Disney stunned Wall Street on August 6, 2025, by announcing it will stop reporting quarterly paid-subscriber and ARPU figures for Disney+, Hulu and ESPN+. The company said these metrics are “less meaningful” as its business model shifts — a move Netflix began in 2024. The announcement, delivered in earnings commentary by CEO Bob Iger and CFO Hugh Johnston, raises immediate questions for investors, competitors and creators about how streaming success will be measured going forward.
What Disney Announced About Subs, ARPU And Reporting In 2025
Key Facts:
- Disney Will Stop Reporting Paid-Subscriber Counts Starting Fiscal 2026 (Disney+/Hulu).
- ESPN+ Will Stop Public Subs Data Starting Q4 Fiscal 2025.
- Company Will Shift Focus To DTC Profitability Metrics, Not Raw Counts.
- Disney Projected >10 million Net Adds For July–Sept 2025 (company forecast).
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Disney’s earnings commentary included a direct, joint statement from executives: “We are focused on managing our businesses to deliver growth in a sustained way, and to align our financial reporting with how we operate. Since we began reporting the number of paid subscribers and ARPU, our DTC strategy and the operating environment have evolved,” said Bob Iger and Hugh Johnston. That phrasing — presented as a corporate justification — instantly became the focal point of investor scrutiny and newsroom analysis.
Why Reactions Were So Polarized After This 2025 Announcement
Analysts saw two signals at once: retreat from a once-crucial metric, and a turning point in valuation language. For some investors, dropping subscribers reduces transparency and makes quarter-to-quarter comparisons harder. For Disney, the change is framed as modernization — measuring profitability and engagement instead of raw counts. Creators and distributors worry the move may shift how renewals, licensing and ad deals are negotiated.
Which Subscription Numbers Matter Now: 4 Key Figures To Watch
Top Figures To Track:
| KPI | Value + Unit | Change/Impact |
|---|---|---|
| Disney+ Subscribers | 128M (June Quarter) | Reported Adds: +1.8M QoQ |
| Disney+ + Hulu Combined | 183M (June Quarter) | Company Projects +10M Jul–Sep 2025 |
| Hulu Total Subs | 55.5M (incl. 4.3M Live) | Shows scale; Live TV slight decline |
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Disney’s existing scale remains large, but reporting will shift to profitability and engagement.
Who Said It And Why Iger’s 2025 Statement Changes Investor Metrics
The statement was delivered by CEO Bob Iger with CFO Hugh Johnston during Disney’s fiscal commentary. Their rationale echoes Netflix’s 2024 pivot away from subscriber counts toward revenue, ARPU and engagement — a shift that reframes how executive teams demonstrate success. For investors, the immediate consequence is a greater emphasis on profit margins, advertising revenue, and engagement metrics that Disney says it will disclose instead.
What This 2025 Reporting Shift Means For Viewers, Investors And Studios
Practically, consumers won’t see service changes overnight, but the metric change could alter content strategy: executives may prioritize shows and ad products that raise ARPU and margins. For investors, quarter-to-quarter transparency on user growth shrinks; analysts will instead dig into profitability disclosures and semiannual engagement reports. For rival streamers and licensors, the move raises the odds that industry benchmarks will shift from counts to revenue and engagement.
Sources
- https://deadline.com/2025/08/disney-will-stop-providing-quarterly-subscriber-data-following-netflix-1236479834/
- https://variety.com/2025/tv/news/disney-stop-reporting-subscriber-numbers-disney-plus-hulu-espn-1236480413/
- https://www.hollywoodreporter.com/business/digital/disney-stop-reporting-subscribr-numbers-hulu-disney-plus-1236338393/
Jessica Morrison is a seasoned entertainment writer with over a decade of experience covering television, film, and pop culture. After earning a degree in journalism from New York University, she worked as a freelance writer for various entertainment magazines before joining red94.net. Her expertise lies in analyzing television series, from groundbreaking dramas to light-hearted comedies, and she often provides in-depth reviews and industry insights. Outside of writing, Jessica is an avid film buff and enjoys discovering new indie movies at local festivals.