04.13.20 - Disney+, the streaming service offered by the iconic entertainment giant, has reportedly reached the milestone of attaining 50 million paid subscribers throughout the globe. The company had previously told investors and shareholders that they had projected 60 million to 90 million subscribers by 2024. Just months after the launch of the streaming service last November, these projections are starting to seem potentially modest.
Disney has flexed the muscles of its global footprint as the service continues to launch in more countries throughout the globe. Reaching 50 million subscribers in less than five months is certainly an achievement. Perhaps one that could give Disney+ claim to being among the most successful product launches ever, but the company’s other business ventures remain under intense pressure during the coronavirus crisis.
“We are impressed by the surprise announcement of 50 million subscribers at Disney+ and it’s clear that the company provided this information amid the downward estimate revisions across other areas of the business,” wrote J.P. Morgan analyst Alexia Quadrani on Thursday. “We view Disney+ as a core driver to the company’s extensive ecosystem of consumer touchpoints, which we believe will benefit the Parks and Studio once normal operations resume.”
Disney has not released a statement if Disney+ received a bump from millions of people being forced to stay at home because of the coronavirus outbreak. The pandemic outbreak has hit Disney and other similar companies hard. Disney's theme parks around the world have currently closed down and many of the big-budget films coming out of their studios this year have been postponed.
Disney released a statement last week that it would furlough employees "whose jobs aren't necessary at this time" starting on April 19.
Source: New York Times
