Disney To Pull Movies From Netflix And Start Own Streaming Service!
In a sudden turn of a events, Disney has announced today during a earnings report that it will remove its films from Netflix.
Disney plans to launch a branded direct-to-consumer streaming service that will start in the US, leading up to a global expansion in 2019. CEO Bob Iger told CNBC reporter Julia Boorstin that Disney had a “good relationship” with Netflix, but decided to exercise an option to move its content off the platform. Disney is also buying a majority ownership of BAM Tech for $1.58 billion to help build their streaming platforms.
The announcement of the removal of current Disney films (including Marvel Studios) from Netflix has caused a drop of 5% on Netflix’s stock. What are your thoughts on this? Are you surprised due to the deal Disney signed not so long ago with Netflix? Let us know in the comments!