Disney+ subscriber growth slowdown coming in Q3: CEO

Disney CEO Bob Chapek warned that global subscriber growth for his company’s flagship streaming service will slow down for the quarter ending in September.

During a Goldman Sachs investor conference, he predicted that Disney+ subscribers will increase by “low single-digit millions” during the current earnings period, his company’s fiscal fourth quarter. That compares to the more than 12 million subscribers added during Disney’s fiscal third quarter.

Chapek was questioned about whether Disney+ had already attracted all the Marvel and Star Wars fans out there and if that could be part of the reason for the level off in growth. He said that new films like “Shang-Chi and the Legend of the Ten Rings” help bring new fans into the Marvel universe and that the continued high quality of content on Disney+ has helped lead to “very small churn” among existing subscribers.

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Part of Disney’s plans to spark continued growth for its streaming service will be Disney+ Day on November 12. The company is planning special events for its Parks division, special deals through its retail channels and promotional activities across ABC, Disney Channel, ESPN and ESPN+, Freeform, FX, Hulu, National Geographic in the U.S.

Disney+ will debut lots of new content on Nov. 12—which is two years after the service’s initial launch—including the premiere of “Shang-Chi” and “Jungle Cruise” for all Disney+ subscribers, the debut of “Home Sweet Home Alone” and new shorts and specials across the Disney, Pixar, Star Wars, Marvel and National Geographic brands.

When asked if Disney needs to accelerate its content release schedule either through more production or M&A, Chapek said his company is focused on delivering all the content is promised during its last Disney+ investor day in December.

“Right now, our focus is on making all the things we said would make and ramping up our production. But most importantly, not just making more stuff, but making great stuff,” he said. “For us, it’s about executing the plan as opposed to going out and buying more.”

Disney+ will also add some important new international markets when it debuts in South Korea and Taiwan on November 12, and in Hong Kong on November 16.