Hulu’s reported paid-subscriber base grew from 36.6 million at fiscal 2020 year-end to 64.1 million at fiscal 2025 year-end. The figures below distinguish Hulu’s SVOD-only and Live TV + SVOD products, use Disney’s fiscal reporting dates, and separate Hulu measures from Disney segment results.
Key Hulu Statistics
The most useful Hulu statistics span scale, adoption, monetization and costs:
- Hulu had 36.6 million total paid subscribers at October 3, 2020, representing Hulu subscribers for which subscription revenue was recognized.
- Hulu reached 43.8 million total paid subscribers at October 2, 2021, up 20% year over year.
- Hulu had 47.2 million total paid subscribers at October 1, 2022, an 8% increase from the prior year.
- Hulu had 52.0 million total paid subscribers at September 28, 2024, at fiscal year-end.
- Hulu reached 64.1 million total paid subscribers at September 27, 2025, up 23% from fiscal 2024 year-end.
- Hulu SVOD Only had 32.5 million paid subscribers at October 3, 2020, up 27% year over year.
- Hulu SVOD Only reached 47.4 million subscribers at September 28, 2024, at fiscal year-end.
- Hulu SVOD Only reached 59.7 million subscribers at September 27, 2025, up 26% year over year.
- Hulu Live TV + SVOD had 4.1 million subscribers at October 3, 2020, up 41% year over year.
- Hulu Live TV + SVOD had 4.4 million subscribers at September 27, 2025, down 4% from fiscal 2024 year-end.
- Hulu SVOD Only ARPU was $12.59 for the quarter ended October 3, 2020, including subscription, advertising and premium/add-on revenue as defined by Disney.
- Hulu Live TV + SVOD ARPU was $84.89 for the quarter ended October 2, 2021, reflecting pricing and subscriber mix.
- Fiscal 2024 Hulu SVOD Only ARPU was $12.35, up 1% from fiscal 2023.
- Fiscal 2024 Hulu Live TV + SVOD ARPU was $95.12, up 5% from fiscal 2023.
- Fiscal 2025 Hulu Live TV + SVOD ARPU was $99.85, up 5% from fiscal 2024.
- Disney reported 27.1 million subscribers to bundles containing both Disney+ and Hulu at September 28, 2024, a bundle count rather than a unique-person estimate.
- Disney reported 43.7 million subscribers to bundles containing both Disney+ and Hulu at September 27, 2025, with subscribers counted in each included service.
- Hulu programming and production costs were $9.018 billion in fiscal 2025, up 5% from fiscal 2024.
- Disney’s Direct-to-Consumer operating income was $1.327 billion in fiscal 2025, a segment-level result that includes Hulu and is not Hulu standalone operating income.
Contents
- Hulu subscriber statistics and long-term scale
- Hulu SVOD-only adoption trends
- Hulu Live TV + SVOD statistics and plan mix
- Hulu ARPU and monetization data
- Hulu pricing, advertising and bundle economics
- Hulu programming costs and operating context
- Recent Hulu data and Disney bundle integration
Hulu Subscriber Statistics and Long-Term Scale
Disney’s total Hulu paid-subscriber measure represents subscribers for which subscription revenue was recognized. Cancellation and failed-payment rules apply, and bundled subscribers are counted for each included service.
| Fiscal reporting point | Total paid subscribers | Reported change |
|---|---|---|
| October 3, 2020 | 36.6 million | Up 28% from 2019 |
| October 2, 2021 | 43.8 million | Up 20% year over year |
| October 1, 2022 | 47.2 million | Up 8% year over year |
| September 30, 2023 | 48.5 million | Essentially unchanged from 48.3 million at July 1, 2023 |
| September 28, 2024 | 52.0 million | Year-end count |
| September 27, 2025 | 64.1 million | Up 23% from 2024 |
Sources: Disney fiscal 2020 earnings, Disney fiscal 2021 earnings, Disney fiscal 2022 Annual Report, Disney fiscal 2023 earnings, and Disney fiscal 2025 Annual Report.
