Walt Disney Co. reported a smaller-than-expected increase in subscribers to its namesake streaming service, part of a broadly disappointing quarter for the world’s largest entertainment company.
Disney+ gained 2.1 million customers in the fiscal fourth quarter, the Burbank, California-based company said Wednesday, bringing the total to 118.1 million globally. Analysts were forecasting 119.6 million, the average of estimates compiled by Bloomberg. It was the smallest quarterly gain for the service since its launch two years ago.
Disney has made the family streaming product its major focus for growth in the coming years, and management reiterated its goal of having as many as 260 million customers by 2024. The company is celebrating the second anniversary of the $8-a-month Disney+ on Nov. 12 by offering new movies and promotions across the Disney empire.