(Reuters) – Walt Disney Co’s new streaming service Disney+ reached 28.6 million paying subscribers this week, the company said on Tuesday as it reported quarterly earnings that beat Wall Street forecasts.
Shares of Disney were flat following the results after bouncing between positive and negative territory.
The results showed Disney made a strong entrance into the streaming video wars dominated by Netflix Inc. The owner of sports powerhouse ESPN is trying to transform its business to capture audiences that are moving online.
Analysts at three brokerages had expected more than 20 million subscribers to Disney+, which is available in five countries including the United States. Disney+ will be available in India on March 29 through streaming service Hotstar.
Netflix, which began delivering online video 13 years ago, boasts 67.7 million paid subscribers in the United States and Canada.
Subscribers at Hulu, a streaming service Disney now controls, climbed to 30.7 million as of…
Source Reuters Tech News
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