The sequence shows strong growth through fiscal 2022, near-flat sequential movement in the fiscal 2023 comparison, and a larger reported increase at fiscal 2025 year-end. These are quarter- or year-end counts, not average subscribers across the period.
Hulu SVOD-Only Adoption Trends
Hulu SVOD Only excludes Hulu Live TV + SVOD subscribers. Disney reported the following year-end and sequential observations:
- Hulu SVOD Only had 32.5 million paid subscribers at October 3, 2020, up 27% from 25.6 million in 2019.
- It reached 39.7 million at October 2, 2021, up 22% year over year, and 42.8 million at October 1, 2022, up 8% from 39.7 million.
- The service had 43.5 million subscribers at December 31, 2022 and 43.7 million on April 1, 2023, a sequential comparison within fiscal 2023.
- Hulu SVOD Only had 44.0 million at July 1, 2023 and 43.9 million at September 30, 2023, based on quarter-end counts.
- It reached 47.4 million at September 28, 2024 and 59.7 million at September 27, 2025, with the latter up 26% year over year.
Sources: Disney fiscal 2020 earnings, Disney fiscal 2021 earnings, Disney fiscal 2022 Annual Report, Disney fiscal 2023 first-quarter earnings, Disney fiscal 2023 earnings, and Disney fiscal 2025 Annual Report.
Between fiscal 2024 and fiscal 2025 year-end, SVOD Only subscribers increased by a derived 12.3 million, from 47.4 million to 59.7 million. This difference is calculated from reported year-end counts and is not a reported net-add metric.
Hulu Live TV + SVOD Statistics and Plan Mix
The Live TV + SVOD plan combines live television and on-demand service, so its subscriber and revenue measures should not be treated as equivalent to SVOD Only.
| Reporting point | Live TV + SVOD subscribers | Reported change or comparison |
|---|---|---|
| October 3, 2020 | 4.1 million | Up 41% from 2.9 million |
| October 2, 2021 | 4.0 million | Down 2% from 4.1 million |
| October 1, 2022 | 4.4 million | Up 10% from 4.0 million |
| April 1, 2023 | 4.4 million | Versus 4.5 million at December 31, 2022 |
| September 30, 2023 | 4.6 million | Up 7% from 4.3 million at July 1, 2023 |
| September 28, 2024 | 4.6 million | Year-end count |
| September 27, 2025 | 4.4 million | Down 4% from 4.6 million |
Source: Disney fiscal 2020 earnings, Disney fiscal 2021 earnings, Disney fiscal 2022 Annual Report, Disney fiscal 2023 first-quarter earnings, Disney fiscal 2023 earnings, and Disney fiscal 2025 Annual Report.
The derived change from fiscal 2024 to fiscal 2025 year-end was negative 0.2 million subscribers, from 4.6 million to 4.4 million. This is an arithmetic difference between reported counts, not a separately reported net-add measure.
Hulu ARPU and Monetization Data
Disney’s average monthly revenue per paid subscriber, or ARPU, includes subscription fees, advertising and premium or feature add-on revenue, with bundle discounts allocated across services as defined by Disney. ARPU is therefore not the same as a posted plan price.
| Period | SVOD Only ARPU | Live TV + SVOD ARPU |
|---|---|---|
| Q4 fiscal 2020 | $12.59 | $71.90 |
| Q4 fiscal 2021 | $12.75 | $84.89 |
| Fiscal 2022 | $12.72 | $87.62 |
| Fiscal 2023 | $12.17 | $90.52 |
| Fiscal 2024 | $12.35 | $95.12 |
| Fiscal 2025 | $12.36 | $99.85 |
Sources: Disney fiscal 2020 earnings, Disney fiscal 2021 earnings, Disney fiscal 2022 Annual Report, Disney fiscal 2023 earnings, Disney fiscal 2024 Annual Report, and Disney fiscal 2025 Annual Report.
