Streaming video has been a game changing opportunity for Netflix, just as its over 130 million customers who pay the company $9.99 (approximately) per month to gain access to their favourite television show and movie.
Back in December 2017 right after Disney acquired Fox for $71.3 billion in cash and stock, it also announced it would be parting ways with Netflix. Disney also announced plans to launch a competitive streaming service to rival that of Netflix, and with its new Fox deal it would be able to bring quite a bit of content including content from Marvel and Star Wars franchises.
Last week Disney Chairman Bob Igner released the company’s quarterly earnings which increased 37% to $1.55, while revenues climbed 12% to $14.3 billion. Net income also improved, jumping 33% to $2.3 billion and smashing projections from Wall Street. The downside, Disney’s $400 million investment in Vice Media resulted in Disney writing off $157 million of its investment.
As part of Igner’s announcement he released the name of the new streaming service – Disney+, which now has a splash page set up. The service will go live late 2019 which means it will not start streaming in Canada until 2020.
Bell, Rogers, TELUS are you ready for even more competition?
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