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CES 2025: Disney reveals global AVOD streaming MAUs are at 157 million
MUMBAI: Guess what’s the latest AVOD universe that Walt Disney Co’s Disney+, Hulu, and ESPN+ operate in?
Well, you don’t have to guess.
The numbers and the methodology behind them were shared by its division Disney Advertising president of global advertising Rita Ferro at the fifth annual Tech and Data Showcase during the Consumer Electronics Show (CES) 2025 on 8 January in Las Vegas.
Ferro revealed that Disney’s ad-supported streaming portfolio has reached an estimated 157 million global monthly active users (MAUs), including 112 million domestic MAUs (US and Canada), based on an average over the past six months.
“Disney sits at the intersection of world-class sports and entertainment content, with the most high-value audiences in ad-supported global streaming at scale,” said Ferro. “We wanted to be the first to offer our industry greater transparency into the methodology used to estimate our engaged global ad-supported monthly active users.”
She explained that in a landscape where no industry-standard methodology exists for measuring global streaming advertising audiences, Disney Advertising has taken a pioneering step by defining a globally consistent approach. Highlights of the methodology include:
* Audience Definition: Ad-supported MAU numbers are calculated from active accounts within Disney’s streaming ecosystem (Disney+, Hulu, ESPN+) that have engaged with ad-supported content for more than 10 seconds.
* User Multiplication Factor: Each account is multiplied by the estimated number of users per account, with a global average of 2.6 users, adjusted regionally and by platform.
* Survey Data: Estimates are based on first-party survey data representing over 13,000 individuals aged 18–64 in regions offering advertising tiers.
Ferro emphasised Disney’s leadership in leveraging data to drive impactful results for brands. “This step underscores Disney’s commitment to intentional transparency and delivering meaningful outcomes for advertisers,” she added.
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Bill Ackman’s Pershing Square makes $64 billion bid to acquire Universal Music Group
Ackman pitches NYSE relisting plan as UMG board weighs unsolicited offer
The hedge fund has proposed a business combination that values UMG at €30.40 per share, representing a hefty 78 per cent premium to its current trading price. The offer includes €9.4 billion in cash alongside stock in a newly formed entity, with shareholders set to receive €5.05 per share in cash and 0.77 shares in the new company for each UMG share they hold.
Under the proposal, UMG would merge with Pershing Square SPARC Holdings Ltd and re-emerge as a Nevada-based entity listed on the New York Stock Exchange. The move is designed to boost investor visibility and potentially secure inclusion in major indices such as the S&P 500.
Pershing Square Capital Management ceo Bill Ackman argued that while UMG’s operational performance remains strong, its market valuation has lagged due to external factors. “UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business,” Ackman said, pointing to concerns ranging from shareholder overhang to delayed US listing plans.
Ackman also flagged what he sees as untapped potential in UMG’s balance sheet and a lack of clear capital allocation strategy. He added that the market has not fully recognised the value of UMG’s €2.7 billion stake in Spotify, alongside gaps in investor communication.
The proposed transaction would also result in the cancellation of around 17 per cent of UMG’s outstanding shares, while maintaining its investment-grade balance sheet. Pershing Square has said it will fully backstop the equity financing, with debt commitments secured at signing. The deal is targeted for completion by the end of the year.
UMG, however, has struck a measured tone. The company confirmed that its board has received the non-binding proposal and will review it with advisers. It reiterated confidence in its current strategy and leadership under Lucian Grainge, signalling no immediate shift in stance.
The proposal comes at a time when global music companies are navigating evolving investor expectations, streaming economics and capital allocation pressures. For Pershing Square, the bet is clear: sharpen the financial story, relist in the US, and let the music play louder in the markets.
Whether UMG’s board is ready to change the tune remains to be seen, but the spotlight on its valuation just got a lot brighter.
