Some people in the media watch ESPN's subscriber numbers like a hawk and report them without real context. In 2021, the people that cheer whenever there is news about ESPN having fewer subscribers than it used to will tell you that the network is in 8 million fewer homes at the end of the last fiscal year than it was in at the end of fiscal 2020. There is some context that is missing though.

Linear cable isn't an a la cart service. So, if ESPN is in 8 million fewer homes at the end of 2021, then that means FOX News, Bravo, Nickelodeon and every other cable network is in 8 million fewer homes too. Also missing is the fact that while linear ESPN is losing subscribers, plenty of people are signing up for ESPN+ subscriptions.

At the end of fiscal 2021, ESPN Plus had more than 17 million subscribers. That is significant growth over fiscal 2020. ESPN Plus had 10.3 million subscribers at the end of the prior year.

ESPN's traditional cable network and its sister channels net around $10 per subscriber for Disney each month through packages on cable, satellite and digital TV. At $6.99 per month, ESPN Plus is not a perfect replacement, but that is a direct payment to the company.

Rumors of Disney looking to divest from ESPN have persisted. A drop in linear cable distribution will do nothing to end that speculation. We may be in for an extended session of number watching though. If cable subscriptions keep dropping off at such a high rate, it could motivate Disney to make a move.