Industry analysts say that the launch of Disney+ has not yet had a major impact on Netflix, according to a recent report from Bloomberg.
Wall Street analysts say that the number of subscribers canceling Netflix has not increased since the debut of Disney’s streaming service. Additionally, Netflix shares climbed by 1.3 percent on November 22nd and the company’s stock is up 16 percent this year.
Disney+ attracted 10 million subscribers within 24 hours of its launch, which was a number that blew past analysts’ predictions according to Bloomberg.
Netflix previously argued that there is room for more than one streaming service and that the success of its competitors won’t be a problem. Netflix’s CEO Reed Hastings has stated that users would be content with paying for both Disney+ and Netflix.
As the end of the year gets closer, Netflix has added a smaller number of customers than it had predicted it would. The streaming service is on pace to sign up fewer customers in 2019 than it did last year.
The company has said this could be due to a price increase and acknowledged that new competition could be playing a small role. However, Netflix is still set to add more than 25 million customers for the second year in a row.