In the first quarter of 2022, Disney+ gained 11.8 million subscribers amid fears that the streaming bubble had popped.
After Netflix reported low growth, Disney stock dropped as investors feared the same news from Disney+. However, Disney+ saw subscribers beyond expectations. The service now boasts 129 million subscriptions, with 196.4 million across all platforms. Analysts predicted the streaming service would gain only 7.3 million last quarter, meaning Disney+ gained 61% more than expected.
CEO Bob Chapek went on to discuss the companies lofty goals, including increasing streaming investment. He also cited “Encanto” as proof that streaming can launch franchises as profitably as theatrical releases.