The Walt Disney Company announced on its August 7 investor call that its direct-to-consumer business, including Disney+ and Hulu, reported a quarterly operating loss of $19 million. That is an exponentially lower sum than the $505 million loss the previous year. In the third quarter earnings released, Disney's streaming business turned profitable for the first time, generating $47 million across Disney+, Hulu, and ESPN Plus.
Disney CEO Bob Iger highlighted the company's strong quarter, achieving profitability in the streaming business. The success was attributed to the 2015 Pixar film Inside Out, which drove 1.3 million Disney+ sign-ups, with the sequel becoming the top-grossing animated film globally.
"This was a strong quarter for Disney, driven by excellent results in our Entertainment segment both at the box office and in DTC, as we achieved profitability across our combined streaming businesses for the first time and a quarter ahead of our previous guidance," Iger said in a statement.
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