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Disney CEO Bob Chapek warns of price hikes at Disney+

The prices keep going up at the Mouse House. Disney CEO Bob Chapek hinted last week that the company’s streaming service, Disney+ may raise its $7.99 a month or $79.99 a year price tag. This would mark the second price hike at the service, home to hits like “Encanto,” “The Mandalorian,” and “The Book of Boba Fett,” since it launched in late 2019. Disney+’s pricing plans come as the Mouse House is raising prices at its theme parks division, in order to make up for pandemic-related losses. Those price hikes have not gone unnoticed either, as customers have blasted Disney on Reddit and called for shareholders to vote out Chapek at Disney’s annual meeting on March 9. Disney said it is optimistic it will have a robust flow of exclusive shows on movies on Disney+ by early October, which will be more enticing to new customers and allow it to raise prices. “I think that will give us the impetus to increase that price/value relationship even higher and then have the flexibility if we were to so choose to then look at price increases on our service,” Chapek said on Disney’s earnings call last week. Chapek didn’t say how much prices would go up. The streaming service would follow Netflix, which raised its subscription price in the US and Canada this year by $1 to $2 depending on the plan. Netflix’s most popular plan jumped to $15.49 from $13.99. Last week, Chapek reiterated the company’s previous forecast of 230 million to 260 million Disney+ subscribers by the end of fiscal 2024, due in part to the massive investment the company has made in new shows and movies that will debut in the coming months and years. The optimistic prediction come as rival Netflix showed signs of slowing subscriber growth. Last month, Netflix, which has 222 million global subscribers, said it added 8.3 million subscribers in the first quarter, falling short of prior guidance. of 8.5 million.

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