{"id":27540,"date":"2023-05-11T16:53:20","date_gmt":"2023-05-11T21:53:20","guid":{"rendered":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/?p=27540"},"modified":"2023-05-11T16:53:22","modified_gmt":"2023-05-11T21:53:22","slug":"disney-shares-sink-9-after-it-reported-losing-four-million-disney-subscribers-in-the-second-quarter-drop-is-set-to-erase-15-billion-from-entertainment-giants-market-value","status":"publish","type":"post","link":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/disney-shares-sink-9-after-it-reported-losing-four-million-disney-subscribers-in-the-second-quarter-drop-is-set-to-erase-15-billion-from-entertainment-giants-market-value\/","title":{"rendered":"Disney Shares Sink 9% After It Reported Losing Four Million Disney+ Subscribers In The Second Quarter: Drop Is Set To Erase $15 Billion From Entertainment Giant&#8217;s Market Value."},"content":{"rendered":"\n<ul class=\"wp-block-list\"><li><strong>The service ended the second quarter of the year with 157.8 million subscribers<\/strong><\/li><li><strong>&nbsp;Wall Street was spooked by the decline in users, which went against predictions&nbsp;<\/strong><\/li><li><strong>&nbsp;It comes as the company&#8217;s&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/news\/article-12073419\/DeSantis-17-billion-war-Disney-Bob-Iger-warns-jobs-risk.html\">war with Florida governor Ron DeSantis rages on<\/a><\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">By&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/home\/search.html?s=&amp;authornamef=Tilly+Armstrong+For+Dailymail.Com\">TILLY ARMSTRONG FOR DAILYMAIL.COM<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PUBLISHED:<\/strong>\u00a015:59 EDT, 11 May 2023\u00a0|\u00a0<strong>UPDATED:<\/strong>\u00a015:59 EDT, 11 May 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Disney shares fell almost 9 percent Thursday after the company reported losing four million subscribers to its Disney+ streaming service.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Shares at the entertainment giant fell to around $92 &#8211; a drop that was set to erase around $15 billion from the entertainment giant&#8217;s market value.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The share price tumble comes despite Disney posting profit and revenue for the second quarter in line with Wall Street predictions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However investors were spooked by the huge loss of subscribers from Disney+, which showed the streaming segment is still a long way from achieving profitability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The service ended the quarter with\u00a0157.8 million subscribers, down from 161.8 million in December 2022.<img loading=\"lazy\" decoding=\"async\" height=\"432\" width=\"634\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/05\/11\/20\/70878293-12074019-Disney_shares_fell_almost_9_percent_Thursday_after_Disney_report-a-71_1683835043559.jpg\" alt=\"Disney shares fell almost 9 percent Thursday after Disney+ reported subscriber losses\"><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img loading=\"lazy\" decoding=\"async\" height=\"423\" width=\"634\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/05\/11\/18\/70871721-12073419-image-a-12_1683826245284.jpg\" alt=\"Disney+ ended the quarter with 157.8 million subscribers, despite predictions it would grow\"><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Disney+ ended the quarter with 157.8 million subscribers, despite predictions it would grow.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This is despite predictions it would&nbsp;steadily grow to over 163 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The service lost about 300,000 subscribers in the US and Canada, while its global user count was particularly impacted by cancellations in India.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/disney-stock-tumbles-as-streaming-losses-spook-investors-5c3f83b\">Wall Street Journal<\/a>, this was partly due to the site losing the rights to stream the Indian Premier League cricket.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The downtick was offset by reduced spending on marketing and recent price increases at Disney+, which saw its ad-free &#8216;premium&#8217; offering soar to $10.99 a month, and a &#8216;basic&#8217; offering with adverts introduced for $7.99 a month.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All major streaming services are under increasing pressure to keep customers&nbsp;as the cost of living crisis hits and the pandemic boom fades.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Disney+ is also facing competition from Netflix, which has&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/news\/article-11313001\/Netflixs-new-ad-supported-plan-rolled-November-6-99-month.html\">launched an ad-supported tier<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Disney Chief Executive Robert Iger said the company was happy that the recent price increase for the non-ad supported version of Disney+ was &#8216;de minimis,&#8217; the outlet reported.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8216;That leads us to believe that we, in fact, have pricing elasticity,&#8217; he allegedly said on a call with analysts on Wednesday.