Disney lowers longer-term forecast for Disney+ subscribers by 15 million

An inflatable Disney+ logo is pictured at a press event ahead of launching a streaming service in the Middle East and North Africa, at Dubai Opera in Dubai, United Arab Emirates, June 7, 2022.

Disney lowered its long-term forecast for Disney+ to 215 million to 245 million subscribers, down 15 million from its previous guidance.

By the end of fiscal 2024, Disney had set its Disney+ guidance at 260 million. Disney+ is expected to become profitable by the end of its fiscal year. In its most recent quarter, Disney lost more than $1 billion.

Disney has lowered its forecast for Disney+ after it failed to win the rights to play in the Indian premier league. Disney CFO Christine McCarthy said Disney+ should be between 135 million and 165 million by the end of the year, in line with the company's previous forecast. There is a new forecast for Hotstar.

Disney shares increased after hours, signaling investors may have been worried about a bigger cut to the streaming outlook. Disney management was expected to lower its guidance.

The company announced growth numbers that were well above expectations. Disney+ had over 150 million subscribers as of the most recent quarter.

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