BURBANK, Calif.: Walt Disney Co on Thursday will unveil a family-friendly streaming service with TV shows and movies from some of the world's most popular entertainment franchises in a bid to challenge the digital dominance of Netflix.
The entertainment giant is trying to transform itself from a cable television powerhouse into a leader of streaming media. Chief Executive Bob Iger in February called streaming the company's"No. 1 priority." The digital push is Disney's response to cord-cutting, the dropping of cable service that has hit its ESPN sports network and other channels, and the rise of Netflix Inc. The Silicon Valley upstart has amassed 139 million customers worldwide since it began streaming 12 years ago.The Mouse House, as Disney is known, will join the market at a time when audiences are facing a host of choices, and monthly bills, for digital entertainment.
Disney had been supplying new movies such as"Black Panther" and"Beauty and the Beast" to Netflix after their runs in theaters but ended that arrangement this year to feed its own streaming ambitions. The company estimated it is foregoing US$150 million in licensing revenue this fiscal year by saving programming for its own platforms.
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