Not even having Marvel, Pixar, Star Wars and The Muppets could keep Disney at the top spot of the World’s Most Valuable Media companies.
Netflix has officially overtaken Disney to become the new king, as increased stock figures balloon the company’s worth to $152.6 billion. Disney by contrast dropped one percent, giving it market value of $151.8 billion. The Hollywood Reporter reports that Netflix has been a fierce competitor for Disney for years.
Netflix, which has been publicly traded since 2002, has become a fierce competitor for Disney and other media conglomerates over the years as streaming as become more popular with consumers. Despite the fact that Netflix continues to burn through cash, the company has become a stock market darling as it adds more subscribers around the world. In April, Netflix announced that had reached 125 million total subscribers and generated $3.6 billion in revenue during the first quarter of the year.
Don’t expect Disney to take this news lightly. Although Netflix is reported to increase their subscriber count to 360 million by 2030, Disney is already in talks to launch their own streaming service next year.