Disney Is Ditching Netflix and Launching Its Own Streaming Services

Disney Is Ditching Netflix and Launching Its Own Streaming Services

The Walt Disney Company announced today that it has agreed to acquire majority ownership of BAMTech, LLC and will launch its ESPN-branded multi-sport video streaming service in early 2018, followed by a new Disney-branded direct-to-consumer streaming service in 2019.

Despite such warnings, investors are taking Disney's move in stride, bidding shares of Netflix down just 4 percent on Wednesday, giving the company a $74 billion valuation.

Disney last night used its annual earnings report to announce a plan to withdraw all of its movies from Netflix as it plans to start its own streaming service. That's when the company said it would change how its streams its movies and television programming online, while also providing information about its financial performance during its most recent quarter.

"No one is better positioned to lead the industry into this dynamic new era, and we're accelerating our strategy to be at the forefront of this transformation", said during a conference call. 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.

Rick Munarriz owns shares of Netflix and Walt Disney.

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Millar Comics includes the likes of Kick-Ass and Kingsman: Secret Service, which have all been made into major motion pictures. According to Netflix, its relationship with Marvel will continue. Star Wars and Marvel movies in the future could be on the Disney service exclusively, could not be there at all or could be there as well as on other services.

Apart from this, it was also reported that the company is planning to unveil a branded Disney direct to consumer streaming service in the year 2019.

This service comes amid a rough few years for ESPN, with the advent of digital media and direct-to-consumer offerings weighing on subscriber growth. Well, another test of the streaming giant's staying power is upon us. More details came from the plan of streaming service which is still very much obscure.

The company explained: "Additionally, the service will feature a vast collection of library content, including Disney and Pixar movies and Disney Channel, Disney Junior and Disney XD television programming".

"On the one hand, if you really like Disney content, this might be a good deal for you - since you should be able to nab most Pixar and other Disney title in one place".

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