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Data: Company filings; Chart: Michelle McGhee/Axios

Disney+ last week surpassed 100 million subscribers, meaning its audience is already half the size of Netflix's just 16 months after launch.

Between the lines: Roughly 30% of those 100 million subscribers (28 million) are from Disney+ Hotstar, an India-based streaming service known for its live cricket coverage.

The backdrop: When Disney acquired 21st Century Fox for $71 billion in 2019, it absorbed Fox-owned Star India, which owns the digital broadcast rights for the Indian Premier League until 2022.

  • Star India's streaming app, Hotstar, was rebranded as Disney+ Hotstar following the acquisition and is currently the only service in India that streams IPL matches.
  • In September, Disney+ Hotstar expanded to Indonesia, the world's fourth-most populated country behind China, India and the U.S.

Of note: Disney+ Hotstar users are paying bargain-basement prices for the service, which has dragged down Disney's average earnings per user.

"The rapid rise of Disney+ has captivated investor interest, but some analysts think hype about subscriber growth has obscured some troubling economic fundamentals."
Eamon Barrett, Forbes (subscription)

The big picture: Disney has lots of competition in the fast-growing Indian market, particularly when it comes to cricket.

  • Amazon broadcasts New Zealand cricket matches in India and has expressed interest in future IPL rights.
  • Facebook, which narrowly lost out to Star India for the IPL rights, broadcasts several major global cricket events.

The bottom line: While domestic sports media negotiations attract most of the attention — whether it's the NHL on ESPN or the NFL on Amazon — international sports rights grow more important every year.

Go deeper

School principals are not OK

Principal Alice Hom (purple jacket) of New York's Yung Wing School P.S. 124 near a vaccination van in November. Photo: Michael Loccisano/Getty Images

The overwhelming majority of secondary school principals experienced frequent stress last school year, according to a RAND Corporation report out Wednesday.

The big picture: The stress levels among female principals and principals of color were especially stark, with nearly 40% in these groups reporting constant job-related stress, compared to about 24% of male principals and 26% of white principals.

It's official: Stock market having worst start to year ever

Data: FactSet; Chart: Axios Visuals

It's been a decidedly ugly start to the year for the stock market, with particular pain in the tech trade.

State of play: As of the end of trading Tuesday — the 16th session of the year — 2022 is now, officially, the worst-ever start in the history of the S&P 500, according to data from Ned Davis Research, a stock market research shop.

Surprising pandemic side effect: Soaring trade deficits

Source: Census Bureau and Bureau of Economic Analysis; Chart: Axios Visuals

Inflation and jobs may get all the economic headlines, but meanwhile a big shift is taking place in the underpinnings of the world economy: The U.S. trade deficit is soaring.

What's happening: Americans' spending on imported physical goods has gone through the roof, while exports are growing slowly, making the U.S. the world's consumer of last resort.