Walt Disney Co (NYSE:DIS) on Thursday confirmed what many had suspected recently - that its future Marvel and Star Wars films will be offered streaming online exclusively on Disney's own upcoming streaming service.
Per Variety, CEO Bob Iger made the announcement during a question-and-answer session at the Bank of America Merrill Lynch Media, Communications, and Entertainment conference in Beverly Hills, California.
According Iger, the plan for Disney's streaming service is "We're going to launch big, and we're going to launch hot".
The company will also launch its own ESPN video streaming service in early 2018. The development came amid negotiations between Disney and Netflix over the streaming rights to Marvel and Lucasfilm titles.
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The announcement ends speculation about what would happen to the Marvel and Lucasfilm titles now being streamed on Netflix. Mr. Iger said the company will share details on how much it will spend on the service later.
That decision sends an "all-in" signal to industry observers wondering just how big Disney's streaming goals might be.
Netflix stock dropped more than 5 percent upon announcement of the news. "And we're going to produce three to four television movies that are Disney-branded".
In addition to the streaming app, they will also be launching an ESPN streaming app. Disney is the parent company of ESPN. Higher costs related to a new N.B.A. programming deal and the lack of a major "Star Wars" movie will contribute to Disney's flat 2017 results. And it remains to be seen how successful this launch is when compared to the likes of Netflix.
And while Netflix was still hoping to reach a new deal for "Star Wars" and Marvel pics, Wall Street wasn't pinning its hopes on that happening.