‘Would like to stay’: CEO Bob Iger on talks of Disney’s India exit

Bob Iger, CEO of Walt Disney Company, ended speculation about Disney’s future in India, saying they would “love to stay”. “In India, our linear business is actually doing quite well. It makes money. But we know other parts of that business are challenging for us,” Iger said during the third-quarter earnings call. “We are considering our options there. We have an opportunity to strengthen our hand,” he added.

For the quarter ended September 30, Disney reported adjusted earnings per share of 82 cents, higher than the average forecast of 70 cents, according to LSEG data. Quarterly revenue of $21.2 billion was largely in line with consensus estimates. The company said it added nearly 7 million Disney+ streaming subscribers this quarter, with the addition of “Guardians of the Galaxy Volume 3” and the original series “Star Wars: Ashoka.” Disney+ and Disney+ Hotstar have a combined 150.2 million subscribers, higher than Visible Alpha’s estimate of 147.4 million.

While Hotstar suffered a loss of 28 million subscribers last quarter, taking its total loss to around 2.3 million in a year, Disney+ added nearly 70 million subscribers globally, more than 15 million, including Hotstar.

Talking about the prospects for India, Iger added: “It is now perhaps the most populous country in the world and we would like to remain in that market. But we also look at whether we can strengthen our hand and improve the operating result.”

Hotstar is said to have regained many subscribers and attracted millions of non-paying users to its platform, thanks to the ongoing ICC Cricket World Cup.

A former Disney employee said in an interview with the Financial Times: “They have the largest studio in India, a major TV company with Star, in the fastest growing major economy in the world.”

“Some want to sell that because the annual revenue per subscriber is low? It’s crazy,” he added.