Disney stock jumped more than 4 percent on Wednesday after the company announced that Disney+ brought in 10 million subscribers on its launch day.
By 1 p.m. EST, Disney stock had risen above $144 per share, just $3 short of the company's 52-week high of $147.15.
The company's new streaming service is a direct competitor to Netflix, which saw its own third-quarter revenue up 31 percent from 2018 but dropped 2.83 percent by early afternoon Wednesday as Disney's stock rapidly increased. Netflix stock peaked at $385.99 earlier this year but is now stationed in the mid-$280s.
Technical glitches with Disney+ made some analysts wary on Tuesday, but Disney said the massive influx of subscribers was to blame: "The consumer demand for Disney+ has exceeded our highest expectations ... we are aware of the current user issues and are working swiftly to resolve them."
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In addition to a large-scale marketing campaign, the remarkable subscriber count can be in part attributed to Disney's strategic partnerships, including the one with Verizon it announced in October. The company (which owns AOL) is offering a free one-year Disney+ subscription to all of its unlimited data and Fios customers.
Analysts at Bank of America told clients Tuesday that Disney could hit 90 million subscribers in the next five years, an increase of their prior estimate of 60 million, according to Business Insider. The report notes that Netflix brought in 111 million subscribers over the past five years — with plenty of Disney-branded content in its arsenal. Most, if not all, of that content will now live exclusively on Disney's service.
Although Disney+ will likely be considered the company's biggest "win" of 2019, it was only about six months ago that Walt Disney Studios' "Avengers: Endgame" set the record for highest-grossing film of all time. Meanwhile, advance tickets for "Frozen 2" (due out Nov. 22) have already set a new record for animated films, and "Star Wars: Rise of Skywalker" is due out in December.