The race for streaming television is heating up, with Disney revealing on Wednesday that it is closing the gap on market leader Netflix, whose pace has slowed.
The US entertainment behemoth outperformed analysts' expectations in terms of new subscribers to its flagship streaming service, Disney+, whose big studio muscle helped it reach 129.8 million subscribers worldwide, five million more than expected
Netflix had 221.8 million subscribers at the end of the year, a massive number, but it announced slowing growth.
"We certainly recognize that the pie is large enough for both companies to succeed," CFRA analyst Tuna Amobi said of the streaming rivals.
"What is undeniable is that competition has increased."