Disney’s big streaming hit with viewers feels more like a low blow for Netflix.
A recent report from the analytics firm Cowen & Co. estimates Netflix lost over 1.1 million subscribers to Disney+ with barely a month in the game.
A poll conducted by the firm found that 24 million people in the U.S. subscribed to Disney+ since its launch, while 5.8% of Netflix users cancelled their subscriptions to make the switch.
Disney said its new platform, which features every film and TV series Disney has and will make, gained close to 10 million subscribers in its first day of availability.
Should Netflix be worried? Probably not.
“Netflix will always have more diverse content and a wider offering”, says Cowen & Co.’s internet and new media analyst, John Blackledge, during an interview. “They’ll maintain their lead as the number one streaming player over the next couple of years and in the long term.”
The report also suggests that over a third of the subscription cancellations were going to happen regardless of Disney’s new launch.