According to new earnings reports, Disney+ lost 2.4 million subscribers in the last three months of 2022. This is the streaming service’s first documented loss.

According to Variety, the loss is primarily explained by a decline in Disney+ Hotstar, the version of the service available in India and Southeast Asia. Disney+ Hotstar lost 3.8 million subscriptions, settling at 161.8 million total subscribers. In the US and Canada, the service gained subscribers in the same period, reaching 46.6 million subscribers total, with a gain of around 200,000.

CEO Bob Iger released this statement, alongside the company’s finances: “After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises. We believe the work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders.”

Details of the transformation Iger promises are yet to come. More generally, Disney’s income was bolstered by stellar performance in its parks. The revenue from theme parks and experience rose 21% to 8.1 billion. The company’s total revenue was $23.51 billion, which exceeded analyst expectations by a few million dollars.