Over the years, Netflix has come under pressure from many sources, as Netflix Chief Executive Officer Reed Hastings considers anything that takes them away from his streaming platform as competition. This includes apps like TikTok or video games like Fortnite.
The launch of Disney+ has been a huge success and it is still yet to launch in Latin America, Africa and more countries in Asia and Europe, so will continue to grow. At last years Investor’s Day event, Disney set a target of 60 million global subscribers by 2024, which it smashed through in the first year.
During a recent interview with Bloomberg, Netflix Chief Executive Officer Reed Hastings spoke about the competition Disney+ has given his company.
“If you’d asked us a year ago, ‘What are the odds that they’re going to get to 60 million subscribers in the first year?’ I’d be like 0. I mean how can that happen? It’s been super impressive execution.”
In an interview CNBC, he originally thought that Disney+ would have gained 20 million subscribers and Netflix wants to beat Disney at making family-focused content, but it might take them 5 to 10 years, since they have to keep building on the Netflix brand.
He was asked about the current state of streaming, especially as other streaming platforms have launched since Disney+, including Apple TV+, Peacock and HBO Max.
“There is no such thing as subscription fatigue. Disney has ‘The Mandalorian’ and we have ‘Stranger Things.’ They are somewhat complementary. People will subscribe to both.”
Following the purchase of 20th Century Fox, Disney has been able to scale up its production to create more content, for its 100 million subscribers across its streaming platforms, Disney+, Hulu and ESPN+. And Reed thinks more large companies will merge in the future:
“I imagine there will be more consolidation like Fox-Disney. The traditional players will combine in various ways to get to critical mass like Disney has.”
Do you think Disney+ will get more subscribers than Netflix globally?