Disney has just announced its financial results for the fourth quarter of 2022. The company recorded a total of 161.8 million subscribers for its Disney+ streaming service, a decrease of 2.4 million subscribers compared to the previous quarter. It is also the first time that Disney's streaming service saw a loss in subscribers since it was launched in 2019.

Axar.az reports that Disney mainly attributes the subscriber decline to a decrease in Disney+ Hotstar subscribers, an over-the-top streaming service available in India and some parts of Southeast Asia. As Forbes points out, it lost streaming rights last year to the Indian Premier League, a popular cricket league in India. This forced Disney to lower its growth projections for Disney+ Hotstar. Currently, the service has 57.5 million subscribers, a 3.8 million decrease from the previous quarter's 61.3 million.

Disney+'s subscriber loss will make it difficult for Disney to reach its target of 215 million to 245 million subscribers by the end of the fiscal year 2024 (via CNBC). The company even expects Disney+ to become profitable by the same period.