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/04\/17\/15\/69917027-11981539-image-a-16_1681741901196.jpg\" alt=\"Shares at the entertainment giant fell to around $92 after investors were spooked on Thursday\"\/><figcaption><strong>Shares at the entertainment giant fell to around $92 after investors were spooked on Thursday<br><\/strong><\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/05\/11\/20\/70879013-12074019-image-a-64_1683834357271.jpg\" alt=\"The drop on Thursday\u00a0was set to erase around $15 billion from the company's market value\"\/><figcaption><strong>The drop on Thursday\u00a0was set to erase around $15 billion from the company&#8217;s market value<br><\/strong><\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/05\/11\/04\/70846361-12070865-image-a-2_1683775130356.jpg\" alt=\"Bob Iger reportedly said the company has 'pricing elasticity' before the shares fell on Thursday\"\/><figcaption><strong>Bob Iger reportedly said the company has &#8216;pricing elasticity&#8217; before the shares fell on Thursday<br><\/strong><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Iger also reportedly said Disney would make Hulu content available within Disney+ in the U.S. by the end of the year, though the streaming platforms including ESPN+ would remain on offer as stand-alone options.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However Paul Verna, principal analyst at research firm Insider Intelligence, told&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/05\/11\/disney-shares-q2-streaming-subscriber-losses.html\">CNBC<\/a>&nbsp;that Disney+ was still facing headwinds from reductions in ad budget, intense competition in the market and continued economic uncertainty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He said: &#8216;While Disney managed to stem its streaming revenue losses, it did so mainly by raising prices, and that strategy is not sustainable in the long term.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8216;Disney plans another price hike later this year, but it will soon run out of headroom for further increases.&#8217;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It comes as Iger&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/news\/article-12073419\/DeSantis-17-billion-war-Disney-Bob-Iger-warns-jobs-risk.html\">struck a new tone in the company&#8217;s ongoing war with Florida governor Ron DeSantis<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Disney boss warned that the Republican governor&#8217;s attacks could put his plans&nbsp;for a $17 billion in investment and the creation of 13,000 new jobs at Disney World in jeopardy.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Iger, on a call with the company&#8217;s shareholders on Wednesday, did not mention DeSantis by name or say flat out that Disney is reconsidering the investment.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/05\/11\/18\/70871765-12073419-image-a-11_1683826176848.jpg\" alt=\"Ron DeSantis has waged war on Disney as he prepares to allegedly run for president\"\/><figcaption><strong>Ron DeSantis has waged war on Disney as he prepares to allegedly run for president\u00a0<br><\/strong><\/figcaption><\/figure>\n\n\n\n<figure><iframe loading=\"lazy\" allowfullscreen=\"\" width=\"698\" height=\"573\" src=\"https:\/\/www.dailymail.co.uk\/embed\/video\/2911625.html\"><\/iframe><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Iger said Florida is acting unfairly and asked the shareholders: &#8216;Does the state want us to invest more, employ more people and pay more taxes or not?&#8217;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He said he&#8217;s &#8216;closely evaluating where it makes sense to direct future investments&#8217; in Disney&#8217;s theme parks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8216;We certainly never expected to be in the position of defending our business interests in federal court considering the relationship we&#8217;ve had with the state for 50 years,&#8217; Iger said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DeSantis has not yet responded to Iger&#8217;s latest comments in the feud, which has seen both sides attempt to one up the other.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Disney sued Florida and the state countersued. Both have made threats, including ones from DeSantis that include increasing hotel taxes and road tolls and building a prison on ground the state owns near the Disney theme park.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The governor&#8217;s battles against Disney have elevated his national profile ahead of speculation he will announce a presidential bid this spring.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The service ended the second quarter of the year with 157.8 million subscribers &nbsp;Wall Street was spooked by the decline in users, which went against predictions&nbsp; &nbsp;It comes as the company&#8217;s&nbsp;war with Florida governor Ron DeSantis rages on By&nbsp;TILLY ARMSTRONG FOR DAILYMAIL.COM PUBLISHED:\u00a015:59 EDT, 11 May 2023\u00a0|\u00a0UPDATED:\u00a015:59 EDT, 11 May 2023. Disney shares fell almost&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1786,1792,268],"tags":[],"class_list":["post-27540","post","type-post","status-publish","format-standard","hentry","category-far-left-ultra-radical-extremists","category-the-collapse-of-woke-extreme-radical-far-left-liberal-big-business-and-big-tech","category-u-s-economy"],"_links":{"self":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/posts\/27540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/comments?post=27540"}],"version-history":[{"count":0,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/posts\/27540\/revisions"}],"wp:attachment":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/media?parent=27540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/categories?post=27540"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/tags?post=27540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}