Thus, the loss from leaving Russia for Disney amounted to $195 million as a result of the depreciation of Russian assets. At the same time, however, the number of Disney+ streaming service subscribers increased to 137.7 million, up nearly 8 million from the previous quarter.
This means that the company managed to avoid a decline in the number of subscribers, despite the termination of work in Russia. In addition, as predicted by Disney, the number of users of the service will grow to 230-260 million people in 2024.
Against this background, Disney looks much more successful than its main competitor Netflix, which after the suspension of work in Russia lost 200 thousand subscribers – 700 thousand Russian users stopped paying for a subscription, but they managed to stop the losses with new 500 thousand subscribers from other countries.
Overall, Disney’s quarterly revenue rose 23% year-on-year to $19.25 billion, while the company’s net income reached $470 million, compared to $901 million in the same period in the previous quarter.
In March, the company decided to suspend the broadcasting of the Disney Channel in Russia, the publication of National Geographic magazine, and the release of content. In company stressedthat the loss from leaving the Russian market will not be significant, since Russia and Ukraine make up about 2% of Disney’s business.
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