The Walt Disney Company has revealed it lost over $1 billion in equity investments to streaming in the year ended 30th September.
In a filing with the SEC, the company reported that its investment in Hulu was the primary contributor to a $580 million loss in equity investments.
Disney also lost $469 million in its direct-to-consumer segment, largely from BAMtech, the streaming technology behind ESPN+ and other OTT services.
This comes as the company is preparing to launch its new streaming service Disney+ later this year.
Disney’s media networks, which include ESPN, ABC, Disney Channel and others, brought in $7.3 billion in operating income for 2018.
