Disney (DIS) stock surged more than 11% Friday following the announcement of its new streaming service. The stock hasn’t gained this much in a single day since May 2009.
The company announced Thursday plans to launch Disney+ in November, its long awaited Netflix rival. The service will cost $6.99 per month— that’s $2 cheaper than Netflix’s basic plan. The monthly price is lower than what was expected.
It will be the exclusive home for streaming Marvel, “Star Wars,” Disney Animation, Pixar and “The Simpsons.”
The company said it will release “more than 25 original series and 10 original films, documentaries and specials” in the first year of Disney+. Many series and films like “The Mandalorian,” “High School Musical: The Musical: The Series” and “Lady & The Tramp” will be ready on day one. It will be loaded with more than 7,500 television episodes and 500 films.
“Disney+ marks a bold step forward in an exciting new era for our company – one in which consumers will have a direct connection to the incredible array of creative content that is The Walt Disney Company’s hallmark,” Disney CEO Bob Iger said in a statement.
The service is priced “very affordably” compared to its competitors, wrote Patrice Cucinello, a director at Fitch Ratings, in a note to clients.
“Disney is approaching streaming offerings with ‘guns blazing,’ looking to take share and quickly ramp up subscriber growth,” Cucinello said.
–CNN Business’ Frank Pallotta contributed to this report