Walt Disney Co edged past Netflix Inc with a total of 221 million streaming subscribers at the end of the most recent quarter and announced it will launch a Disney+ option with advertising this December.
with a total of 221 million streaming subscribers at the end of the most recent quarter and announced it will launch a Disney+ option with advertising this December. Disney+ with ads will cost $7.99 per month, the same price the company now charges for the ad-free version, Disney said in a statement on Wednesday.
The cost of Disney+ without ads will increase by $3 per month to $10.99 as of Dec. 8.Register now for FREE unlimited access to Reuters.comShares of Disney, which had fallen 28% this year, rose 4% in after-hours trading to $116.85. Disney in 2017 staked its future on building a streaming service to rival Netflix as audiences moved to online viewing from traditional cable and broadcast television. In the just-ended quarter, Disney added 14.4 million Disney+ customers, beating the consensus of 10 million expected by analysts polled by FactSet, as it released "Star Wars" series "Obi-Wan Kenobi" and Marvel's "Ms. Marvel." Combined with Hulu and ESPN+, Disney said it had 221.1 million streaming subscribers at the end of the June quarter. Netflix said it had 220.7 million streaming subscribers. Disney posted adjusted earnings-per-share of $1.09, up 36% from a year earlier, as visitors packed its theme parks. Operating income more than doubled at the parks, experiences and products division to $3.6 billion. Disney's streaming effort is still losing money, reporting a loss of $1.1 billion for the quarter. That put a drag on the media and entertainment unit, whose profit declined by 32% to nearly $1.4 billion. Overall revenue rose 26% from a year earlier to $21.5 billion. A consensus of analysts polled by Refinitiv had projected revenue of $20.96 billion.Reporting by Lisa Richwine and Dawn Chmielewski in Los Angeles Editing by Kenneth Li, Peter Henderson and Matthew Lewis
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