Subscriptions for the Disney+ streaming service have grown beyond expectations thanks to surprisingly strong interest from adults who do not have kids at home, Reuters reported Monday, citing Walt Disney Co. (NYSE: DIS) Chief Executive Bob Chapek.
What Happened: At the Morgan Stanley Technology, Media and Telecommunications Conference on Monday, Chapek reportedly said that Disney+ subscriptions worldwide were 94.9 million as of Jan. 2, and 50% of those customers lived in households without children.
“When 50% of the people in Disney+ don’t have kids, you really have the opportunity now to think much more broadly about the nature of your content,” the Reuters report quoted Chapek as saying. The CEO added that Disney did not realize the non-family appeal that a service like Disney+ would have.
See also: How to Buy Disney Stock
Last month, the streaming service announced the launch of the Star brand in Australia, New Zealand, Canada and Western Europe. Star is an adult-oriented streaming service included with Disney+. Popular shows like “Family Guy,” and “Ugly Betty” are among the programs making their Disney+ debut.
Why It Matters: Online streaming services have seen huge demand due to the closure of theaters and people being forced to stay at home due to coronavirus-induced lockdowns. Subscription video-on-demand platforms, including Disney+ and Netflix Inc. (NASDAQ: NFLX) now boast of having millions of subscribers globally.
The launch of Star could play a major role in Disney’s international streaming growth. The company wants to hit 300 million to 350 million subscribers globally by 2024.
price Movement: Disney shares closed 3.1% higher on Monday at $194.98 and added another 0.5% in the after-hours session.
Photo courtesy: The Walt Disney Company
© 2021 Fintech Zoom.com. Fintech Zoom does not provide investment advice. All rights reserved.
BYND Stock – Walt Disney Company (The) (NYSE:DIS), Netflix, Inc. (NASDAQ:NFLX) – Disney+ Subscriptions Are Growing Beyond Expectations, Thanks To Adults With No Kids At Home: CEO
Tags: BYND Stock
Latest News on C N N.