Disney Stock Jumps on Disney+ Subscriber Milestone

Disney (NYSE:DIS) news regarding updated subscriber numbers has Disney stock up on Thursday morning. This comes after the company reported that Disney+ — its well-known streaming service that launched late last year in the U.S. — now has 50 million paid subscribers globally.

Disney Stock Jumps on Disney+ Subscriber Milestone

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This figure has nearly doubled since Disney disclosed its initial subscriber count with its first-quarter report on Feb. 4. At that point, the streaming platform boasted 26.5 million subscribers for the period. And with more people being stuck at home due to the novel coronavirus, Disney+ numbers will likely continue to improve.

“We’re truly humbled that Disney+ is resonating with millions around the globe, and believe this bodes well for our continued expansion throughout Western Europe and into Japan and all of Latin America later this year,” Kevin Mayer, chairman of Walt Disney Direct-to-Consumer & International, said.

“Great storytelling inspires and uplifts, and we are in the fortunate position of being able to deliver a vast array of great entertainment rooted in joy and optimism on Disney+.”

Moreover, according to the release, Disney+ became available in eight European countries — the U.K., Ireland, France, Germany, Italy, Spain, Austria and Switzerland — over the past two weeks. Additionally, the streaming service rolled out in India last week, “where it is offered in conjunction with the existing Hotstar service.” In turn, the country already accounts for around eight million of the 50 million total subscriber count.

Disney stock rose more than 7% after-hours on Wednesday evening, and was up 5% as of Thursday afternoon.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/04/disney-stock-jumps-on-disney-subscriber-milestone/.

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