Netflix is overtaken by Disney in the race for subscribers

In December, Disney will launch a new ad-supported streaming service in the US, overtaking Netflix in the race for subscribers.

As of 2 July, Disney said it had 221.1 million subscriptions across its three streaming platforms. 221.1 million customers put Disney just ahead of Netflix, which has been losing subscribers. But Disney warned that the loss of streaming rights for cricket in India would reduce its subscriber growth compared to previous forecasts.

Pandemic lockdowns boosted streaming services like Disney, but the easing of Covid restrictions doesn't seem to prevent it from attracting new customers. The firm, which also owns general audience television platform Hulu and the sports-focused ESPN+, said demand for its Disney+ product remained strong.

In April-June, total revenues jumped 26% from last year, pushing profits to $1.5bn. After the firm shared its results, the shares in the company jumped more than 6% in after-hours trade. Netflix lost nearly one million accounts in the most recent quarter, putting its membership total at 220.67 million. Disney counts each subscription to a streaming platform separately, meaning customers who pay for more than one service are counted more than once.