Disney+ lost 1.3 million subscribers across the world during the last quarter of 2023.
In the United States and Canada, 400,000 people canceled their subscriptions to the streaming service.
The subscription cancelations come as Disney+ recently increased its price from $10.99 to $13.99, according to a report from Breitbart.
American Faith reported that Disney’s Pixar studio is set to experience significant layoffs in the coming year as part of an effort by the company to “enhance” streaming profitability.
While the exact number of layoffs has yet to be announced, initial reports hinted at a reduction of up to 20 percent.
The move comes after Disney’s CEO, Bob Iger, has reportedly emphasized “turning streaming into a profitable growth business” as a key goal for 2024.
In August, Disney shares experienced a significant drop, closing at a staggering nine-year low of $82.47.