Business & Finance / 11 August 2023
Disney does a Netflix
Disney has posted a rare quarterly net loss. On top of some recent box office flops, the entertainment giant posted a 7.4% drop in its Disney+ subscribers over the 3 months to June, led by its India-based Hotstar service that lost out on the rights to broadcast the Indian Premier League cricket. To up its revenue, Disney is following the lead of streaming rival Netflix, announcing it will crack down on password sharing. It will also hike the price of its US-only ad-free streaming tier in October and expand its ad-supported option to Europe. And as the company’s theme parks division continued to bolster its bottom line, rumours of an Aussie Disneyland could see Melbourne become the happiest place on earth…
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