The Walt Disney Company said Tuesday that its Disney + streaming platform reached the milestone of 100 million subscribers globally 16 months after its launch.
The rapid advancement of the platform has forced the company to recalculate its business expectations.
“The tremendous success of Disney +, which has now surpassed 100 million subscribers, has inspired us to be even more ambitious and to significantly increase our investment in developing high-quality content,” said CEO Bob Chapek.
“In fact, we’ve set a goal of more than 100 new titles per year, and this includes Disney Animation, Disney Live Action, Marvel, Star Wars, and National Geographic. Our ‘direct-to-consumer’ business is the company’s highest priority, and our robust content portfolio will continue to fuel its growth, ”he added, according to a statement.
Disney + began its journey in the US in November 2019 and since then it has grown rapidly in other countries and regions such as Canada, Australia, New Zealand, Europe, Latin America and more recently Singapore with the promotion of series such as The Mandalorian from Star Wars. or Marvel’s WandaVision, which have become the most popular on the platform.
Disney’s family streaming service makes its way against competitors such as Netflix, which continues to have the largest number of subscribers, more than 200 million; tech companies Apple and Amazon, and cable TV giants Comcast AT&T.
In its last statement of quarterly results, in February, Disney + stood at almost 95 million subscribers, with a larger than expected increase and significant benefits that are offsetting the bad moment caused by the covid-19 pandemic, especially in its theme parks.
The rapid advancement of the platform has forced the company to recalculate its business expectations, which stand at between 230 and 260 million subscribers worldwide by 2024.
After hearing the news, Disney shares nevertheless fell almost 3% on the New York Stock Exchange, in the middle of a generally positive day for the markets. The company has appreciated 75% in the last year, coinciding with the pandemic.