The Walt Disney Company plans to unveil a streaming service to challenge the Netflix dominance.
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 ad-free monthly subscription called Disney+ is set to launch later this year amid efforts of the entertainment company 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 Bob Iger company aims to join the market at a time when audiences are facing a host of choices, and monthly bills, for digital entertainment. IPhone maker Apple Inc, AT&T Inc’s WarnerMedia and others plan new streaming services.
According to Reuters, 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.
Disney is currently hosting Wall Street analysts at its Burbank, California, headquarters to showcase the Disney+ app and provide additional details about its online media strategy, however, it has not yet announced a price for its new service. Some new Disney movies, such as a “Lady and the Tramp” remake, will go directly to the Disney+ app. Other new releases will appear on Disney+ after their run in theaters, executives have said.