New Disney Streaming Service To Launch Early 2019
Disney announced on Tuesday during its latest earnings report that it intends to remove all of its content from Netflix. This move comes for the purpose of placing that content elsewhere, where Disney itself controls the material.
Disney plans to launch a direct-to-consumer streaming service in early 2019 that will begin in the U.S. and ultimately expand globally. Netflix said Disney movies will be available through the end of 2018 on its platform, before they make the jump with their own branded streaming service. To power the service, Disney is buying a majority ownership of BAM Tech for $1.58 billion.
This new platform will be the home for all Disney movies going forward, which starts in 2019 with “Toy Story 4,” “Frozen 2,” and the upcoming live-action “The Lion King.” They said that they will also be investing in exclusive movies and television series for the platform.
The company is also set to launch its own ESPN video streaming service in the beginning of next year, which will feature about 10,000 sporting events each year.
This move might further hurt the already struggling Netflix, seeing as reports were already coming out about their major losses in revenue recently. From Disney’s announcement alone, Netflix’s stock dropped more than 5 percent.