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Disney Now Has More Total Streaming Subscribers Than Netflix — but Disney Generates Much Lower Per-Sub Revenue

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variety.com

Todd Spangler NY Digital EditorThe headline number out of Disney’s quarterly results Wednesday seemed to show a notable milestone: The Mouse House had 221.1 million total subscriptions worldwide across its streaming services.

On that individual metric, that means Disney is now just ahead of Netflix, which ended Q2 with 220.7 million total paid subscribers.But the value of those subscriber bases is much different.Domestically, for example, Disney+ generated about 39% as much revenue per subscriber as Netflix for the second calendar quarter, a measure referred to in the finance world as ARPU (average revenue per user).

And overseas, the contrast is even starker: Disney+ Hotstar, which is available in India and other Southeast Asian countries and represents 38% of the overall Disney+ customer base, had an ARPU of $1.20/month for the quarter ended July 2, while Netflix had an ARPU of $8.83/month for the Asia Pacific region.

When Disney+ first launched in November 2019, it rapidly amassed market share by pricing the streamer at the low, low price of $6.99/month — nearly half Netflix’s standard plan at the time.But that low entry point has meant Disney’s flagship streamer makes less money than Netflix, the historical category leader.

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