Toward the end of 2019, Hulu delivered a proposal to Walt Disney Co., its controlling shareholder, outlining a strategy to expand the popular streaming service outside the U.S. After watching rivals Netflix and Amazon set up shop all over the globe, Hulu executives had spent the past couple of years drafting a plan to catch up.
At first, Disney Chief Executive Officer Bob Iger and Chief Financial Officer Christine McCarthy expressed support and pledged to present the plan at a board meeting in January 2020, according to people familiar with the matter. But, ultimately, that didn’t happen. Instead, Disney announced in August that it will create a new general entertainment service outside the U.S. under the umbrella of Star, the company’s Indian media subsidiary.
Disney’s public explanation for choosing Star over Hulu overseas focused on a marketing issue — specifically that Hulu has limited name recognition outside the U.S., while Star is a major brand in South Asia. But Disney had other reasons for limiting Hulu to the U.S., according to the people, who asked not to be identified because the conversations were private.
Under Hulu’s proposal, the overseas expansion would have cost at least $4 billion. Even before the coronavirus, such a big, additional investment in Hulu was a tough sell inside Disney since the streaming service was already losing more than $1 billion a year and Disney was committing major resources to the expansion of Disney+. Then the pandemic hit, and Disney started losing revenue at its theme parks and movie studio, making Hulu’s plan even less palatable.
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