Disney said its Disney Plus streaming service reached nearly 29 million paid subscribers in less than three months, an impressive start for what the company has positioned as its future as more people drop cable subscriptions.
But as expected, starting up a new service comes with huge expenses, contributing to a 23% profit decline for the company in the latest quarter.
Disney Plus launched in November to compete with online video services like Netflix. Disney had 26.5 million Disney Plus subscribers as of Dec. 28, the end of its fiscal first quarter. That grew to 28.6 million as of Monday, well on the way to Disney’s target of 60 million to 90 million worldwide by 2024.
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