How Disney reclaimed its crown as Netflix faltered

Media giant Disney was late to the video streaming party. But sometimes the latecomers have the advantage, says Matthew Lynn.

Obi Wan Kenobi
The Force proved too strong for Netflix
(Image credit: © Disney Plus)

When Disney announced its plans for a streaming service to take on Netflix it was greeted with scepticism. In 2018 Netflix had already overtaken Disney as the largest media conglomerate in the US and there seemed little chance it could recoup all the ground it had lost. It had joined the party too late. That’s not how it turned out.

Last week, Disney Plus overtook its great rival. Helped by hits such as Obi-wan Kenobi, the latest in the Star Wars production line, the company has now racked up 221 million subscribers, edging ahead of Netflix with 220 million. With a market value of $225bn compared with $107bn for Netflix, Disney has reclaimed its crown.

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Matthew Lynn

Matthew Lynn is a columnist for Bloomberg, and writes weekly commentary syndicated in papers such as the Daily Telegraph, Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. 

He has written books on finance and financial topics, including Bust: Greece, The Euro and The Sovereign Debt Crisis and The Long Depression: The Slump of 2008 to 2031. Matthew is also the author of the Death Force series of military thrillers and the founder of Lume Books, an independent publisher.