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Disney+ ended Disney’s fiscal first quarter of 2025 with 124.6 million paid subscribers, down 700,000 from the previous quarter. The decline came from international markets: subscriptions in the U.S. and Canada rose by 800,000, while international subscriptions fell by 1.5 million. Disney’s streaming business still reported operating income, helped by higher average revenue per Disney+ subscriber, advertising and results across its broader direct-to-consumer portfolio.
What does “the first quarter of 2025” mean?
Disney’s fiscal Q1 2025 ended on December 28, 2024, and the company reported results on February 5, 2025. The 700,000 figure is a quarter-over-quarter change—not a year-over-year comparison. These are historical results, not Disney+’s current subscriber total.
How many subscribers did Disney+ lose?
Disney+ had 124.6 million paid subscribers at the end of the quarter, compared with 125.3 million at the end of the preceding quarter. That is a net sequential decline of 0.7 million. Disney’s filing adjusted the prior-quarter comparison to include Southeast Asian Disney+ subscribers that had previously been reported with Disney+ Hotstar. Disney’s fiscal Q1 2025 filing provides the subscriber figures.
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The headline loss was concentrated outside the U.S. and Canada. Domestic subscriptions rose, but the international decline was larger:
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| Region | Previous quarter | Fiscal Q1 2025 | Sequential change |
|---|---|---|---|
| U.S. and Canada | 56.0 million | 56.8 million | +0.8 million |
| International | 69.3 million | 67.8 million | −1.5 million |
| Total Disney+ | 125.3 million | 124.6 million | −0.7 million |
The domestic increase partly offset the international drop, but not enough to keep Disney+’s worldwide total from falling. The figures are Disney’s quarter-end paid-subscriber counts, with the prior-quarter adjustment noted in the filing.
Did Disney’s streaming business still make money?
Yes. Disney’s direct-to-consumer (DTC) segment—which includes Disney+ and Hulu—reported $6.072 billion in revenue and $293 million in operating income for fiscal Q1 2025. In the same quarter a year earlier, DTC reported an operating loss of $138 million; revenue was up 9% year over year. These are results for the broader DTC business, not Disney+ on its own. Disney’s Q1 FY25 earnings release reports the segment results.
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How could Disney improve streaming profit while Disney+ lost users?
Subscriber totals and profitability measure different things. Disney reported that average monthly revenue per paid Disney+ subscriber rose from $7.20 to $7.55. Domestic average revenue per subscriber (ARPU) increased from $7.70 to $7.99, while international ARPU rose from $6.78 to $7.19. Disney attributed the movement to factors including pricing increases, advertising revenue and subscriber mix.
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Those figures help explain how the business could earn more while Disney+’s subscriber count slipped. They do not mean Disney+ alone generated the DTC segment’s $293 million operating income: that result includes Hulu and the economics of Disney’s wider streaming operation. Disney also said DTC subscription revenue growth reflected higher effective rates and more subscribers across the portfolio, not Disney+ alone.
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What did Disney say about the quarter and its next step?
CEO Robert A. Iger described the quarter as one in which Disney improved the profitability of its Entertainment DTC streaming businesses and advanced ESPN’s digital strategy by adding an ESPN tile on Disney+. Disney also said its Q2 fiscal 2025 outlook called for a modest decline in Disney+ subscribers compared with Q1. That was forward guidance given in February 2025, not a statement about later results. The company’s Q1 2025 results announcement includes management commentary on the quarter and Disney+’s role in its content offering.
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