Disney+ hits 94.9 million subscribers

Disney announced last Thursday that its streaming service, Disney+ has passed 94.9 million subscribers. The announcement came alongside the earnings report for the quarter that ended December.

Shortly after the announcement, Disney’s stock was up about 2%.

The entertainment company said it estimates that its streaming platform will have 230 million to 260 million subscribers by 2024. Disney+ has by far exceeded the company’s initial goal of 60 million to 90 million subscribers by 2024.

Overall, the company has seen significant growth in subscribers since it launched the Disney+ streaming platform in November 2019. On the first day of its launch, Disney had up to 10 million sign-ups and, 26.5 million subscribers by the end of the first quarter.

The events of the coronavirus pandemic caused the numbers to jump, as more consumers were kept indoors. Disney+ subscribers rose to 57.5 million from 33.5 million in its third quarter.

In the fourth quarter, the streaming service surpassed 73.7 million subscribers. The figure was updated by Disney during its December investor day, reaching a total of 86.6 million subscribers.

Disney has given much time and effort to promote its streaming service as subscribers’ numbers continue to strengthen. The company began restructuring its media and entertainment divisions in October to focus more on Disney+.

In December, Disney revealed its plans for about 100 film and television projects, with 80% going to Disney+. This would include dozens of Marvel series and about 10 Star Wars shows.

The streaming service seems to appeal more to investors, as the financial wreckage of 2020 seems to be overlooked.