Disney+ is catching up quickly to Netflix’s total number of paid subscribers thanks to the services’ recent launch in Europe and India.
The Walt Disney Company revealed today that it has almost hit its paid subscriber goal nearly four years early as it just passed the 50 million subscriber mark this week. The news comes just five months after Disney+ launched in the US.
“We’re truly humbled that Disney+ is resonating with millions around the globe, and believe this bodes well for our continued expansion throughout Western Europe and into Japan and all of Latin America later this year,” said Kevin Mayer, Chairman of Walt Disney Direct-to-Consumer & International.
Disney+ sets Netflix in its sights
Disney+ is close to doubling its number of subscribers since it hit 28.6 million subscribers at the beginning of February. Netflix, by comparison, said in January that it had 167 million subscribers globally with 61 million of those located in the US.
Shares of Disney stock shot up in after-hours trading on Wednesday after the subscriber numbers came out. Disney+ launched in Austria, France, Germany, Ireland, Italy, Spain, Switzerland and the UK two weeks ago. India got the service just last week.
COVID-19 might actually be helping fuel Disney+’s growth. As consumers are stuck at home during shelter-in-place orders, video and other media consumption is at an all-time high. Disney+ is practically one of the only video streaming services that isn’t offering a free trial period during the crisis. Given its cheap $6.99 per month price tag, it’s one of the most affordable streaming services to dive into during quarantine season.