Disney Plus and Hulu posted a profit for the first time today. In Disney’s earnings report released on Tuesday, the company revealed that both streaming services made $47 million combined this past quarter — a huge turnaround from the $587 million loss reported at the same time last year.
But Disney’s streaming business wasn’t entirely profitable. ESPN Plus still lost $65 million, dragging its combined streaming earnings $18 million in the red. Despite this, the narrowing losses mark a huge milestone for Disney as it continues to invest more in streaming. The entertainment company says it expects its streaming business to become profitable in the fourth quarter of this year.
“Our results were driven in large part by our experiences, segments and our streaming business, which achieved an important milestone with the entertainment portion of the streaming business,” Disney CEO Bob Iger said during the call. “We fully expect streaming to be a growth driver for the company…
