Disney shares soared after the new streaming service Disney+ gains 10 million subscribers on the first day. As of 4pm today Disney stock went up 10% to $148.72 a share.
The amount of subscribers far exceeding expectations by the end of the first day. The analysts expectations of subscribers was 8 million by the end of 2019.
The day started with technical glitches which Disney said were caused by higher than expected demand. With a low price of $7 a month that includes roughly 500 movies and 7,500 TV episodes from the company’s deep family entertainment catalog, as well as new programming, it’s hard to resist signing up. For just a few dollars more, you can even bundle ESPN+ and Hulu for $13.
In April the company said it plans to reach 60 million to 90 million Disney+ subscribers globally by 2024.
Despite the first day difficulties, Disney’s mix of Star Wars, Marvel, classic animated films and new series seems to be a hit after its launch in the United States, Canada and the Netherlands on Tuesday.
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