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Disney+ ended fiscal Q1 2025 with 124.6 million subscribers, down 700,000 from the prior quarter. Disney had warned that recent price increases and an expiring promotion could temporarily raise churn, but it did not quantify how many cancellations either factor caused. The reported change is a net subscriber decline—not a count of customers who canceled.
What the 700,000 figure means
Disney reported 125.3 million Disney+ subscribers on September 28, 2024, and 124.6 million on December 28, 2024. The difference is a sequential net decrease of 0.7 million, or about 0.6% of the earlier total. The period was Disney’s fiscal first quarter of 2025, covering the final three months of calendar 2024. Disney’s fiscal Q1 2025 results report the period-end counts. [c001]
Net change accounts for subscribers gained as well as those lost. It therefore does not reveal the gross number of cancellations or how many people left specifically because of a price change.
Why did Disney+ lose subscribers?
Disney had anticipated a modest decline. In its November 14, 2024 fiscal Q4 commentary, the company said it expected a temporary uptick in Disney+ Core churn due to recent price increases and the end of a promotional offer. That forecast supplies relevant context for the later decline, but Disney did not publish a breakdown attributing a particular number of lost subscriptions to either cause. Disney’s fiscal Q4 2024 commentary records the company’s expectation. [c002]
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So, the evidence supports saying that Disney expected higher prices and an expiring promotion to contribute to temporary churn. It does not establish that price hikes alone caused the 700,000 net decline.
Prices and revenue per subscriber moved up
Disney+ average monthly revenue per paid subscriber rose from $7.20 in fiscal Q4 2024 to $7.55 in fiscal Q1 2025. Disney said the increase reflected pricing, partly offset by a higher mix of subscribers on promotional offers. These figures describe average monthly revenue per paid subscriber, not the monthly price paid by every customer. [c001]
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The simultaneous increase in this revenue measure and decrease in subscribers illustrates a trade-off to watch: higher effective pricing can coincide with a smaller subscriber base. These two figures alone do not establish the overall financial impact of the quarter’s net subscriber decline.
Disney+ subscribers rose the following quarter
The decline did not continue into the next reported quarter. Disney+ reached 126.0 million subscribers at March 29, 2025, an increase of 1.4 million from December. Domestic subscribers—U.S. and Canada—rose from 56.8 million to 57.8 million, while international subscribers increased from 67.8 million to 68.2 million. Disney’s fiscal Q2 2025 results provide those period-end figures. [c003, c007]
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That rebound does not identify what caused the Q1 decline or show whether any particular pricing or promotion effect persisted. It does mean the 700,000 figure should be understood as one quarter’s net movement, not an uninterrupted subscriber slide.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to interpret later subscriber totals
Disney’s June 28, 2025 SEC filing reported 156.2 million Disney+ subscribers under its then-current reporting approach. That figure included domestic standalone and multi-product subscriptions as well as international subscriptions, so it is not directly comparable to the earlier 124.6 million without accounting for the reporting categories and scope. Disney’s June 2025 SEC filing explains the categories. [c004]
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Disney also said it would stop reporting quarterly Disney+ and Hulu subscriber counts and average monthly revenue per paid subscriber beginning in fiscal Q1 2026, because it considered quarterly updates less meaningful for evaluating performance. [c004, c008] For comparisons, check the reporting period, whether the total is Disney+ alone or includes multi-product subscriptions, the geographic scope, and whether the figure is a period-end subscriber count or a revenue-per-subscriber measure.
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- This card is non-reloadable. No cash or ATM access. Funds do not expire. If available funds remain on your card after the valid thru date has passed, please call customer service for a replacement card. A one-time purchase fee applies at the time of checkout. No fees after purchase.
- To access your card information safely, type the complete website address shown on your Gift Card (MyGift.GiftCardMall.com) directly into your browser's address bar. Don't use search engines or shortened versions of the website address, as these may lead you to fake or fraudulent sites. Do not provide any Gift Card details (example: Card Number) to someone you do not know or trust. If you believe you've reached an illegitimate website, contact cardholder service at 1-888-524-1283. Be cautious of phishing sites, there are a variety of scams in which fraudsters try to trick others into paying with gift cards.
- To report your Lost or Stolen Physical Visa Card, call Customer Service 24/7 at 1 (888) 524-1283 to cancel your Gift Card as soon as you can. You will be asked to provide the Gift Card number and other identifying information.
- Use your Visa Gift Card in the U.S. everywhere Visa debit cards are accepted, including online.
What the reported figures do—and do not—show
- Reported: Disney+ had a net decline of 0.7 million subscribers in fiscal Q1 2025, from 125.3 million to 124.6 million. [c001]
- Disney’s explanation in advance: The company expected price increases and an expiring promotion to contribute to a temporary uptick in churn. [c002]
- Not established: The number of cancellations caused by either factor, or the financial net effect of the quarter’s subscriber movement.
- Separate services: Hulu subscriptions increased during the quarter, so the Disney+ result does not describe every Disney streaming service. [c001]
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