Disney+, a New Contender in the OTT Market
Disney has emerged as a strong competitor to challenge Netflix and YouTube. Disney already expanded its power to ESPN+, Hulu, and now Disney+. It is true that the numbers of subscribers for Disney+ are comparatively low to that of Netflix and YouTube. However, the potential growth of Disney+’s is unimaginable due to its relatively low subscription fee and its variety of content within the company. Currently, Disney offers its bundled service which includes ESPN+, Hulu, and Disney+ at 13 USD.
According to Disney, approximately 1 billion USD will be spent on original content production in its first year and it will gradually increase the amount to about 2.5 billion USD by 2024. Ricky Strauss, in charge of content and marketing for Disney, explained that more than 30 original content will be available at Disney+, including ‘Wanda Vision’, ‘The Falcon and the Winter Soldier’, and ‘Loki’. Disney is hoping for binge-watching effects by producing a number of original content related to existing content.
On the other hand, Hulu is actively recruiting famous actors and producers to produce original content. Hollywood actor Margot Robbie is the producer of ‘Dollface’, while actor and producer Mindy Kaling have been cast as the actress of a remake film ‘Four Weddings and a Funeral’. If Disney+ is producing spin-off content based on Disney content, Hulu is producing original content based on novels and nonfiction literature.
Disney is releasing short-form content aimed at children and teenagers as its main audience on social media channels. Disney has established itself as a representative broadcasting channel for children and teenagers by presenting original Disney-based animations such as Rapunzel's Tangled Adventure’ and ‘Big Hero 6: The Series’ on Disney Channel. However, as the focus of the media has recently moved online, short-form content aimed at them is being provided to social media channels. Disney has launched a YouTube channel called 'Oh My Disney' to publish various short-form videos related to Disney content.
Disney+ is already actively expanding its streaming business by producing original content. Therefore the media industry is paying keen attention to what kind of content strategy Disney+ will show in the future.
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