Quarterly observations add detail around the annual figures. SVOD Only ARPU was $12.46 in Q1 fiscal 2023 versus $12.23 in Q4 fiscal 2022, then $12.11 in Q4 fiscal 2023 versus $12.39 in Q3; Live TV + SVOD ARPU was $87.90 in Q1 fiscal 2023 versus $86.77 in Q4 fiscal 2022, then $90.08 in Q4 versus $91.80 in Q3.
At Q4 fiscal 2025, SVOD Only ARPU was $12.20 versus $12.40 in Q3, while Live TV + SVOD ARPU was $100.02 versus $100.27. Disney attributed the quarterly declines to subscriber-mix shifts for SVOD Only and lower advertising revenue for Live TV + SVOD.
Hulu Pricing, Advertising and Bundle Economics
Hulu’s reported monetization reflects more than subscription pricing. Disney said higher Hulu advertising revenue in Q4 fiscal 2021 was primarily driven by increased impressions, while later ARPU movements also reflected advertising and bundle mix.
Disney attributed the Q4 fiscal 2023 SVOD Only ARPU decline to lower advertising revenue and a higher mix of multi-product subscribers. It attributed the Live TV + SVOD decline primarily to lower advertising revenue.
| Bundle measure | September 28, 2024 | September 27, 2025 |
|---|---|---|
| Disney+ and Hulu bundle subscribers | 27.1 million | 43.7 million |
| Derived change | — | 16.6 million increase |
Source: Disney fiscal 2025 Annual Report.
The reported bundle count rose by a derived 16.6 million between the two fiscal year-ends. The count is not a unique-person estimate, and bundled subscribers are counted in each service; the difference is calculated from reported bundle counts rather than presented as incremental additions.
Hulu Programming Costs and Operating Context
Disney’s Hulu programming and production costs are fiscal-year expenses, not content investment attributable to individual titles. They also should not be read as Hulu standalone revenue or profit.
| Fiscal year | Hulu programming and production costs |
|---|---|
| 2021 | $6.680 billion |
| 2022 | $7.564 billion, up 13% |
| 2023 | $8.265 billion |
| 2024 | $8.582 billion, up 4% |
| 2025 | $9.018 billion, up 5% |
Sources: Disney fiscal 2022 Annual Report, Disney fiscal 2024 Annual Report, and Disney fiscal 2025 Annual Report.
Disney attributed the fiscal 2022 increase primarily to more content and higher Live TV subscriber-based fees. For fiscal 2024, it cited higher Live TV programming fees; for fiscal 2025, it cited higher subscriber-based license fees, including Live TV rate increases and more bundle subscribers with third-party offerings.
Disney’s Direct-to-Consumer operating income increased by $1.184 billion, from $143 million in fiscal 2024 to $1.327 billion in fiscal 2025. This is a Disney segment-level result that includes Hulu, not Hulu standalone operating income.
Recent Hulu Data and Disney Bundle Integration
The fiscal 2025 disclosures show how Hulu’s scale and product mix changed at the same time. Total paid subscribers increased by a derived 12.1 million, from 52.0 million at September 28, 2024 to 64.1 million at September 27, 2025.
Over the same year-end comparison, SVOD Only increased by a derived 12.3 million, from 47.4 million to 59.7 million, while Live TV + SVOD decreased by a derived 0.2 million, from 4.6 million to 4.4 million. These differences are arithmetic from Disney’s reported counts and are not reported net-add metrics.
For context, Disney also reported $1.860 billion of Content Sales/Licensing and Other revenue in Q4 fiscal 2023, down 3% from $1.908 billion in Q4 fiscal 2022. That is a Disney segment measure, not Hulu revenue alone, so it should not be used as a standalone Hulu financial result.