Disney+ Hotstar loses 12.5 million subscribers in June quarter; CEO Bob Iger says ‘more to accomplish’
Techcrunch, “We actually have been looking at multiple markets around the world with an eye toward prioritizing those that are going to help us turn this business into a profitable business. What that basically means is there are some markets that we will invest less in local programming but still maintain the service." Bob Iger has also promised to turn the company profitable once again with a hike in prices of its ad-free Disney and Hulu plans from October this year and a crackdown on password sharing which is expected to commence from next year. While terming the near-term environment as ‘challenging’, Iger said, “I returned to Disney in November, and I've agreed to stay on longer, because there was more to accomplish before our transformation is complete," The media conglomerate plans to raise the price of its ad-free Disney plan by $3, or about 27 per cent, to $14.
The cost of its ad-free Hulu plan is also expected to rise by $3, taking it to $18 per month and making the service even more expensive than Netflix. In terms of password-sharing crackdown, Iger did not provide the details while saying it could reap some benefits to the company. The crackdown will begin in 2024 and might not be completed that year.
Analysts quoted by AP said that price hike and password-sharing restrictions could help put Disney back on a path of sustainable growth. Iger took back his role as the CEO of Disney in November last year and has been working on turning around the company's streaming business while ensuring the that the financial situation doesn't worsen. Disney has announced that Iger will continue to remain CEO of The Walt Disney Co.
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