Disney+ reported 0.7 million fewer subscribers in its fiscal first quarter of 2025, ending December 28, 2024. That is the rounded equivalent of 700,000 subscribers. The decline was for Disney+ alone: Disney’s combined Disney+ and Hulu total rose by 0.9 million to 178 million subscriptions.
How many subscribers did Disney+ lose?
Disney reported 125 million Disney+ subscribers at the end of Q1 fiscal 2025, down 0.7 million from the previous quarter, according to its February 5, 2025 earnings announcement. The 700,000 figure is a rounded way of expressing that reported sequential decrease.
The quarter ended December 28, 2024—not December 31. Disney’s preceding fiscal quarter ended September 28, 2024, so the comparison is between those two reporting dates.
Why the combined Disney+ and Hulu figure went up
The standalone Disney+ count and the combined Disney+ and Hulu count measure different things. While Disney+ declined by 0.7 million, the combined total increased by 0.9 million to 178 million subscriptions. The increase in the combined figure does not mean Disney+ itself added subscribers.
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How to compare the subscriber counts
Disney’s prior-quarter release reported 122.7 million Disney+ Core subscribers at September 28, 2024. In its Q1 FY2025 reporting, Disney said the sequential prior-quarter metrics had been adjusted to include Southeast Asia subscribers previously reported with Disney+ Hotstar; Hotstar was no longer presented in the same way after the Star India transaction. The reported quarter-to-quarter movement is therefore the appropriate figure to cite, but the category presentation was not entirely unchanged.
For the prior-quarter figure and its reporting context, see Disney’s Q4 FY2024 release and its detailed Q1 FY2025 earnings release.
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What the financial results add—and what they do not explain
Disney+ average monthly revenue per paid subscriber was $7.55 in Q1 FY2025, up from $7.20 in the prior quarter. Disney attributed the increase to pricing and higher advertising revenue, partly offset by a higher mix of promotional subscribers. Those figures describe revenue per paid subscriber; they do not establish why the subscriber count fell.
Disney also reported $293 million in Entertainment Direct-to-Consumer operating income for the quarter, compared with a $138 million loss in the year-ago quarter. This is a broader DTC business result, not profit attributable to Disney+ alone. In the earnings release, CEO Bob Iger called the quarter “a strong start to the fiscal year” and said Disney remained confident in its strategy for continued growth; that broad comment did not identify a cause for the subscriber decline.
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What Disney forecast next at the time
In its February 5, 2025 release, Disney forecast a “Modest decline in Disney+ subscribers compared to Q1” for Q2 fiscal 2025. That was guidance issued at the time, not a current forecast. Disney’s announcement and its Q1 FY2025 earnings-call transcript provide the dated outlook context.
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