For Disney, Streaming Losses and TV’s Decline Are a One-Two Punch

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Robert A. Iger’s urgent need to overhaul Disney — to turn its streaming division into a profitable enterprise and pull back on its troubled traditional television business — came into sharp relief on Wednesday. Disney’s streaming operation lost $512 million in the most-recent quarter, the company said, bringing total streaming losses since 2019, when Disney+ was introduced, to more than $11 billion. Disney+ lost roughly 11.7 million subscribers worldwide in the three months that ended July 1, for a new total of 146.1 million. All the decline came from a low-priced version of Disney+ in India. Last year, Disney lost a bid to renew the expensive rights to Indian Premier League cricket matches. Excluding India, Disney+ gained 800,000 subscribers, primarily overseas. To make streaming profitable, Mr. Iger, Disney’s chief executive, has shifted the focus at Disney+ away from brisk subscriber growth, which requires expensive marketing campaigns. Instead, Disney has been trying to make more money from the Disney+ subscribers it already has. The monthly price for access to an ad-free version of Disney+ rose to $11 in December, from $8.