Hulu

Overview

Hulu is a subscription streaming service founded in 2007 and wholly owned by The Walt Disney Company since November 2023, when Disney completed its buyout of Comcast's NBCUniversal stake. The platform operates exclusively in the United States and offers subscription video-on-demand (SVOD), a live TV service, and original programming. As of Q4 FY2025 (September 27, 2025), Hulu reported 64.1 million paid subscribers, comprising 59.7 million SVOD-only subscribers and 4.4 million Hulu + Live TV subscribers. This was the final standalone Hulu subscriber figure Disney disclosed before folding Hulu into combined Disney+ reporting from Q1 FY2026 onward.

Hulu generated $12.6 billion in revenue for calendar year 2025. SVOD-only average revenue per paid subscriber (ARPU) was $12.36 per month, while Live TV ARPU was $99.85 per month. The 4.4 million Live TV subscribers, just 6.9% of the total base, generated 37.3% of total subscriber revenue. In October 2025, Disney merged Hulu + Live TV with Fubo, with Disney holding a 70% stake in the combined entity. The Trio Bundle (Disney+ with Hulu and ESPN+, ad-supported) costs $19.99 per month, roughly the price of one Netflix Standard plan.

Disney's Direct-to-Consumer segment, which includes Disney+, Hulu, and ESPN+, generated $24.6 billion in revenue and $1.327 billion in operating income in FY2025, a swing from a $4 billion operating loss in FY2022. Q1 FY2026 streaming revenue rose 11% year over year to $5.35 billion, with operating income up 72% to $450 million. Disney is targeting a 10% SVOD operating margin for FY2026.

Disney+ Integration and Project Gemini

Disney is actively integrating Hulu into Disney+ through an internal initiative called "Project Gemini." Bundle subscribers in the US can already access Hulu's full library within the Disney+ interface. According to internal Disney streaming documents obtained by Business Insider in May 2026, the standalone Hulu app will be decommissioned after all users transition to Disney+. Disney's tech teams are diverting resources away from the Hulu app and are not adding major new features to it. The unified experience is expected to be completed by end of 2026, though Disney has stated there are no current plans to sunset the standalone app.

As of September 2025, 43.7 million subscribers held bundles including both Disney+ and Hulu, up from 27.1 million in September 2024. Standalone Disney+ annualized churn is 38%, but bundle churn is significantly lower, which Disney CEO Bob Iger has described as the company's strategic moat. The combined Disney+ and Hulu ecosystem reached approximately 196 million subscriptions at the end of Q4 FY2025.

For filmmakers, this integration means that a Hulu streaming deal now potentially places content in front of the combined Disney+/Hulu subscriber base within the US, not just the standalone Hulu audience. However, content routing between Disney+ and Hulu remains determined by Disney's internal brand strategy: family-friendly content goes to Disney+, adult-oriented and general entertainment content goes to Hulu.

Searchlight Pictures Pipeline

Hulu is the primary streaming home for Searchlight Pictures (formerly Fox Searchlight) releases. Searchlight's prestige drama, arthouse, and specialty films move to Hulu following their theatrical windows. Recent and upcoming Searchlight titles streaming on Hulu include The Roses (November 2025, starring Benedict Cumberbatch and Olivia Colman), Rental Family (February 2026, starring Brendan Fraser), Is This Thing On? (March 2026, directed by Bradley Cooper, starring Will Arnett), The Testament of Ann Lee (March 2026, starring Amanda Seyfried), and Ready or Not 2: Here I Come (July 2026, starring Samara Weaving).

For filmmakers working with Searchlight Pictures, a Hulu streaming window is a standard component of the distribution deal structure. Disney routes Searchlight content to Hulu rather than Disney+ because Searchlight's adult-oriented films align with Hulu's general entertainment positioning. A filmmaker whose film is distributed by Searchlight should expect the streaming destination to be Hulu, not Disney+.

Original Content and Acquisitions

Hulu commissions and acquires original films and series across drama, comedy, documentary, and thriller categories. The platform also licenses completed independent films for US streaming. In 2025, Hulu acquired the US streaming rights to In the Summers, the 2024 Sundance Grand Jury Prize winner, after its theatrical release by Music Box Films. This acquisition pattern, where Hulu licenses US streaming rights following a theatrical window handled by another distributor, represents a secondary acquisition pathway distinct from Disney's owned-studio pipeline.

For documentary filmmakers, Hulu is a realistic target for US streaming acquisitions alongside Netflix, Max/HBO Documentary Films, and Peacock. The platform's 59.7 million SVOD-only subscribers provide significant US reach. However, Hulu's US-only operation means it cannot serve as a global streaming platform. Filmmakers seeking worldwide streaming distribution need additional platform deals covering non-US territories alongside any Hulu agreement.

What Filmmakers Should Know

Hulu is not directly accessible to independent filmmakers outside of Disney's distribution pipeline and the platform's original content acquisition process. The platform's primary content sources are owned studio library (Searchlight and Disney theatrical output), commissioned originals, and selective US streaming license acquisitions from theatrical distributors. There is no open submission portal for independent filmmakers.

For independent filmmakers whose projects fit Hulu's original acquisition profile (prestige drama, documentary, limited series), the standard pathway is approaching Hulu through a production company, talent agency, or management relationship with existing Disney/Hulu connections. Entertainment attorneys who specialize in streaming deals can also initiate acquisition conversations, but Hulu's acquisitions team operates behind Disney's corporate structure, not through public-facing channels.

Filmmakers should understand the difference between a Hulu Original (commissioned and owned by Disney/Hulu) and a Hulu streaming license (a time-limited US rights acquisition from a third-party distributor). License deals are shorter-term and do not give Hulu ownership of the underlying IP. The financial structure of a license deal typically involves a flat fee or per-subscriber calculation paid to the licensor, not a revenue share.

Hulu's Market Position

Hulu holds a distinct position in the US streaming landscape. It is the only major streaming platform that combines SVOD with a full live TV service (95+ channels via Hulu + Live TV, now merged with Fubo). The platform's content library of over 2,500 films and 1,300 TV series spans licensed network television, Disney studio output, Searchlight specialty films, and Hulu Originals. Streaming captured 47.5% of total US TV viewing in December 2025 per Nielsen's The Gauge, with Hulu representing a significant share of that viewing.

Hulu's ad-supported tier reaches a substantial audience within Disney's broader advertising ecosystem. The ad-supported tier across Disney+, Hulu, and ESPN+ reaches 157 million monthly active users, making Hulu a meaningful platform for ad-supported documentary and unscripted content in addition to premium scripted programming.

See Also

For Searchlight Pictures' theatrical distribution that precedes the Hulu streaming window, see the Searchlight Pictures entry in this directory. For Disney's family-focused streaming platform, see the Disney+ entry in this directory. For how US streaming deals interact with international streaming rights, see Distribution Deals Explained. To model revenue from a streaming licensing deal alongside theatrical release, use the Revenue Forecast Calculator.