Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Disney CEO says households without kids have boosted streaming success

Published 02/03/2021, 01:16
Updated 02/03/2021, 01:20
© Reuters. FILE PHOTO: Cast members Pascal and Carano attend the premiere for the television series "The Mandalorian" in Los Angeles

© Reuters. FILE PHOTO: Cast members Pascal and Carano attend the premiere for the television series "The Mandalorian" in Los Angeles

LOS ANGELES (Reuters) - Surprisingly strong interest from adults who do not have kids at home has helped increase subscriptions to Walt Disney (NYSE:DIS) Co's Disney+ streaming service beyond initial projections, Chief Executive Bob Chapek said on Monday.

Disney+ debuted in November 2019 and growth has exceeded Wall Street expectations and Disney's forecast. While Disney is known for family entertainment, Disney+ also features movies and TV shows from Marvel, "Star Wars" studio Lucasfilm and others.

As of Jan. 2, Disney+ had signed up 94.9 million customers worldwide. Half of those live in households without children, Chapek said, a higher proportion than expected.

"What we didn't realize was the non-family appeal that a service like Disney+ would have," Chapek said via online video to the Morgan Stanley (NYSE:MS) Technology, Media and Telecommunications Conference.

"In fact, over 50% of our global marketplace don't have kids," he added. "When 50% of the people in Disney+ don't have kids, you really have the opportunity now to think much more broadly about the nature of your content."

The service has generated buzz for current Marvel show "WandaVision" and "Star Wars" series "The Mandalorian" featuring the character known as Baby Yoda.

Chapek, who became Disney CEO a year ago, refocused Disney's media and entertainment businesses to make streaming the priority as customers gravitate to options such as Netflix Inc (NASDAQ:NFLX).

© Reuters. FILE PHOTO: Cast members Pascal and Carano attend the premiere for the television series

In December, Disney raised initial projections and said it expected to attract as many as 350 million global subscribers across all of its streaming services, which include Hulu and ESPN+, by the end of fiscal 2024.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.