REJOICE DISNEY FANS! BRACE YOURSELVES FOR DISNEY'S OWN STREAMING SERVICE

Disney's latest announcement has left everyone bewildered! Of course, we are happy about it but we can't say the same about Netflix. Disney will end its distribution deal with Netflix in 2018 and is planning to introduce two live streaming services—one for television and films and the other one for sports, as reported by Los Angeles Times. In 2012, Disney had made a distribution deal with Netflix which is set to come to an end after six years. On the other hand, CNBC reported that Netflix stock dropped by more than 5 percent with the announcement. However, Netflix won't get rid of Disney's content immediately but new shows or films from the Disney banner won't be streamed after 2018.

With Netflix having garnered a massive viewership owing to Disney content, it comes as no surprise that Walt Disney Co. decided to venture on this path. The service will be launched in 2019 which will feature of original television show and films including Toy Story 4 and Frozen 2. The company is also gearing up to launch its own ESPN video streaming service in 2018. The platform, which will feature about 10,000 sporting events each year, will have content from the MLB, NHL, MLS, collegiate sports and tennis' Grand Slam events, as reported by CNBC. 

“This acquisition and the launch of our direct-to-consumer services mark an entirely new growth strategy for the company, one that takes advantage of the incredible opportunity that changing technology provides us to leverage the strength of our great brands,” Disney CEO Bob Iger said in a statement accompanying the announcements.

The service will initially only be available in the U.S. but Disney plans to expand it to other countries as well as soon as possible.