Mass media company Disney has revealed they are starting their own streaming service.
Disney CEO Bob Iger made the exciting announcement in a statement posted online on Tuesday.
“The Walt Disney Company announced today that it has agreed to acquire majority ownership of BAMTech, LLC and will launch a new Disney-branded direct-to-consumer streaming service in 2019,” the statement reads.
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It’s not the best news for Netflix, with Disney to pull its content off the popular streaming platform.
“With this strategic shift, Disney will end its distribution agreement with Netflix for subscription streaming of new releases, beginning with the 2019 calendar year theatrical slate,” Mr Iger said.
The new streaming service is due to be rolled out in the US in 2019, with a global expansion expected shortly after.
Australian Netflix customers have been warned not to fear however, with the popular streaming company confirming Aussie’s wont be affected by Disney’s new move until they decide to launch in Australia.
The Disney-branded streaming service will become the exclusive home for all live action and animated movies from Disney and Pixar, beginning with the 2019 theatrical slate, which includes Toy Story 4, Frozen 2, and upcoming live-action The Lion King.
The company will also be making a “significant investment” in exclusive Disney movies and television series for the service.
“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,” Igar concluded.