“And at Disney+ Hotstar, we are currently expecting that subscribers will decline in Q1 due to the absence of the IPL, but we do expect to see some stabilization in Q2.”

In context

“costs will increase from Q4 to Q1 over the course of the year, content expense and OpEx growth should slow as we approach steady state and marketing costs should decline as we continue to focus on aligning our costs with our dynamic business models. As it relates to subscribers, we expect ESPN+ and Hulu will continue to add new subscribers in Q1, and we expect core Disney+ subscribers to increase only slightly in the quarter, reflecting tougher comparisons against Disney+ Day performance. As we’ve mentioned before, subscriber growth will not be linear each and every quarter, and the trend is driven by several factors, including content releases and promotions. We expect Disney+ core subscriber growth to then accelerate in the fiscal second quarter, largely driven by international markets. And at Disney+ Hotstar, we are currently expecting that subscribers will decline in Q1 due to the absence of the IPL, but we do expect to see some stabilization in Q2. I’ll note that our Direct-to-Consumer expectations are built on certain assumptions around subscriber additions based on the attractiveness of our future content, churn expectations for our upcoming price increases, the financial impact of the Disney+ ad tier and price increases and our ability to quickly execute on cost rationalization while preserving revenue, all of which, while based on extensive internal analysis as well as recent experience provides a layer of uncertainty in our outlook. Before we conclude, there are a couple of other items I would like to mention around our fiscal 2023 expectations. Cash content spend totaled $30 billion in fiscal 2022, and we continue to expect it to be in the low $30 billion range for fiscal 2023. Capital expenditures totaled nearly $5 billion in”