Why Millions Are Canceling Disney+ and Hulu and What It Means for Investors

The News

Millions of users are pulling the plug on Disney+ and Hulu. According to subscriber analytics firm Antenna, Disney+ lost over 3 million subscribers and Hulu dropped 4.1 million in September 2025 alone. These cancellations came just weeks before a price hike took effect on October 21, raising both services to $11.99/month for the ad-supported tiers.

The timing also follows controversy around Disney’s content decisions and the temporary removal of “Jimmy Kimmel Live!” which sparked consumer backlash and cancellation campaigns across social media.

Why It Matters

Streaming isn’t disappearing but it’s changing. The era of unlimited subscriptions is giving way to more selective and price-sensitive viewers. For investors, this means streaming companies need to focus on retention, pricing power, and platform consolidation.

These shifts can affect:

• Revenue growth

• Subscriber churn

• Ad revenue for platforms

• Competitive dynamics in tech and media

Fun Fact

The October 2025 price hike was Disney’s third streaming price increase in just two years, signaling a new focus on profit over rapid growth.

5 Companies That Could Be Impacted

1. Disney (DIS)
   Facing both cancellations and a major content shift, Disney is merging Hulu into Disney+ by 2026. Investors will be watching whether this move cuts costs or causes more churn.

2. Netflix (NFLX)
   As competitors stumble, Netflix’s steady content library and global reach could help it capture fleeing subscribers looking for reliability.

3. Apple (AAPL)
   Apple TV+ is part of the Apple One bundle which may appeal more to users seeking all-in-one value over individual streaming subscriptions.

4. Amazon (AMZN)
   Prime Video is also bundled, and offers ad-supported content. As standalone services lose steam, bundled ecosystems like Amazon’s may benefit.

5. Roku (ROKU)
   Roku acts as the gateway for most streaming in the U.S. If users shuffle between services or increase ad-supported viewing, Roku’s ad business could see a boost.

The Bottom Line

Consumers are still streaming, but they’re cutting back. As users rethink what they’re willing to pay for, companies are forced to balance price hikes with subscriber satisfaction.

For investors, that means looking beyond just subscriber growth. Key metrics to watch:

• Revenue per user (ARPU)

• Churn rate

• Bundling strategies

• Advertising growth

The streaming wars aren’t over, they're just evolving.