The Guardian reports that Netflix is set to conclude the year with approximately 100 million more subscribers than its competitor, Disney, which has purportedly lost $11 billion in the streaming market. Tom Harrington, Head of Television at Enders Analysis, shared with the publication, "There is Netflix and then there is sort of everyone else." He continued, "Everyone except Netflix is making losses quarter by quarter. While Netflix hasn’t of course yet balanced its billions in losses it is now making profits and will catch that up pretty quickly now.”
The COVID-19 pandemic saw a surge in streaming services as more people stayed home. Netflix reached its zenith in 2021, but suffered a setback in 2022 when it reported a loss of subscribers for the first time in over a decade.
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"Last year was hard, a tough year, but 2023 has been really strong,” said Larry Tanz, Netflix's Vice-President and Head of Content for EMEA. "First and foremost content drives the business but we also did a couple of things that were really difficult." Tanz highlighted the implementation of "a paid sharing [crackdown] and the introduction of advertising," which he described as "big things to take on in one year which are also proving to be meaningful drivers of the business.”
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Disney+ was launched in November 2019, just before the COVID-19 government lockdowns, and initially found significant success. However, Disney recently announced that it would begin licensing some of its content to Netflix.
Disney's revenue has been significantly affected in other areas apart from its streaming service. Earlier this month, Tesla CEO Elon Musk publicly told Disney CEO Bob Eiger to "Go f*ck yourself" following an advertiser boycott led by the company on the social media platform.
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In a November filing with the SEC, Disney conceded that its efforts to achieve certain "environmental and social goals" were not resonating with its audience. "Generally, our revenues and profitability are adversely impacted when our entertainment offerings and products...do not achieve sufficient consumer acceptance," the filing stated.
Eiger, who had previously left the company, returned in November 2022 to steer the brand back on course.
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