Tuesday, 17 October, 2017

Why Netflix and Disney Stocks Are Both Plummeting Right Now

Disney to pull new movies from Netflix plans own streaming service Judy Hopps and Nick Wilde pose at the premiere of"Zootopia at El Capitan theatre in Hollywood
Marta Holmes | 10 August, 2017, 01:50

While Disney's partnership with Netflix didn't go into effect until a year ago, the company announced the deal back in 2012, which gave the streaming company exclusive TV distribution rights to some of its live-action an animated movies, including content from Pixar, Lucasfilm and Marvel. In 2019, it will launch a direct-to-consumer streaming service featuring its treasure trove of animated and live action films, along with exclusive new content as well. "We continue to do business with the Walt Disney Company globally on many fronts, including our ongoing relationship with Marvel TV".

You're not the only one anxious about Disney movies on Netflix-investors are too.

Disney also promised to make "a significant investment" in producing original movies, TV shows and short-form content for the new service.

Disney is set to introduce two of its own online streaming services for sports and family films, offering its content directly rather than going through a distributor. The company is also launching a streaming service for ESPN, the sports network with rights to top flight-competitions including Major League Baseball and the NFL. Shares of Disney were down about 2.8 percent at $104.24 in after-hour trading.

Disney is also planning to release an ESPN streaming service in early 2018.

Bob Iger, Chairman and CEO, Walt Disney Company, said "Today we announced a strategic shift in the way we distribute our content". This is expected to be followed by a Disney-branded consumer streaming service that's current slated for a 2019 launch. It will feature around "10,000 live regional, national, and worldwide games and events a year". What is Disney's new streaming service? The 2019 slate, to go on the service, will include "Toy Story 4", the sequel to "Frozen", and "The Lion King" from Disney live-action.

The announcement came during Disney's quarterly earnings report and was detailed in a news release from the media giant.

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