24 Million Subscribers Signed Up To Disney+ In November Impacting Netflix in the Process
According to a recent report in Variety, Disney Plus welcomed 24 million new U.S subscribers by the end of November. This impressive debut for Disney’s new streaming network also boosted cancellations among Netflix customers.
The 24 million subscriber estimate derived from a survey conducted by research team Cowen & Co have surpassed projections that Disney+ would have around 20 million subscribers worldwide by 2020.
Though some analysts suggest Disney’s new streaming service hasn’t had much impact on Netflix, the Cowen & Co. study estimates that about 1 million additional Netflix subscribers will leave the service in favor of Disney in the fourth quarter of 2019. This would suggest a total amount of about 5.1 million Netflix subscribers leaving the service.
“The incremental churn uptick [for Netflix] appears reasonable given the Disney+ launch, which has been highly publicized and includes various marketing programs, including a Verizon promotion that offers Disney+ for free for one year,” the analysts wrote.
However, it’s worth noting that a large swath of Disney Plus users in the U.S. are currently not paying for the service. About one-third (34%) of Disney Plus’ U.S. customers — or 8 million as of the end of November — are on one-year-free offer from Verizon for certain customers, while the remaining 66% are on paid plans, Cowen’s analysts estimated. It will be interesting to see what happens when the Verizon freebie deals end in late 2020.
Finally, the Cowen survey data indicated there were about 19.4 million consumers who subscribe to both Netflix and Disney Plus, implying an 80% overlap between the services.
Readers are encouraged to keep following along with MickeyBlog for the latest Disney+ news and updates!
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