Disney+ doubles subscriber base to 116 million in fiscal third quarter after release of Marvel’s ‘Loki’

Disney+ reeled in new subscribers in the fiscal third quarter as consumers signed up to watch Marvel’s “Loki” and Pixar’s “Luca.”

Disney said in its earnings report on Thursday that subscribers to Disney+ doubled to 116 million subscribers from 57.5 million a year earlier. The results beat analysts’ average estimates by nearly 1.5 million, according to StreetAccount.

Across Disney+, ESPN+ and Hulu, Disney reported a total of 174 million subscribers. Disney also beat estimates on earnings and revenue, boosting the stock by about 6% in after-hours trading.

Analysts remain optimistic that Disney+ will reach its goal of 230 million to 260 million subscribers by 2024, as the company continues to roll out exclusive content. Consumers, however, are on average paying less. The average monthly revenue per paid subscriber for Disney+ fell to $4.16 from $4.62 a year earlier.

Among the most recent releases from Disney+ are the mini-series “The Falcon and the Winter Soldier,” based on Marvel Comics characters, and “Loki,” another Marvel-based series. The Pixar feature film “Luca” came out in June.

While the service is growing rapidly, it also faces a legal battle with “Black Widow” star Scarlett Johansson, who is suing the company for releasing the film simultaneously on the streaming platforms and in theaters.