Netflix shares closed lower in the US Thursday, as Disney announced plans to launch its own TV streaming service in late 2019. However, Netflix CEO Reed Hastings said the additional competition will urge his company on to be even better.
Netflix shares ended the US Thursday trading session 2.93% lower at $317.92. The stock is also in the red in out-of-hours activity.
Netflix ready for fresh competition
Speaking to UK news service, the BBC, Netflix’s Hastings said his business is already used to tough competition.
“We've been competing with Amazon for more than 10 years, so we're used to healthy, strong competition,” Hastings said. “It makes us better.”
However, the TV streaming firm’s CEO did say that Disney would likely prove a “formidable” opponent for Netflix, given its strong content options.
“They've got so much content, Star Wars and Marvel, they'll be a great competitor,” Hastings told the BBC. “And that will push us to do the best work of our lives.”
Netflix in India content push
While Netflix has some time to plan on how to compete with it’s upcoming Disney rival, the tech firm is already working hard to become a popular option across India.
The global TV streaming service announced eight new Original films and one new series from its Indian content creators.
“We celebrate India today with an incredible line-up of original films and series that are right now filming across India,” said Ted Sarandos, Chief Content Officer for Netflix.
“This line-up cuts across genres from horror to fantasy and in locations from Leh to Mumbai. The breadth of stories with its local settings and complex characters is incredible and we can’t wait for people to discover and fall in love with them,” Sarandos added.
Netflix also announced Thursday, that Sir David Attenborough will provide the voice over for its up-and-coming Our Planet series.