Walt Disney Company, the world’s second largest media company after Comcast, recently announced that all Disney material will soon be pulled from Netflix, a popular streaming service. This news comes shortly after Netflix received first window streaming rights to Disney titles.
Netflix currently contains more than 100 Disney television series and movies. Among those are popular Disney classics such as “Fantasia,” “Tarzan,” and “Lilo & Stitch.”
Disney reportedly made the announcement in the company’s most recent earnings report. However, the shocking element is not the fact that Disney is pulling its content, but the reason why Disney made this sudden decision.
According to CNBC, Disney plans to launch their very own streaming service by 2019, exclusive for Disney content. The company will also launch an ESPN streaming service as early as next year.
Netflix, the start of the streaming service era, dominates the industry by far, putting former video stores out of business. However, the industry is growing rapidly, given the rise of other streaming services, including Hulu.
Disney CEO Bob Iger released a statement revealing additional details, "This represents a big strategic shift for the company. We felt that having control of a platform we've been very impressed with after buying 33 percent of it a year ago would give us control of our destiny."
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In other Disney news, two lawsuits were recently filed against the company. One lawsuit is in relation to the release of the “Beauty and the Beast” movie; the other lawsuit was filed by a concerned mother.