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Photo by Thibault Penin on Unsplash

Mickey Mouse has won the latest battle in the streaming wars—but at a big cost.

Burbank-based Walt Disney Co. surpassed Netflix in total subscribers after signing up way more customers than expected during its most recent quarter. The strong growth helped boost the company’s share price in after-hours trading on Wednesday and signaled that the streaming market isn’t nearing saturation yet—despite the recent doom and gloom surrounding the business.

Yet Disney also lost $1.1 billion on streaming during the fiscal third quarter, much more than the roughly $300 million lost this time last year. That’s likely a big reason why the company also announced price hikes for Disney Plus—its flagship streaming service— as the entertainment giant tries to generate more revenue from the money-losing business.

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Photo by Thibault Penin on Unsplash

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.

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