Disney has announced the launch date for its much anticipated streaming service, which will include a number of content for competitors such as Netflix and Amazon Prime.
CEO Bob Iger announced that the launch will take place in 2019. To attract comic and sci-fi fans, plans have recently been unveiled for a new Marvel and Star Wars series.
The company will purchase its existing content from Netflix later this year and transfer it to its own Disney + online subscription library at an unknown time.
The Disney and Pixar titles will be available on Netflix until the end of 2018, with the exception of Disney's Marvel TV show, which will remain on the platform.
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Diego Luna, here as rebellious spy Cassian Andor in Rogue One: A Star Wars story, will star in the prequel to the new Disney subscription service
British actor Tom Hiddleston will play Rogue One: A Star Wars Story in a new Star War prequel series.
The show will follow rebel spy Cassian Andor in a series described by Disney as "stories filled with espionage and daring missions" to restore hope to a galaxy in a reckless empire. "
A release date for the unnamed Rogue One-Prequel series has not yet been announced.
Hiddleston will also repeat his role as villain Loki, whom he portrayed earlier on the screen as part of the Marvel Cinematic Universe, for a separate series.
Disney Chairman, Mr. Iger, revealed the name of the new service and the launch date during a conference call with Wall Street analysts on Thursday afternoon.
Disney Chairman and CEO Bob Iger introduced the name of the branded streaming service to be launched at the end of next year during a conference with Wall Street Analysts
British actor Tom Hiddleston, here in Thor: Ragnarok, will play in a new series about the Disney daughter Marvel Entertainment comic Loki
WHAT WERE THE FINANCIAL PROJECTIONS FOR DISNEY?
Total quarterly revenue increased 12 percent to £ 10.74 billion ($ 14.3 billion), ahead of analysts' average estimate of £ 10.54 billion ($ 13.73 billion).
Net income increased 33 percent to $ 2.3 billion, and adjusted earnings per share of $ 1.76 ($ 1.48) for an analyst consensus of $ 1.03 ($ 1.34), according to IBES Data from Refinitiv.
Disney's shares, which rose nearly eight percent this year, rose 1.7 percent in trading after trading to $ 90 ($ 118).
Disney is trying to transform itself into a broadband digital entertainment company as its audience has switched to streaming services such as Netflix and Amazon Prime over the years.
It is expected to complete the acquisition of Twenty-First Century Fox assets worth £ 54.71 ($ 71.3 billion).
Disney's shares, which rose nearly 8 percent this year, rose 1.7 percent in trading hours.
The CEO was optimistic about the outlook for Hulu, an on-demand and live-TV service that Disney will own 60 percent of Fox after buying Fox.
Iger also said he would be interested in buying the remaining shares of Comcast Corp and AT & T Inc. "if they were willing to sell".
Disney will give investors a first look at the Disney + app and its program at a conference in April.
Disney already has a service that shows classic movies, animations and Pixar movies, "Movies Anywhere". Here's a still from Beauty and the Beast
Disney + will probably draw many Marvel fans from streaming giants Netflix. Disney is trying to transform itself into a broadband digital entertainment company as the audience has moved to streaming services over the years
Disney will give a first look at the Disney + app and its programming at an investor conference in April. The company wants to compete with digital streaming competitors
The new service could increase the company's stock if Netflix and Amazon are challenged, said Haris Anwar, senior analyst at Global Financial Platform, Investing.com.
"Disney is meeting expectations with expectations, which is good news for the company, which is preparing to compete with video streaming companies that are taking away advertising dollars and consumers," said Anwar.
The win at Disney's movie studio doubled to £ 457 million ($ 596 million) thanks to hits like "Ant-Man and the Wasp" and "Incredibles 2".