Disne announced their acquisition of the majority ownership of the streaming platform, BAMTech, LLC. With this new purchase, the company has also announced their intention to pull their entire library off of the streaming service Netflix, and create their own streaming platform.
A statement of the Walt Disney website reads, “The new Disney-branded service will become the exclusive home in the U.S. for subscription-video-on-demand viewing of the newest live action and animated movies from Disney and Pixar, beginning with the 2019 theatrical slate, which includes Toy Story 4, the sequel to Frozen, and The Lion King from Disney live-action, along with other highly anticipated movies.”
Disney also has plans to create new and original content, and offer contest from their extensive library, including programming from the Disney Channel, Disney Junior and Disney XD. Robert A. Iger, Chairman and Chief Executive Officer of The Walt Disney Company, said of the deal, “This acquisition and the launch of our direct-to-consumer services mark an entirely new growth strategy for the Company, one that takes advantage of the incredible opportunity that changing technology provides us to leverage the strength of our great brands.”
As of now, Disney has plans to pull its content from Netflix and began streaming on their own platform in 2019. Iger confirmed that the price of the streaming service will be competitive to Netflix.