Disney’s direct-to-consumer business is sputtering when it comes to subscriber growth, with Q1 2025 (fiscal Q2) numbers telling a familiar story. Globally, Disney+ gained a mere 1.4 million subscribers globally—up just 1% from the end of 2024—while Hulu’s SVoD-only tier saw a slightly more respectable 3% lift. Saturation has long been a thorn embedded in the side of US streamers, while the stagnation in international markets is the real red flag. Domestic Disney+ subscriptions ticked up by 1 million, while international subs scraped together just 400,000 new sign-ups. That sluggish momentum outside the US continues to weigh heavily on investor sentiment, and was only partially masked by celebratory soundbites on the earnings call about bundling, tech upgrades, and the impending…