• Disney CEO Bob Iger suggests the company may stop reporting subscriber numbers in future earnings calls.
  • The potential move reflects a broader industry shift from growth metrics to profitability focus.
  • Disney+ currently has 126 million subscribers, with streaming business turning profitable in Q4 2024.

Disney Considers Ending Subscriber Transparency

Walt Disney Co. CEO Bob Iger has indicated the entertainment giant may stop disclosing streaming subscriber numbers in future earnings reports, marking a potential turning point for how investors evaluate the company's direct-to-consumer business. "We have certainly considered it," Iger said in a CNBC interview when asked about ending the practice, adding "we probably will stop reporting at some point."

The comments come as Disney+ shows modest subscriber growth, reaching 126 million users in Q2 fiscal 2025 - a slight increase from 124.6 million the previous quarter. More significantly, Disney's streaming segment recently turned profitable, generating $321 million in Q4 2024 after years of losses.

Profitability Over Growth

Industry analysts see the potential move as part of Disney's strategic pivot from chasing subscriber growth to focusing on financial sustainability. "When you're in growth mode, you highlight growth metrics," said one media investment banker who asked not to be named. "When you shift to profitability, ARPU and margins become the story."

Disney's ad-supported tier appears central to this transition, now representing 30% of its global subscriber base. The company has actively steered users toward this higher-margin option, with 60% of new signups choosing the ad-supported version. Average revenue per user currently stands at $7.55.

Industry-Wide Implications

If Disney follows through, it would join other streamers moving away from monthly subscriber counts as their primary performance indicator. The change could complicate comparisons with rivals like Netflix and Warner Bros Discovery, though analysts note the streaming wars have increasingly become about monetization rather than pure user acquisition.

Disney representatives declined to comment on when or if the reporting change might occur. The company's next earnings call, scheduled for August, will likely provide more clarity on whether this marks the end of an era for streaming metrics transparency.