Disney ended Q4 FY23 with 46.5 million domestic Disney+ subscribers, which was only ~100k higher than in the year ago period (it was up ~500k sequentially). Against a roughly unchanged sub base, the namesake DTC service reported domestic ARPU’s of $7.5 per month – up >20% versus Q4 FY22 (and despite an increased mix of two-service and three-service U.S. bundle subscribers). With Q4 ending on September 30th, there’s more to come: the U.S. DTC price increases detailed in last quarter’s update went into effect five weeks ago (after quarter end). The actions of the past 12 months reflect a very significant shift to phase two; the events of the next 12 to 18 months will greatly influence the future of The Walt Disney Company.