While Netflix Reels, Disney Plus Adds Another 7.9 Million Subscribers

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

While Netflix Reels, Disney Plus Adds Another 7.9 Million Subscribers

Disney Plus just showed up Netflix.

After Netflix stunned Wall Street by losing subscribers for the first time in a decade, Disney said Wednesday that its flagship streaming service is still chugging along nicely. Disney Plus added 7.9 million paying customers during the second quarter of fiscal 2022, beating Wall Street’s expectations of about 5 million. That brings Disney Plus to 137.7 million total subscribers.

The Burbank-based media giant’s strong showing comes amid growing concerns with the streaming business. Netflix’s poor earnings and the rapid demise of CNN Plus have rattled investors, who previously rewarded entertainment and tech titans that spent billions to launch streaming platforms and added many subscribers during the pandemic.


Now, Netflix’s stock has plunged 70% over the last six months. The company lost 200,000 subscribers during its first quarter and expects to lose 2 million more in the current quarter. Netflix blamed the subscriber slowdown on increased competition, password sharing and the war in Ukraine, among other things. And recent surveys show consumers are canceling subscriptions they believe are too costly.

“The business model isn’t as attractive as once thought due to the intensifying competition for time, attention and consumer spending,” media analysts Robert Fishman and Michael Nathanson of MoffettNathanson wrote in a recent report.

The problems facing Netflix don’t seem to be holding back Disney Plus—at least not yet. Executives told analysts that the service had a “stronger than expected” first half of the fiscal year and that it is expected to add more subscribers during the final six months, though maybe not by much. The company’s goal of hitting at least 230 million Disney Plus subscribers by 2024 is still on track, CEO Bob Chapek said.

“The growth of the platform since its launch reinforces its unique nature. Quite simply, we believe Disney Plus is one of a kind,” Chapek said. He later touted that, despite Disney’s family-friendly branding, almost half of Disney Plus subscribers were adults without kids.

Disney Plus may still be growing, but streaming is costing the company a lot of money. Disney’s direct-to-consumer division, which also includes Hulu and ESPN Plus, lost $887 million during the second quarter—more than triple the loss from a year ago. Disney executives expect its flagship service to become profitable in 2024.

Overall, Disney’s revenues rose 23% year-over-year to $19.2 billion during the second quarter. Net profits were down 48% to $470 million.

Despite avoiding Netflix’s fate—for now—Wall Street wasn’t impressed. The company’s shares slid more than 2%, to $102.75, as of 3:09 p.m. PT in after-hours trading.

🌴🧑‍💻 Your Guide to LA Tech Week 2024

🔦 Spotlight

Happy Friday Los Angeles,

As many of you know, LA Tech Week is right around the corner, kicking off next Monday October 14th bringing together founders, creatives, investors, and engineers for a week of immersive events, panels, and socials across the city. From blockchain and AI to biotech and design, LA Tech Week is a chance to dive into the ideas shaping today’s technology landscape.


What to Look Forward To

Insights from Visionary Leaders: Hear firsthand from industry trailblazers as they share stories, challenges, and key lessons from their experiences. Expect fresh perspectives on AI, venture capital, biotech, and the ethical questions around emerging technologies.

Interactive Panels: This week isn’t about watching from the sidelines; it’s about engaging directly with the tech community. Participate in hands-on panels discussing everything from startup scaling to ethical AI, with honest insights from those actively shaping these fields.

Networking Mixers & Social Events: Meet and connect with founders, VCs, developers, designers, and fellow techies across LA. Rooftop mixers, lunch meetups, and creative gatherings offer the perfect chance to spark ideas and collaborate.

Plan your week with the daily lineup, organized by location for easy navigation:

For updates or more event information, visit the official Tech Week calendar.

Enjoy LA Tech Week 2024!


