Verizon giving subscribers Disney+ for free, Netflix stock drops
By Dan Selcke
Man, you almost feel sorry for Netflix…almost. For years, the company had the streaming market cornered, offering fans both old favorites and original content. But now, everybody has a streaming service on the way: HBO Max from WarnerMedia, Apple TV+ from Apple, Peacock from NBCUniversal, and of course, Disney+.
Disney+, I think, is the real danger to Netflix. The company has 70 years of content to dump on viewers when the subscription service goes live on November 12. (Although there are still some weird absences. No original Avengers movie? No Up? What gives?) And now, Verizon has announced that it’s giving its wireless customers one year of Disney+ for free. And here I am using Comcast like an idiot.
“Giving Verizon customers an unprecedented offer and access to Disney+ on the platform of their choice is yet another example of our commitment to provide the best premium content available through key partnerships on behalf of our customers,” said Verizon CEO Hans Vestberg, probably while he smokes $100 bills. “Our work with Disney extends beyond Disney+ as we bring the power of 5G Ultra Wideband technology to the entertainment industry through exciting initiatives with Disney Innovation Studios and in the parks.”
Kevin Mayer, the chairman of Disney’s Direct-to-Consumer & International unit, also weighed in:
"The launch of Disney+ kicks off a new era of streaming for The Walt Disney Company, bringing nearly a century’s worth of content from our iconic studios to consumers directly. We’re excited to share this moment with Verizon and bring Disney+ to the millions of customers across its award-winning wireless network."
Basically, Disney is doing everything it can to get Disney+ into as many homes as possible on Day 1, which should worry Netflix. It certainly looks like its hurting the market’s confidence in it. Deadline reports that Netflix stock tumbled 3% after the news broke, to $270 a share. So far, Netflix stock has dropped 15% this year. Meanwhile, Disney stock rose almost 2% to $132.50 a share.
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Now, you’ll notice that Netflix’s stock is still pretty well above Disney’s, which frankly surprises me — I’d have figured a company as wildly successful as Disney would be at more of a level with Netflix, although maybe I’m underestimating how thoroughly Netflix has dominated this space. Still, Disney+ represents the most clear and present danger to Netflix’s hegemony. As long as the services produce quality content and compete enough to keep prices reasonable (Disney+ is going for $7 a month), I’m happy to watch them go it. We win either way.
Next. Watchmen is HBO’s highest-rated series premiere in years, Rise of Skywalker breaks pre-sale records. dark
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