Steaming service Disney+ (NYSE: DIS) has projected to hit between 300-350 million subscribers by 2024. This comes as the company surpassed its targets after attracting about 86.8 million paid members as of December 2, 2020.
In October, the company had projected to have an estimated 60 million to 90 million Disney+ subscriptions by 2024. Currently, Hulu has 38.8 million subscribers, while ESPN+ has 11.5 million paid users.
During a four-hour virtual extravaganza on Thursday, Disney further projected an increase in the production costs to about $9 billion by 2024. In this case, the company is expecting operating losses.
To cover the deficit, Disney plans to raise its monthly subscription fee by $1 each for Disney+ to $7.99 and Disney Bundle with Disney+, Hulu, and ESPN+ to $13.99 from March 26 next year.
New titles to user growth
With the projected increase in users, Disney is also set to roll out new titles, including 10 Star Wars series, 15 Disney live-action, Disney Animation, and Pixar series, and 15 Disney live-action, Disney Animation, and Pixar films.
Disney is currently aiming to attract new subscribers in the market as it seeks to displace Netflix. Notably, the company’s journey has been tremendous, with only one year in operation. According to the company’s chairperson Bog Iger:
“In just a year, we’ve established ourselves as a true leader in the direct-to-consumer business,”
Disney also announced that it plans to release over 100 new titles yearly.
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