• by Wayne Friedman , Staff Writer, June 21, 2023

If it wasn't for the Disney bundle -- that is, subscribers buying two or three streaming platforms (Disney+, Hulu (SVOD), or ESPN+) -- ESPN+, the sports streaming TV platform, would be -- to coin a phrase -- pretty much left on the bench.

MoffettNathanson Research says “stand-alone” U.S./Canada subscribers for ESPN+ only amount to 5.3 million. But adding in streaming packaging with Disney+ and/or Hulu boosted that number much higher -- to 25.3 million. By contrast, Disney+ has 24.9 million stand-alone subscribers, while and Hulu has 22.3 million stand-alones. Disney+ -- through all bundling combinations -- has an overall U.S./Canada bundle of 46.3 million, while Hulu (as a SVOD) comes in at 43.7 million.

For that reason, Michael Nathanson, co-founder and senior research analyst of MoffettNathanson Research, says ESPN+ is entirely dependent on the bundle for its streaming success: “We believe that a sports-only streaming app is a tough model and that sports integrated in a general entertainment service a la Peacock or Paramount+makes more sense as long as that ‘cheating’ does not risk punishment by MVPDs.”

Although they are smaller in size -- at least in terms of streaming minutes -- Paramount+ and Peacock include sports, especially the NFL. With Disney's bundle you have a choice (as well as that of adding in a somewhat differentiated content from Hulu).

But there is something else to consider -- ESPN has much more overall sports programming: live telecasts, highlights and otherwise. 

And there is the obvious thing: ESPN+ is not ESPN. The former doesn't have all the more valuable live programming like that of its legacy cable TV network cousin. 

ESPN describes ESPN+ this way: ”ESPN+ has thousands of exclusive live events, original studio shows, and acclaimed series that aren't on the ESPN networks.”

Yes. And not exactly.

ESPN adds this: “An ESPN+ subscription does not give you access to stream ESPN's traditional TV networks or the content on them. To stream those networks you need a television subscription through a cable, satellite or digital provider.”/

So you need both legacy ESPN and streaming to get the complete sports picture? Well, that might explain a lot.