Popular streaming service Disney+ has officially secured more than 100 million paid global subscribers. Bob Chapek, CEO of the Walt Disney Company, confirmed the fact at the annual shareholders’ meeting on Tuesday. The streaming video service has broken all previous subscription records in the industry. Due to COVID-19 lockdowns, many of Disney’s amusement parks had to be shut down and movie releases had to be postponed. As a result, the past year has been trying for the company. However, according to Chapek, the online streaming service has attained massive success in a very short time. Consequently, the economic disaster transformed into a rejuvenating factor.
The Journey of Disney+ So Far
The Walt Disney Company launched Disney+ on 12th November 2019 in the USA. Subsequently, the streaming service hit Canada, UK, Australia, Singapore and gradually became popular worldwide. It initially featured popular franchise titles like Hamilton, The Mandalorian, Marvel’s 616, etc to the more recent WandaVision.
There were multiple Disney films and musicals that could not release publicly due to the lockdown. As a result, Disney+ became the airing platform for these features. Therefore, releases like Soul, Mulan, The Last Dragon, etc. received the attention of the global internet audience.
The service initiated early partnerships with important banners and franchises like Marvel, Pixar, Star Wars among others. Consequently, 2020 brought in a huge rise in the number of subscribed viewers. Disney+ audience eagerly awaits the release of Black Widow, The Falcon and the Winter Soldier, Loki, Star Wars’ The Bad Batch, etc.
The Rising Popularity Count: Global Subscribers Milestones
Netflix was the first prominent video streaming service launched 13 years ago. Earlier, it had functioned as a video rental business. It took Netflix almost ten years to hit the 100 million subscriber mark. On the other hand, Disney+ surpassed the same number of global subscribers within one year of its launch.
Disney CEO Bob Chapek recognized the streaming service among the company’s best assets to date. The huge success rate in a mere 16 months was a real achievement. The Walt Disney Company was focused on the direct-to-consumer model of business. As a result, Disney+ would continue to develop with more diverse and developed content.
Disney+ has successfully outshone its competitors in 2020. Netflix ended the year with above 200 million subscribers worldwide. The annual shareholders meeting predicted that at the same rate of growth, the service would have almost 250 million paid subscribers within five years. Meanwhile, the initial forecast of around 75 million was in stark contrast to current figures.
The Future Holds…
As the COVID lockdowns ensue, the company has decided to consider Disney+ a top priority division to uphold the brand name. December 10th, Disney’s Investor Day saw the launch of above 100 new products. In addition, the streaming service aired about 57 new global titles.
The company acknowledged the existence of disparity in subscription plans across the world. The streaming service, above all, intends to secure uniform viewership globally and create more milestones.
In conclusion, Disney+ has had a splendid opening. The officials intend to maintain that momentum. To sum it up, the future does seem to hold great things, both for the service and its subscribers.
Source: The Wall Street Journal