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Hotstar has more than 18 million paying subscribers, ARPU triples to ~₹160 following IPL, Indonesia launch

Disney+ Hotstar seems to have over 18 million paying subscribers, and its ARPU has more than tripled from last quarter, according to an analysis of earnings information put out by the company. “Disney+ Hotstar subscribers now account for a little over a quarter of our global subscriber base [of Disney+ subscriptions],” Disney CFO Christine McCarthy said in an earnings call with investors. Disney+ has 73.7 million subscribers, including Hotstar subscriptions. “Disney+’s overall ARPU this quarter was US$4.52. However, excluding Disney+ Hotstar, it was US$5.30,” McCarthy said.

Based on this information, it can be estimated roughly that Hotstar has at least 18.4 million subscribers, and that the Average Revenue Per User (ARPU) per subscription is around US$2.18, or around ₹160. This means that Hotstar appears to to added around 10 million new subscribers between June and early October, more than doubling its subscriber base and tripling its ARPU. It is hard to pinpoint ARPU with total accuracy for two reasons: unlike last time, the share of Hotstar subscriptions in the overall Disney+ subscriber base has not been provided very precisely, and McCarthy refused to break out Hotstar data in further detail.

These developments come on the back of the Indian Premier League and Hotstar’s launch in Indonesia, which have likely contributed to the high rise in subscriber count and ARPU. Disney now makes around US$39.24 million per month from Hotstar, over a tenth of its overall Disney+ monthly revenue of US$333.12 million. The IPL’s full impact, as well as the impact of Hotstar’s launch in Singapore, will be clearer in the next quarter’s results.

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