🤝 Venture Deals

LA Companies

  • Clout Kitchen, a Los Angeles and Manila based startup, has raised $4.45M in seed funding, co-led by a16z SPEEDRUN and Peak XV’s Surge, to develop AI-powered digital twins, which enables gaming creators to produce realistic virtual avatars for content and fan engagement. - learn more
  • MeWe, a privacy-focused social media platform, has raised an initial $6M in Series B funding led by McCourt Global to support Web3 integration and expand its decentralized network for 20 millions users. - learn more

    LA Venture Funds
    • EGB Capital participated in a $10M Series A funding round for MiLaboratories, which develops software that enables biologists to independently analyze complex genomic data, accelerating research and discovery in fields like drug development. - learn more
    • Crosscut Ventures participated in the $13.75M seed round for Airloom Energy, a company focused on developing airborne wind energy technology to harness high-altitude winds, with plans to accelerate a pilot project in Wyoming. - learn more
    • Overture VC participated in a $5.5M Seed funding round for Molg Inc., a company developing robotics and software for circular manufacturing, designed to disassemble electronics efficiently and recover valuable materials to reduce e-waste and support sustainable production. - learn more


      LA Exits

      • Options MD, a Los Angeles based telemedicine platform that provides care for people suffering from severe and treatment-resistant mental illness, is set to be acquired by Resilience Lab, an AI-driven provider focused on enhancing mental health care access. - learn more

      Download the dot.LA App

      LA Tech Week 2024: Saturday-Sunday Event Lineup
      tech-week

      Here’s what’s happening during the closing weekend (Oct 19 - Oct 20) of LA Tech Week 2024! Events are organized by location so you can easily catch the sessions that interest you most.

      SATURDAY EVENTS

      BEVERLY HILLS

      12:00 PM

      • BIG Showcase (Invite Only):

      BIG Showcase (Invite Only)

      2:00 PM

      Light Dao

      Struck Capital, Seahorse Express

      EAGLE ROCK

      12:00 PM

      Sunrise Integration, Shopify

      EL SEGUNDO

      9:00 PM

      Administratum, Valar Atomics

      HOLLYWOOD

      10:00 AM

      Passes

      MALIBU

      6:00 PM

      • Malibu Beachfront Investors Networking & Wine Tasting:See Details

      Gaya Ventures

      MARINA DEL RAY

      6:00 PM

      • Awaken Your Spirit: A Journey of Transformation (Invite Only)

      Sagos Distro, Alma Wellness

      SANTA MONICA

      7:00 AM

      Founders Running Club

      8:30 AM

      Techstars

      9:00 AM

      Magic Mind

      StartupStarter, Inc., City of Santa Monica

      10:00 AM

      Gen She

      AI LA

      Crea, Barry's, Unsubscribe

      10:30 AM

      Plantologist

      11:30 AM

      • Pickleball Palooza (Invite Only)

      YouTube

      1:00 PM

      • Realfren Games: From strangers to an inner Realfren within 52 weekends: See Details

      Office for Humanity and Circuit Works

      • Talking blockchain technology with special guests: See Details

      LadyDayDao

      5:00 PM

      KARD, What's Plots

      THE VALLEY

      7:00 AM

      Camino5

      VENICE

      9:00 AM

      Westside Yogis

      11:00 AM

      Open App

      1:00 PM

      Ripe and Teddy's Hot House

      4:00 PM

      • Fashion Forward: How AI is Redefining the Fashion Industry: See Details

      VIAVIA, BNTO.RENT, ALMA.AI

      VIRTUAL

      11:00 AM

      BLCK UNICRN

      WEST HOLLYWOOD

      7:00 PM

      Next Sequence

      SUNDAY EVENTS

      INGLEWOOD

      12:00 PM

      Entrepreneur Ventures, VCPE GROUPS

      PLAYA DEL RAY

      2:00 PM

      AI LA, DELL, NVIDIA

      SANTA MONICA

      10:00 AM

      • Women Founders, Cold Brew & Beach View, Rooftop: See Details

      Clutch Talent

      11:00 AM

      11DollarSunglasses.com, Less Litter Foundation

      12:00 PM

      Data in LA, Amplitude

      12:30 AM

      New Moon, Warner UK Innovations

      TOPANGA CANYON

      3:00 PM

      Dreamore

      VENICE

      8:00 AM

      • Surf session with founders, investors, creators: See Details

      Surfed Club, Bow Shock

      12:00 PM

      • Podcast Panel and Brunch: LA Tech Community Builders: See Details

      WeAreLATech.com, Blankspaces.com

      VIRTUAL

      2:00 PM

      BLCK UNICRN


      For updates or more event information, visit the official Tech Week calendar.

