Disney+ Cracks 10M Subscribers After Early Glitches
After a disastrous launch the new Disney + streaming service is now breaking records attracting more than 10 million subscribers and their shares have climbed 6.8%.
Walt Disney Co. reached a record high as Netflix shares slumped 3.7% as investors saw hope for the new Disney + in what is becoming an increasingly crowded market.
The 10 million figure surprised analysts, who had expected Disney to take much longer to reach that level.
“Disney should silence naysayers who expressed reservations about a pivot to streaming,” said Geetha Ranganathan, a media analyst for Bloomberg Intelligence. “It took HBO Now about four years to reach about 10 million streaming subscribers.”
Disney were also able to fix their streaming glitches after rocky start. Complaints about accessing and watching Disney+ were down sharply in the second day of the U.S. launch, a sign the company is finding its footing said Bloomberg.
The new service launches in Australia on Tuesday. At one stage Disney was getting as many as 8,000 complaints an hour.
Most users who lodged complaints said they were having trouble logging into the site for the first time or getting error messages when they tried to watch a movie or TV show.