It’s been a solid Q4 for Disney, which stepped out this morning to release its final quarterly report for what has shaped up to be a growth-driven fiscal year. 

The media giant saw a 6% year-over-year increase in Q4 revenue (US$22.57 billion), while its full-year revenue (US$91.4 billion) was up 3% over fiscal 2023.

Disney+ has reached 122.7 million core subscribers, growing by 4.4 million this quarter, and its combined DTC streaming businesses (Disney+, Hulu and ESPN+) posted an operating income US$321 million—a dramatic improvement from Q4 2023’s US$387-million loss. “This is a business that was losing more than US$4 billion just two years ago, in fiscal 2022,” the company noted in an executive commentary. “The progress we have made is impressive, and we continue working to improve profitability and margins.”

This quarter, Disney+ bundled with Max and debuted playlists in early September—including one dedicated to preschool content—shortly before Netflix rolled out its interpretation of the same idea. The streamer also implemented price hikes in October, upping its monthly fees by US$2 to US$9.99 (ad-based tier) and US$15.99 (ad-free tier). And it has generated buzz from recent series launches such as Agatha All Along (426 million minutes of watch time in its premiere week) and consistent viewership for older titles like Moana (2016). 

Outside of DTC, another key growth area in Q4 was Disney’s strong theatrical comeback with summer tentpoles Inside Out 2 (pictured) and Deadpool & Wolverine—the two highest-grossing films of the year, and the only 2024 features to sell more than US$1 billion in tickets worldwide. These strong performances lifted the entertainment segment to US$316 million in operating income.

Remaining bullish for the upcoming quarter, Disney is betting on a one-two punch at the box office with Moana 2 and Mufasa: The Lion King coming out in November and December, respectively. In fact, the former is already on track for a record-breaking opening in the US on Thanksgiving weekend.

Coinciding with the Q4 report this morning, Disney has also completed the US$8.5-billion merger of its Indian media assets with Reliance, after announcing the deal earlier this year. Reliance has invested roughly US$1.4 billion for growth and has secured a 63.16% stake (with its Viacom18 subsidiary) in this joint-venture, with the rest controlled by Disney.

In forward-looking C-suite news, Disney is now reportedly looking outside the company for a successor to take the reins from CEO Bob Iger (whose contract ends in 2026), as per a WSJ article from earlier this week. The search is supported by Chicago-based recruiting firm Heidrick & Struggles, and Electronic Arts CEO Andrew Wilson may be among the external candidates under consideration.

And this week, the Mouse House also reached a deal to settle a class action lawsuit related to accusations of pay discrimination at the company—barring any hiccups, the settlement will likely be addressed and approved at a hearing on January 10, according to Deadline.