Here’s how much money ICC World Cup 2023 cost Disney India | – Times of India

The Walt Disney Company has revealed that its India unit, Star India’s operating losses have increased in the December 2023 quarter. Disney India’s losses have gone up by a 144% surge and has cost the company $315 million. The popular content streaming platform attributed the significant increase in losses to the broadcasting rights costs for the 50-over ICC Men’s Cricket World Cup 2023 tournament which was held in India.
For comparison, Star India posted operating losses of $129 million during the same quarter in the last fiscal year when it bought the rights for the shorter-format ICC Men’s T20 World Cup 2022 event. It is also important to note that Disney follows an October-September financial year.

How ICC World Cup Disney India’s revenue

An Economic Times report cited sources who stated that Star India had allocated 40% of the $1.8-2 billion International Cricket Council (ICC) media rights payout for the final year of its 8-year deal. This deal has already expired in 2023. Out of this, 80% was allocated for linear TV and 20% for digital rights across its 10 Star Sports channels.
The report claims that Disney India successfully monetised the marquee cricket tournament which led to a 71% jump in Star India’s sports revenue to $399 million. However, major increases in programming and production costs due to the longer event resulted in widened losses.

At the international level, Disney’s overall sports business revenue rose 4% to $4.8 billion. Rhe operating losses of the company also reduced by 37% due to ESPN’s profits. ESPN delivered $4.4 billion revenue and $199 million operating income.
Apart from this, Disney+ Hotstar saw a 2% growth in paying subscribers which increased to 38.3 million. This growth was supported by higher advertising revenues and pricing hikes. The company’s average monthly revenue per user also increased from $0.70 to $1.28.
The operating profit for Walt Disney also increased 27% to $3.8 billion on flat revenues of $23.5 billion. This reflects that the company was able to make relecting $500 million of cost savings. Due to the reduced losses this quarter, the company expects its streaming services to turn profitable by next quarter.

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