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Disney+ lost 700,000 paid subscribers in Disney’s fiscal first quarter of 2025, but the decline was concentrated outside the U.S. and Canada. Domestic subscriptions grew, while international losses more than offset those gains. Meanwhile, Disney’s direct-to-consumer business moved into operating profit.
How many subscribers did Disney+ lose?
Disney+ ended the quarter at 124.6 million paid subscribers, down from 125.3 million at the end of the previous quarter—a sequential decline of 700,000. The quarter ended December 28, 2024, and Disney reported the results on February 5, 2025. These are fiscal-quarter figures, not a year-over-year comparison or a current subscriber total. (Disney’s Q1 fiscal 2025 earnings release)
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Disney adjusted the prior-quarter comparison to include Southeast Asian Disney+ subscribers that had previously been reported with Disney+ Hotstar. That adjustment matters when comparing the figures across quarters.
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Where did the subscriber losses occur?
The overall decline did not happen in every market. Disney+ gained subscribers in the U.S. and Canada, but the international decrease was larger.
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| Disney+ region | Previous quarter | Quarter ended Dec. 28, 2024 | Sequential change |
|---|---|---|---|
| U.S. and Canada (domestic) | 56.0 million | 56.8 million | Up 0.8 million |
| International | 69.3 million | 67.8 million | Down 1.5 million |
| Total Disney+ | 125.3 million | 124.6 million | Down 0.7 million |
The regional changes explain the headline: international losses outweighed domestic additions. The figures are Disney’s reported paid-subscriber counts, with the prior-quarter comparison adjusted for Southeast Asia. (Disney’s Q1 fiscal 2025 earnings release)
Did Disney make money despite losing Disney+ subscribers?
Yes. Disney’s direct-to-consumer (DTC) business 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 rose 9% year over year. These results cover Disney’s DTC business, not Disney+ on its own. (Disney’s Q1 fiscal 2025 earnings materials)
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Disney+’s average monthly revenue per paid subscriber increased from $7.20 to $7.55. Domestic average revenue per user rose from $7.70 to $7.99, while international average revenue per user rose from $6.78 to $7.19. Disney attributed the changes to factors including pricing increases, advertising revenue and subscriber mix. (Disney’s Q1 fiscal 2025 earnings materials)
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In other words, subscriber count and streaming profitability measure different things. Higher effective rates and advertising can raise revenue per subscriber, while the DTC results also reflect Hulu and other parts of the portfolio, as well as content and other costs. Disney said subscription revenue growth reflected higher effective rates and more subscribers across the DTC portfolio—not Disney+ alone.
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Why the Disney+ figure is not the whole streaming picture
Disney also reported 53.6 million Hulu subscriptions, up from 52.0 million in the previous quarter. Because Hulu grew while Disney+ declined, the combined Disney+ and Hulu subscription base increased. Disney reports subscriptions, which should not be confused with unique people: one customer may have more than one subscription.
The Q1 results therefore show two different trends: Disney+ lost paid subscriptions overall, primarily internationally, while domestic Disney+ and Hulu subscriptions rose and the DTC business reported operating income.
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What Disney said about the next quarter
For fiscal Q2 2025, Disney forecast a modest decline in Disney+ subscribers compared with Q1. That was a forecast made in the February 2025 earnings materials, not a statement about later or current subscriber trends. (Disney’s Q1 fiscal 2025 earnings materials)
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