Disney Plus, which garnered more than 10 million signups on its first day of launch, helped drive the Dow to a historic high Wednesday as shares of the entertainment giant surged on stronger-than-expected demand for its family-friendly streaming service.
|DIS||THE WALT DISNEY CO.||169.42||-1.92||-1.12%|
And despite facing technical issues hours after its debut, Disney’s mix of Marvel and Star Wars movies and shows, classic animated films and new series appeared to be a hit out of the gate on Tuesday.
Disney has invested billions in its streaming service, which costs $7 a month or $70 a year after a seven-day free trial.
But within hours of launching the commercial-free service, users took to Twitter to report their technical issues, which the company said were due to such high demand for the service.
The company tweeted that the demand has "exceeded our highest expectations."
"We are so pleased you're excited to watch all your favorites and are working quickly to resolve any current issues," the brand wrote. "We appreciate your patience."
Disney didn’t break down where the subscriptions came from or if they were free or paid monthly or yearly. Some analysts thought it would take Disney a year to reach 10 million subscribers.
The service is poised to set the standard for other streaming giants competing for subscription revenue now hoarded by Netflix.
Comparatively, Netflix garnered 158 million subscribers since launching its streaming platform in 2007.
The Associated Press contributed to this report.