Executives at AT&T have quickly learned that building a streaming service to compete with Apple TV+ and Netflix isn’t going to be cheap. During the company’s latest earnings call, AT&T revealed that it has already lost $1.2 billion during the creation process of HBO Max that is set to launch this May.

Disney is ready to tap into Verizon’s massive customer base to give it a massive influx of viewers for its upcoming streaming service Disney+.

Verizon revealed today that all of its customers will receive 12 months of Disney+ for free starting on November 12. The offer matches Apple’s own 12 free months offer for Apple TV+ to customers that buy a new Apple device.

Netflix warned investors that the upcoming launch of Apple TV+ and Disney+ could generate “modest headwinds” when it comes to new subscriber growth. Despite the warning, Netflix shares surged in after-hours trading today after it reported better-than-expected earnings.

In a letter to shareholders, Netflix didn’t sound too worried about the upcoming streaming wars. The company pointed out that it’s already been competing against streamers and regular TV for over a decade now.