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State of the Screens

Disney+ Earnings Are an Investor’s Fairytale

By February 24, 2022No Comments

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Disney+ subscribers (YoY growth):
1) 2019 – 28.6M
2) 2020 – 94.9M (↑ 232%)
3) 2021 – 129.8M (↑ 37%)

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Disney streaming subscribers by platform (% of total):
1) 
Disney+ – 129.8M (66%)
2) 
Hulu – 45.3M (23%)
3) 
ESPN+ – 21.3M (11%)
4) Total – 196.4M

Total Disney streaming subscribers (YoY growth):
1) 2020 – 146.4M
2) 2021 – 196.4M (↑ 34%)

Monthly ARPU for Disney+ (YoY growth):
1) 2019-Q4 – $5.56
2) 2020-Q4 – $4.03 ( 28%)
3) 2021-Q4 – $4.41 ( 9%)

Monthly ARPU for Hulu (SVOD only)(YoY growth):
1) 2020-Q4 – $13.51
2) 2021-Q4 – $12.96 ( 4%)

Monthly ARPU for Hulu (Live TV + SVOD)(YoY growth):
1) 2020-Q4 – $75.11
2) 2021-Q4 – $87.01 ( 16%)

Monthly ARPU for ESPN+ (YoY growth):
1) 2020-Q4 – $4.48
2) 2021-Q4 – $5.16 ( 15%)

Big question #1: What events drove new subscribers for
Disney+?

Quick answer: Hamilton drove the most subscriber additions to date.

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Big question #2: What share of Disney+ signups are international?

Share of Disney+ subscribers outside U.S./Canada:
1) 2020 – 62%
2) 2021 – 67%

Surprising: More than half of Disney+ subscribers don’t have kids.

Big question #3: Does Disney+ have enough content?

Share of opinion on the volume of Disney+ content according to Whip Media:
1) Enough – 53%
2) Undecided – 23%
3) Not enough – 24%

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Big question #4: How much is Disney spending on content?

Estimated U.S. content spend for Disney (YoY growth) according to Wells Fargo:
1) 2019 – $21.6B
2) 
2020 – $28.9B ( 34%)
3) 2021 – $30.5B (↑ 6%)
4) 
2022P – $32.9B (↑ 8%)
5) 
2023P – $35.2B (↑ 7%)
6) 2024P – $37.8B (↑ 7%)
7) 2025P – $40.5B (↑ 7%)

Disney content plan for 2022:
1) 50 movies for theatrical/streaming
2) 5 movies for TV
3) 60 unscripted series
4) 30 comedy series
5) 24 drama series
6) 15 documentary series
7) 10 animated series

Video: Here are Disney’s major milestones under Bob Iger’s leadership

More #1: How Disney’s Bob Iger went from underrated CEO to Hollywood royalty

 

More #2: How ‘The Book of Boba Fett’ Will Shake Up ‘Star Wars’

Michael Beach

Michael Beach

Michael Beach is the Chief Executive Officer of Cross Screen Media, a media analytics and software company that enables marketers to plan, activate, and measure CTV and linear TV at the local level. Michael is also the founder and editor of State of the Screens, a weekly newsletter focused on video advertising that is a must-read for thought leaders in the advertising industry. He has appeared in such publications as PBS Frontline, The Wall Street Journal, The New York Times, Axios, CNBC and Bloomberg, and on NPR’s Planet Money podcast.