Disney execs described the service as offering a "feature-rich experience that makes it easy to navigate, discover, and watch favorite programming".
"Disney+ marks a bold step forward in an exciting new era for our company - one in which consumers will have a direct connection to the incredible array of creative content that is The Walt Disney Company's hallmark", said Bob Iger, chairman and chief executive officer for Disney.
The company tested the bounds of its popularity with a recent a recent price hike that raised the cost of its most popular plan to $13 a month, a $2 increase.
We finally have some information about the highly anticipated Disney streaming service. That did not come close to "Bird Box" in the prior quarter, the Sandra Bullock horror thriller that reached 80 million households in its first four weeks.
According to market research company Nielsen Koreanclick, Netflix boasted about 2.4 million subscribers in Korea as of February, nearly five times the number for the same month a year ago.
"The concept of a "trial price" in different regions is quite a smart strategy", said an industry watcher familiar with the matter.
According to Netflix on Tuesday, the company has rolled out new subscription plans in Korea with prices cheaper than the current scheme. Hulu, which is controlled by Disney, Comcast, and AT&T, had 25 million USA subscribers in 2018.
In its Q1 report, Netflix also reported a net cash flow of negative $380 million and said it expected its total 2019 free cash flow deficit to be negative $3.5 billion dollars, slightly higher than earlier predicted.
We already knew that Marvel was going to have a big presence on Disney+, but with yesterday's official unveiling of the upcoming streaming service we got some official news regarding the live-action series, animated shows, and documentaries which are set to hit the small screen once the service gets underway later this year.
Disney expects to add almost 60 million-90 million subscribers to Disney+, while it expects to attract 8 million-12 million paying ESPN+ subscribers by the end of fiscal 2024.
"We believe Netflix can not win" such a war because of Disney's cost advantage from owning a vast amount of content. "But that doesn't necessarily mean that subscribers will cancel Netflix". The aggressive spending has led to a tripling of the company's debt in two years, to US$10.36-billion in 2018, from US$3.36-billion in 2016. People like Steven Spielberg, J.J. Abrams, Oprah Winfrey, Reese Witherspoon, Jennifer Aniston, Steve Carell, Chris Evans, Jason Momoa, and Octavia Spencer all have projects lined up at Apple.
Apple has not yet said how much its service will cost or when exactly it will launch.