The company announced its financial results for the last quarter, during which the OTT platform increased its subscriber base to 66 million internationally.

The Walt Disney Company presented its earnings report for the fourth quarter of the year, during which the company grew its revenues 5% to US$ 21.24 billion.

In addition, the group’s OTT platform, Disney+, grew its subscribers by 7 million during the quarter, attributing gains to key streaming content such as Elemental, Little Mermaid and Guardians of the Galaxy Volume 3, original Star Wars series Ahsoka and the Korean original series Moving.

The company said it expects its combined streaming businesses to reach profitability in Q4 of FY 2024.

Disney’s linear TV network in the US revenue dropped 9% domestically, a slump it blamed on a decrease in advertising revenue primarily experienced by ABC.

“Our results this quarter reflect the significant progress we’ve made over the past year,” commented Bob Iger, Chief Executive Officer, The Walt Disney Company.

“While we still have work to do, these efforts have allowed us to move beyond this period of fixing and begin building our businesses again. We have a solid foundation of creative excellence and innovation built over the past century, which has only been reinforced by the important restructuring and cost efficiency work we’ve done this year, and we’re on track to achieve roughly $7.5 billion in cost reductions [up from the previous goal of $5.5 billion]. Combined with our portfolio of valuable businesses, brands and assets – and the way we manage them together – Disney has a strong hand that differentiates us from others in our industry.”

“As we look forward, there are four key building opportunities that will be central to our success: achieving significant and sustained profitability in our streaming business, building ESPN into the preeminent digital sports platform, improving the output and economics of our film studios, and turbocharging growth in our parks and experiences business. We have already made considerable advancements in these four areas and will continue to move forward with a sense of purpose and urgency, and I’m bullish about the opportunities we have before us to create lasting growth and increase shareholder value,” added Iger.

Moreover, domestic ESPN revenue and operating income grew year over year in both fiscal year 2022