Disney earnings offer hope that streaming can successfully supplant linear TV

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Disney projects entertainment direct-to-consumer operating income will increase by about $875 million next year over fiscal year 2024.

For Disney's fiscal 2025, streaming will generate enough operating income to offset the parallel decline in operating income from linear TV, CFO Hugh Johnston said in an interview.

A combination of pulling back on content spending and steadily increasing Disney+, Hulu and ESPN+ subscribers hasn't just turned streaming into a profitable business, it's actually turned streaming into an even better business than traditional TV, according to Disney Chief Financial Officer Hugh Johnston.

"I think we're well-positioned if decide to stay in linear for longer, and I think we're well-positioned if they decide to move over to the streaming side," Johnston said during Disney's earnings conference call. The traditional pay-TV business has been phenomenal for many reasons, but two stand out: Media companies get paid monthly regardless of whether people actually watch, and churn rates for traditional pay TV were traditionally extremely low — at least, until the invention of streaming. In the last decade,In the new streaming era, it's far easier to cancel a particular service at any given time.

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