $460 million.
The massive loss comes as Disney’s streaming service saw a decline of 7.4% in subscribers.
In total Disney’s streaming service lost over 10 million subscribers during the second quarter.
Within the last six months, Disney stock has dropped 15% and is currently selling at $91 per share whereas six months ago it was selling at $110 per share.
Disney on Wednesday reported a loss for the most recent quarter, with the number of subscribers to its streaming service shrinking againhttps://t.co/440Bf2mBC3
— Insider Paper (@TheInsiderPaper) August 10, 2023
Here’s what CNBC reported:
Disney posted mixed results for its fiscal third quarter despite ongoing streaming woes and massive restructuring costs resulting from pulling content from its platforms.
Subscriber losses continued over the last three months, with the company reporting 146.1 million Disney+ subscribers during the most recent quarter, a 7.4% decline from the previous quarter and a larger loss than Wall Street expected.
The majority of subscriber losses came from Disney+ Hotstar, where the company saw a 24% drop in users after it lost out on the rights to Indian Premier League cricket matches.
Disney swung to a net loss of $460 million, or 25 cents per share, for the quarter ended July 1 from a net income of $1.41 billion, or 77 cents per share, during the year-ago period. Excluding those impairments, the company earned an adjusted $1.03 per share.
The Disney+ streaming service lost 300,000 subscribers in the United States and Canada in the most recent quarter — an ominous sign for the studio as it continues to pour billions of dollars into new streaming content that is flopping with viewers. https://t.co/tRTs1Ruk5H
— Breitbart News (@BreitbartNews) August 10, 2023
Per Breitbart:
The Disney+ streaming service lost 300,000 subscribers in the United States and Canada in the most recent quarter — an ominous sign for the studio as it continues to pour billions of dollars into new streaming content that is flopping with viewers.
To make matters worse for its fans, the Walt Disney Company is hiking Disney+’s monthly subscription price to $13.99 from $10.99 — a 27 percent increase. Last year, the price rose to $10.99 from $7.99, which means Disney+ subscribers will see their monthly bill climb a total of 75 percent in less than two years.
The new price is set to take effect in October.
On Wednesday, the studio reported domestic Disney+ subscriptions fell by 300,000 for the fiscal third quarter, to 46 million subscribers. By comparison, Netflix boasts around 76 million domestic subscribers. Worldwide, Disney+ subscriptions declined 24 percent for the period, mostly due to the end of Disney’s deal with Hotstar in India.
Disney’s constant promotion of transgender ideology is a big reason why many parents are unsubscribing to Disney:
Disney is Demonic. We must CANCEL THE MOUSE!
"The Walt Disney Co. and TikTok influencer Seann Altman – a biological male who identifies as gender-fluid – have joined forces to market girls’ attire on social media in the latest move showing Disney’s solidarity with the LGBTQ+… pic.twitter.com/3FUbKvMw1G
— Lauren Witzke (@LaurenWitzkeDE) August 10, 2023
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