Business & Finance / 12 August 2022
Disney overtakes Netflix in the battle for eyeballs
Disney has had a win in the battle of the streamers – it yesterday reported 221.1 million subscribers in the April-June quarter, pipping Netflix at the post with its 220.7 million subs. The ‘Mouse House’ – which also owns Hulu and sports-focused ESPN – says its Disney+ streaming platform continues to grow its customer base despite the easing of COVID restrictions. That’s in contrast to rival Netflix, which lost nearly one million accounts last quarter to cost of living pressures and competing platforms after a decade of growth. Disney+ launched in 2019, and analysts say it has more room to grow its revenue. On that note, it announced plans to up the price for its regular offering while launching a cheaper subscription offer with ads in the US later this year/internationally next year. Shareholders celebrated the news, with its share price jumping more than 6%.
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