Disney plus has been growing rapidly since it launched in November 2019.
Disney+ is proving that they are a force to be reckoned with when it comes to the streaming competition.
The streamer gained nearly 100 million subscribers since it launched, thanks to its high-profile content in recent months.
According to its first-quarter earnings for 2021 report, the service now has 94.9 million subscribers around the world.
The number is a significant jump from the fourth quarter report of 2020 with only 73.7 M subscribers, and in December 2020, when the media conglomerate announced they have hit the 86 million subscribers milestone.
Disney+ has been gaining constant growth in subscriber counts in the past months. If you combine their data with Hulu and ESPN Plus subscriptions, Disney now has 137 million subscribers in total.
Disney has surpassed their original target of 90 million subscribers within four years. After transcending that goal in more than just a year, they are now aiming higher.
The company is now targetting to reach between 230 million and 260 million subscribers by 2024. As a result, the stock price of the company has already increased by 1.7%.
"We believe the strategic actions we’re taking to transform our company will fuel our growth and enhance shareholder value, as demonstrated by the incredible strides we’ve made in our DTC business, reaching more than 146 million total paid subscriptions across our streaming services at the end of the quarter,” Disney's CEO Bob Chapek said in a statement via Businesswire.
Aside from dropping high-caliber contents like 'The Mandalorian' and 'WandaVision,' the Coronavirus pandemic has also played a huge factor in Disney plus's success. With the theaters closed during lockdowns, people turned to stream sites to access movies and shows. During the onset of the pandemic in 2020, Disney decided to release the anticipated live-action 'Mulan' on Disney plus after multiple delays. The film was available for an additional fee of $30 to subscribers. The decision to skip the theaters was a big experiment for the company, albeit 'Mulan' had a traditional theater premiere in countries that had no access to Disney+.
As the world slowly tries to recover from the impact of the pandemic, it remains uncertain if the streaming services will be able to enjoy the same amount of growth.
Speaking of competition, Disney+ is still considered a newbie in the streaming world. Netflix remains the biggest streaming service provider, with almost 204 M subscribers as of the last quarter of 2020. Netflix is still colossal even with the combined subscriptions of Disney+, Hulu, and ESPN. Nonetheless, Disney's constant rapid growth is a testament that they are also key players in the industry.