Shares of The Walt Disney Company (NYSE: DIS) have dropped 9.3% over the past year as investors have been concerned about the performance of Disney’s direct-to-consumer business segment, Disney+. In fiscal Q4, even as Disney+’s paid subscribers soared 60% year-over-year to 118.1 million, many of these paid subscribers were Disney+ Hotstar subscribers. The company’s management stated on its earnings call that subscribers to Disney+ Hotstar, a popular Indian streaming platform, made up 37% of Disney+’s paid subscriber base. The higher percentage of Disney+ Hotstar subscribers also dragged down its average monthly revenue per paid subscriber. Disney+’s average monthly revenue per paid subscriber dropped 15% year-over-year to $4.08 in FY 2021.
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