Disney+ Snags 24M As Netflix Finally Impacted

Disney Snags 24m As Netflix Finally Impacted

Wall Street analysis firm Cowen & Co. report that the Disney+ streaming service has racked up an estimated 24 million U.S. subscribers as of the end of November.

The report, based on a census-weighted survey of 2,500 U.S. consumers conducted last month, blows away previous Wall Street forecasts which the service amassing less than 20 million subscribers worldwide for 2020 – even with Verizon’s one-year-free offer boost.

Previous reports indicated Disney+ had a negligible impact on Netflix, but the new one suggests about 1 million more than usual U.S. Netflix customers cancelled their service for Q4 2019. In the same quarter, Netflix forecasts a net addition of 7.6 million global accounts – with only 600,000 new ones from the United States.

The survey indicates about 19.4 million consumers subscribe to both Netflix and Disney+, implying an 80% overlap between the services. Of note though is that a bunch of Disney+ U.S. users are currently not paying for the service with one-third taking up the Verizon offer.

Netflix meanwhile is not slowing down with the streaming giant releasing 371 new TV shows and movies on the service in the U.S. this year – up 54.6% from 2018, and a greater number of original series from this single service than from the entire U.S. TV industry in 2005.

Source: Variety