The Netflix logo is seen on their office in Hollywood, Los Angeles, California, U.S. July 16, 2018.
In an earnings call, Netflix chief executive officer Reed Hastings said the company has prepared for the loss of "second window", or licensed content. That was below the 5.48 million consensus of industry analysts surveyed by FactSet.
But the company reduced its earnings guidance for the second quarter from $0.99 per share to $0.55, prompting the initial sell-off. Disney will, therefore, break its ties with Netflix (NFLX), on which it used to stream its movies, by the end of this year.
Disney expects to add almost 60 million-90 million subscribers to Disney+, while it expects to attract 8 million-12 million paying ESPN+ subscribers by the end of fiscal 2024.
"Disney products reach 100 million households per year, which lowers Disney's customer acquisition costs", Martin said in a note to clients.
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Netflix addressed head-on competition from new players like Apple and Disney saying on Tuesday that it is "excited to compete".
"With a combined market cap of around $2.2 trillion, those three bruisers aren't to be messed with", Hargreaves Lansdown equity analyst George Salmon said. Some of the titles that will eventually find their way to the streaming service, though not all within the first year, include: TV series following beloved characters from the MCU - Loki, The Falcon and the Winter Soldier, and WandaVision have all been confirmed thus far; the first live-action Star Wars series, The Mandalorian; a Rogue One prequel series starring Diego Luna and Alan Tudyk; Marvel Studios' first animated series, What If.?
Apple TV+ was unveiled at an event last month. Disney+ doesn't launch until November 12, so you still have plenty of time to enjoy all these Disney movies on Netflix.
Netflix said it expects another 5m people worldwide to sign up to its film and TV streaming service in the second quarter, compared with 5.45m it added in the same period of a year ago.
"It is interesting to us that OTT [over-the-top broadcast] services being launched by legacy media companies are focused on addressing the needs of a particular demo (adults, family, sports fans, etc, ) which make them similar to legacy cable networks", wrote Venkateshwar.
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Martin said that in polling, United States customers say they plan to use only two or three streaming services and that as a result, any growth in Disney+ will significantly weaken Netflix.
Rising costs are said to be as a result of covering the expenditure Netflix is pumping into producing its own original content.
That is more than the median move of 5.4% in Netflix's eight most recent quarterly reports, according to options analytics firm Trade Alert.
Total revenue rose to $4.52 billion from $3.70 billion. Hulu is also expected to lose $1.5 billion in the current year.
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