Economy

Disney to launch its own streaming service

Disney to launch its own streaming service

"U.S. Netflix members will have access to Disney films on the service through the end of 2019, including all new films that are shown theatrically through the end of 2018", a Netflix spokesman said in an emailed statement.

Disney is to pull its content from streaming service Netflix as it launches a rival TV viewing platform in the US. Disney Chief Executive Robert Iger said Tuesday that Disney is still considering what to do with those properties, which could still land on Netflix or a similar service.

Disney will stop sharing streaming content with Netflix starting with 2019 theatrical releases.

Disney, which already owned 33 percent of BAMTech's shares, shelled out $1.58 billion to buy 42 percent of the shares formerly owned by Major League Baseball's internet media branch.

Netflix stock took a hit on the news, as shares were down more than three percent in after-hours trading.

Disney CEO Bob Iger arrives on the red carpet at the "Beauty and the Beast" screening at Alice Tully Hall at Lincoln Center on March 13 in New York City. BAMtech, founded by Major League Baseball, provides direct-to-consumer streaming services to MLB, National Hockey League and PGA Tour, among other customers.

This will all reportedly be powered by Disney's purchase of majority ownership of BAM Tech for $1.58 billion.

This means that Netflix will likely still be able to release the next two Star Wars movies - The Last Jedi and the untitled Han Solo movie - but not the trilogy's final installment.

As reported by Bloomberg, an ESPN-branded service is set to arrive first in 2018, which the site reports will feature 10,000 live sports events a year. Likewise, the company will be investing in a yearly slate of exclusive content for the service, including original movies, TV shows, and short-form media. So from "Toy Story 4,", Sequel of Frozen to the live-action adaptation of "The Lion King", everything would be part of Disney's own subscription service.