Survey Finds That Nearly 7 Percent of Disney Plus Users With Netflix Plan to Cancel Netflix Subscription
Of the new streaming services that have come out so far, Disney+ has emerged as a clear competitor for Netflix. When the service launched on Nov. 12, it was downloaded 3.2 million times to mobile devices and garnered 1.3 million hours of viewership in its first 24 hours, according to Apptopia. Despite some hiccups at launch, the streaming service reached 10 million subscribers merely 24-hours post launch.
Now, it seems Disney+ is slowly winning over some Netflix subscribers. According to a new survey conducted by Bank of America, 6.5 percent of respondents who use both services said they had plans to cancel their Netflix subscriptions, CNBC reported. Analysts Nat Schindler and Justin Post were cynical of the results, however, disbelieving that respondents would actually follow through on their plans. They stated, “We are skeptical that much of this churn is incremental or will be realized, with Bloomberg reporting Netflix had seen no increase in cancellations on 11/22, 10 days after the Disney+ launch.”
In fact, a previous Bank of America survey found that, overall cancellation intentions for Netflix fell slightly from 5 percent to 4 percent, with 65 percent of respondents saying Disney+ was not a good substitute for Netflix, while 33 percent said it was.
Bank of America’s findings are consistent with those Piper Jaffray found earlier this month. The company found that a third of Netflix users would be open to getting Disney+ or have already added on the new service. Though Disney+ has gained favor in the market, Netflix subscribers still remain loyal to the brand.
Michael Olson, senior analyst at Piper Jaffray, told CNBC, “We surveyed thousands of Netflix subscribers over the last year and we’ve been asking about Disney+. They’re both good services so we’re going to see a lot of people subscribing to both of them. That’s what we found in our survey. About a third of Netflix subscribers said that they do want to subscribe or are already subscribed to Disney+ … a very tiny percentage of [respondents] said that they’d be canceling Netflix.”