      Enjoy LA Tech Week 2024!


      Download the dot.LA App

      LA Tech Week 2024: Friday’s Event Lineup
      tech-week

      Check out Friday, October 18th's schedule for LA Tech Week 2024! Events are sorted by location so you can easily find what matches your goals for the day.

      BEVERLY HILLS

      8:00 AM

      Scrappy

      BRENTWOOD

      7:30 AM

      Seaside Ventures

      CULVER CITY

      9:00 AM

      Intersections LA

      1:30 PM

      • Showcasing Bioscience Innovation in LA County (Invite Only)

      BioscienceLA, County o LA, Larta Institute, LAEDC

      5:00 PM

      Grid110

      6:00 PM

      ACT House, Sip & Sonder

      EL SEGUNDO

      7:00 PM

      Dirac, Inc.

      INGLEWOOD

      10:00 AM

      Zoo Corporation, Embedded Ventures

      12:00 PM

      • Tech & The Built Environment Series: LA28 Roundtable & SoFi Stadium Tour: See Details Here

      Blended Impact

      MARINA DEL REY

      9:00 AM

      USC ISI

      PACIFIC PALISADES

      4:00 PM

      Silicon Valley Bank, Emmeline Ventures

      PLAYA DEL REY

      8:00 AM

      AI LA

      5:30 PM

      AI LA

      PLAYA VISTA

      12:00 PM

      • Women In Gaming Lunch at Google (Invite Only)

      Google

      4:00 PM

      Verizon, Infinity Festival

      SANTA MONICA

      11:00 AM

      SVRN Ventures

      Headline, Slow Ventures, Karat

      2:00 PM

      Glyf

      Botanical, Panoptic

      The American South Asian Network (ASAN)

      4:00 PM

      • Pizza, Wine, & Connectivity: Celebrating the Nomadic App Revolution:See Details Here

      Synadia

      The American South Asian Network (ASAN)

      Dory Consulting

      • Women in Tech: Beachfront Rooftop at Sunset - Wine-up & Unwind: See Details Here

      Clutch Talent

      Cohere Commerce

      5:00 PM

      Clutch Talent

      Pirros

      6:00 PM

      • Unlocking Capital with Angels & Advisors | No Pressure Networking + Panel:See Details Here

      No Pressure Networking

      Tech Pitch Roast Comedy LLC

      6:15 PM

      • Navigating Intersections: Empowering Leaders in Challenging Times: See Details Here

      Intersectional Ventures

      7:00 PM

      Mantis VC, Lightspeed Venture Partners

      Medusa Ai, Marco Di Luca Event Design

      SOUTH LA

      9:00 AM

      USC Lloyd Greif Center for Entrepreneurial Studies, Cap Table Coalition, PledgeLA, Sisters with Ventures

      UCLA

      1:30 PM

      CrownData.AI

      2:00 PM

      Taisu Ventures, Quotient Ventures

      VENICE

      7:30 AM

      Run Tech Club

      9:00 AM

      Google

      12:00 PM

      Ripe and Teddy's Hot House

      5:30 PM

      Spire Circles

      7:00 PM

      Moss Venice, Yuzulabs, JPMorgan Chase

      8:00 PM

      Truffle

      VIRTUAL

      2:00 PM

      BLCK UNICRN

      WEST HOLLYWOOD

      7:30 PM

      Legendary Ventures, Day Dream Ventures

      WESTSIDE

      9:30 AM

      A16Z GAMES

      7:00 PM

      • Female Funders & Founders (Invite Only)

      L'ATTITUDE Ventures

      WESTWOOD

      9:00 AM

      Fedtech, National Security Innovation Network (NSIN)


      For updates or more event information, visit the official Tech Week calendar.

      Enjoy LA Tech Week 2024!

      Download the dot.LA App

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