Netflix Inc's dominance as the 'king' of streaming has been cut short by Walt Disney Co after its service, Disney+ recorded a total of 221 million paid subscribers.
For context, Netflix has 220.67 million paid subscribers so far this year.
Based on those achievements, Disney shares were seen to rise 6.9% in yesterday's Wall Street trading session at $120.15.
Revealing the journey of the new 'king' of streaming, Disney has risked everything with the construction of the streaming service in 2017.
It is clearly Disney's main effort in competing with Netflix when the viewing trend is seen to shift to online form (online) from traditional cable and broadcast TV services.
Less than 5 years after the launch of the service, Disney+ managed to add 14.4 million subscribers, surpassing the 10 million consensus set by analysts according to FactSet data.
Additionally, Disney's merger with Hulu and ESPN+ brought the company's total streaming subscribers for June to 221.1 million to surpass Netflix.
According to analyst Haris Anwar, Disney is seen to have an opportunity to grow in the international market and add new customers while its competitors continue to struggle so far.
In the meantime, Disney is also seen preparing to attract more new customers with the introduction of Disney+ and Hulu services without ad highlights at a slightly higher price.
Explained the company's Chief Financial Officer (CFO), Christine McCarthy that through the planning Disney predicts customer growth to increase by 80 million by 2024.
