Disney CEO Bob Iger made the announcement during the company's quarterly earnings call on Wednesday.
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In an email to employees following the call, Iger said the move is a "logical progression" of Disney's direct-to-consumer offerings.
This single app experience will be a multi-phased approach that will begin to roll out by the end of the calendar year, with work continuing into 2024. Hulu, Disney+ and ESPN+ will also remain available as stand-alone apps.
Ongoing strength at its theme parks and an improving streaming business propelled Disney to higher profits and revenue in its fiscal second quarter. For the three months ended April 1, Disney earned $1.27 billion or 69 cents per share. That compares with $470 million, or 26 cents per share, a year ago.
After adjusting for one-time items, Disney earned 93 cents per share, matching analysts' expectations according to a poll by FactSet. Revenue rose 13% to $21.82 billion. This also met Wall Street's forecast of $21.8 billion. Sales at its parks, experiences and products segment rose 17% in the quarter. Revenue for the segment that includes Disney's movie business climbed 3%.
In Disney's fiscal first quarter, sales at its parks, experiences and products division grew 21%, while revenue for the unit housing its movie business inched up 1%.
The company lost 4 million subscribers at its Disney+ streaming service, ending the second quarter with 157.8 million paying subscribers. Hulu subscribers were just about flat at 48.2 million.
This is a breaking news report. Check back here for new developments. The Associated Press contributed to this report.
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