Disney+ Hotstar subscriber target hits the lowest after the platform lost IPL’s streaming rights in the E-Auction

In the recently concluded E-Auction, Viacom18 won the treating rights for a massive amount of rs 23,785 crore for a total of 410 matches in the next cycle of IPL. Viacom18 will digitally stream the IPL league on Voot.

Disney+ Hotstar didn’t win the IPL rights that have led the digital platform loses its subscriber target for the streaming platform. For the next IPL cycle, 2023-2027, Viacom18 has the right to stream the tournament.

The company recently held an earnings conference call where Chief Financial Officer Christine McCarthy stated that they lost the IPL streaming rights to Viacom18 and that will affect their subscriber growth. IPL is considered to be one of the most popular T20 leagues and it has created a strong brand identity for itself, so losing this contract will affect the subscriber rate.

The online streaming platform lowered its end of FY 2024 target from 230-260 million to 215-245 million and expects around 80 million subscribers from the platform.

The company lowered its end of Christine McCarthy stated that the targets will be clearer, post the completion of the ICC and BCCI cricket rights sales processes.

Disney+ Hotstar has left Netflix behind in the subscriber race

Did you know that Disney+ Hotstar surpassed Netflix in its subscriber base? The former platform had taken a jump from eight million paid subscribers to 58.4 million which is a 30% increase from last year’s. The raise happened primarily because of the IPL that streamed on the platform this year. Reliance Industries Ltd owns 51 percent of Viacom got the streaming rights for Rs 23,758 crore for 410 matches in the next cycle of the IPL.

It is to be noted that Disney has surpassed Netflix in its global subscriber base by 221.1 million subscribers across its streaming services — Disney+, ESPN+, and Hulu. Days are rainy for Netflix as the Giant OTT platform lost 970.000 subscribers and had 220.67 million new global subscribers last year.

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