Disney unveiled details of the service on Thursday after the close, saying it would launch November 12 at a price of $7 a month or $70 a year.
"We believe Netflix can not win" such a war because of Disney's cost advantage from owning a vast amount of content. Currently, Disney+ will only be available in the United States, however they are working to have it available in major regions across the world shortly after. Disney+ will feature an arsenal of kid-friendly programming, including 13 classic animated movies, 21 Pixar features, original series, and material from its Marvel and Star Wars franchises.
Disney is approaching the streaming industry from a "position of strength, confidence and unbridled optimism", CEO Bob Iger said Thursday. "It is that simple".
For decades Star Wars has held the largest fanbase worldwide and just Star Wars alone would be enough to make a streaming service a success.
The entertainment colossus was arranging to get Disney+ on a broad array of smartphones, tablets, gaming consoles, set-top boxes and smart televisions, according to executives.
The same page also reveals a new look at Noelle, the new Christmas comedy starring Anna Kendrick as Santa Claus' daughter, the title treatment for the documentary The Imagineering Story, which tells the story of the men and women who build Disney theme parks, and The Phineas and Ferb Movie, which continues the beloved Disney Channel show.
"Netflix now knows what people want more than anybody", he said.
The service will include more than 25 original series and 10 original movies.
Netflix will still have a far deeper video programming lineup after spending tens of billions of dollars during the past six years on original shows such as "House of Cards", "Stranger Things" and "The Crown".
Analyst Neil Macker at Morningstar said Disney "came out swinging at its investor day with an aggressive price point" for its streaming service.
The new entrants, with more expected, could launch a formidable challenge to Netflix, which has about 140 million paid subscribers in 190 markets, and to other services such as Amazon Prime. We estimate that these studios provide around 20% of Netflix's overall content measured by available hours, and closer to 40% of hours viewed on the service. Diego Luna will also return as Cassian Andor from Rogue One in an as-yet-untitled series that will be available in the second year after launch.
Netflix is likely to feel pain, not only from intense competition, but also from the loss of content from the big libraries of Disney and Time Warner.