Disney Shares Soar as Disney+ Passes 50 Million Subscribers

Shares of Disney were headed higher on Wednesday after the company announced that its Disney+ video service has more than 50 million subscribers now.

This number is almost twice as many as Disney reported on February 4, when it said in its Q1 earnings that Disney+ reached 26.5 million subscribers during the quarter.

The streaming service rolled out in the U.K, Ireland, France, Germany, Italy, Spain, Austria and Switzerland in the past two weeks and launched in India last week.

Shares of Disney jumped as much as 7% on the news in after-hours trading on Wednesday.

Hulu, Disney’s other streaming service, has 30 million subscribers. Hulu only operates in the United States, however, and Disney is looking at an international rollout beginning in 2021.

“We’re truly humbled that Disney Plus is resonating with millions around the globe, and believe this bodes well for our continued expansion throughout Western Europe and into Japan and all of Latin America later this year,” said Kevin Mayer, Disney’s head of direct-to-consumer.

“Great storytelling inspires and uplifts, and we are in the fortunate position of being able to deliver a vast array of great entertainment rooted in joy and optimism on Disney Plus.”

Disclaimer: We have no position in Walt Disney Co (NYSE: DIS) and have not been compensated for this article.