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What happened
Actions of Walt disney (NYSE: DIS) It rose on Friday, following the entertainment titan’s investor day presentation late Thursday. As of 1:15 p.m. EST, Disney shares were up more than 14%.
And that
Disney announced that its massively popular streaming service, Disney +, now has more than 86 million subscribers. That’s roughly the number of subscribers the company expected to garner by fiscal 2024. Management previously set a five-year target of 60 million to 90 million subscribers when the service launched in 2019.
Disney + is growing at a torrid rate. Image source: Getty Images.
People are flocking to Disney’s new streaming service during the coronavirus pandemic as they search for safer and often cheaper home entertainment options. The media giant, in turn, now hopes to achieve up to 260 million Disney + subscribers by 2024. For context, Netflix ended the third quarter with 195 million global subscribers.
Now what
Disney + is a game changer. Streaming has long been seen as a threat to the Disney empire, one that was ready to fight its valued cable customers year after year. But with Disney +, the entertainment titan has emerged as a formidable force in the streaming arena. More than a threat, streaming is now a powerful growth engine for Disney, one that should help propel its stocks higher for years to come.
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