Disney+ ended fiscal Q1 2025 with 124.6 million subscribers, down 700,000 from the previous quarter. Disney had warned that price increases and the end of a promotional offer could temporarily increase churn, but it did not say how many customers either factor cost. The reported change is a net decline—not a count of cancellations.
What Disney reported
The quarter ended December 28, 2024, and covers the final three months of calendar 2024. Disney reported 125.3 million Disney+ subscribers at the end of fiscal Q4 2024, on September 28, then 124.6 million at the end of fiscal Q1 2025. That is a sequential net decrease of 0.7 million, or about 0.6% of the earlier quarter-end total. Disney’s Q1 fiscal 2025 results report the subscriber counts.
“Net” matters: the change reflects subscriptions added and lost over the quarter. It does not mean that exactly 700,000 people cancelled; Disney did not report a cancellation count or a causal breakdown.
Why did Disney+ lose subscribers?
Disney identified price increases and an expiring promotion as expected contributors to temporary churn, rather than publishing a measured explanation after the quarter. In November 2024, the company forecast “a modest decline in Disney+ Core subscribers versus Q4” and said it expected a temporary uptick in churn from “both the recent price increases and the end of a recent promotional offer.” That forecast appeared in Disney’s fiscal Q4 2024 executive commentary.
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The sequence is consistent with Disney’s warning: the company raised prices, a promotion ended, and Disney+ then posted a quarterly net decline. But the results do not establish how many subscribers left because of pricing, how many because the offer ended, or whether other factors contributed.
Price per subscriber rose during the decline
Disney reported average monthly revenue per paid Disney+ subscriber of $7.55 in fiscal Q1 2025, compared with $7.20 in fiscal Q4 2024. The company attributed the increase to pricing, partly offset by a higher mix of subscribers on promotional offers. The same quarterly release contains both the subscriber and revenue-per-subscriber figures.
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Those figures show that the subscriber total fell while average monthly revenue per paid subscriber rose. They do not, by themselves, show the overall financial effect of the decline: the metric is an average per paid subscriber, not total Disney+ revenue or profit, and does not isolate the contribution of lost subscribers.
The decline did not continue the next quarter
Disney+ rebounded to 126.0 million subscribers at March 29, 2025, an increase of 1.4 million from December. The company reported domestic subscribers—U.S. and Canada—rising from 56.8 million to 57.8 million, while international subscribers increased from 67.8 million to 68.2 million. Disney’s fiscal Q2 2025 results report those period-end counts.
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That subsequent increase puts the 700,000 decline in perspective: it was a one-quarter movement, not evidence by itself of a sustained downward trend.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which subscriber totals can be compared?
Keep the period and reporting scope attached to every figure. The 124.6 million and 126.0 million totals refer to Disney+ quarter-end subscribers in the respective earnings releases. They are not totals for all of Disney’s streaming services: Hulu subscriptions increased during fiscal Q1 2025, and Disney reports Hulu and ESPN+ separately. Disney’s Q1 release distinguishes the services.
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A later figure requires extra care. Disney’s SEC filing for the quarter ended June 28, 2025, reported 156.2 million Disney+ subscribers under its then-current reporting approach, which included domestic standalone and multi-product subscriptions as well as international subscriptions. That count is not directly comparable with the earlier totals without accounting for the reporting categories and scope. The filing describes the categories.
Disney also said it would stop reporting quarterly Disney+ and Hulu subscriber counts and average monthly revenue per paid subscriber beginning in fiscal Q1 2026, because it considered quarterly updates less meaningful for evaluating performance. As a result, later comparisons may not have the same recurring company-reported series as the 2024–25 quarterly figures. Disney’s June 2025 filing states the planned reporting change.
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