BURBANK, Calif.—The Walt Disney Company has ended months of speculation about who will succeed longtime CEO Bob Iger, announcing that the company’s Board of Directors has unanimously voted to name Disney Experiences chairman Josh D’Amaro as its next GEO.

D’Amaro will assume the post at the upcoming Annual Meeting on March 18, 2026, when he will succeed Iger.

The Board also intends to appoint D’Amaro as a director immediately following that meeting. D'Amaro, a 28-year Disney veteran, is the head of the company’s largest business segment with $36 billion in annual revenue in FY2025 and 185,000 cast members and employees at its theme parks and experiences worldwide.

“Josh D’Amaro possesses that rare combination of inspiring leadership and innovation, a keen eye for strategic growth opportunities, and a deep passion for the Disney brand and its people – all of which make him the right person to take the helm as Disney’s next CEO,” said James Gorman, chairman of The Walt Disney Company Board of Directors. “Throughout this search process, Josh has demonstrated a strong vision for the company’s future and a deep understanding of the creative spirit that makes Disney unique in an ever-changing marketplace.

"He has an outstanding record of business achievement, collaborating with some of the biggest names in entertainment to bring their stories to life in our parks, showcasing the power of combining Disney storytelling with cutting-edge technology. The Board believes he is exceptionally well prepared to guide this global company forward to serve our consumers around the world and create long-term value for shareholders.”

“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” said Robert A. Iger, CEO, The Walt Disney Company. “He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects. His ability to combine creativity with operational excellence is exemplary and I am thrilled for Josh and the company.”

In addition, the company has named Dana Walden, co-chairman of Disney Entertainment, has been named president and chief creative officer of The Walt Disney Company, also effective March 18.

As co-chairman of Disney Entertainment, Walden has led Disney’s world-renowned, award-winning entertainment media, news, and content businesses globally, including Disney’s streaming businesses. In this new role, Walden will report directly to D’Amaro.

“Dana Walden is an excellent leader who commands tremendous respect from the creative community,” continued Iger. “Given that creativity is at the heart of everything Disney does, she is a wonderful choice to serve in this new leadership role. In the years since Dana joined Disney, she has accumulated great knowledge about the many facets of our businesses and brands, and is very well prepared to be President and Chief Creative Officer.”

Disney also reported that Iger will continue to serve as Senior Advisor and a member of the Disney Board until his retirement from the company on December 31, 2026.

D’Amaro will have be big shoes to fill. Iger has led Disney to unprecedented creative and business success during his nearly two decades leading the company.

Disney noted that since his return in 2022, he has spearheaded a strategic transformation of the company, guiding Disney through a period of significant industry disruption and positioning it for long-term growth in this new era of entertainment.

“I am immensely grateful to the Board for entrusting me with leading a company that means so much to me and millions around the world,” said D’Amaro. “Disney’s strength has always come from our people and the creative excellence that defines our stories and experiences. There is no limit to what Disney can achieve, and I am excited to work with our teams across the company and brilliant creative partners to honor Disney’s remarkable legacy while continuing to innovate, grow, and deliver exceptional value for our consumers and shareholders. I also want to express my gratitude to Bob Iger for his generous mentorship, his friendship, and the profound impact of his leadership.”

D’Amaro, 54, has served as Chairman of the Disney Experiences segment since 2020, and prior to that was President of Walt Disney World Resort. He joined the company in 1998 at Disneyland Resort.

As Chairman of Disney Experiences, D’Amaro oversees 12 theme parks and 57 resort hotels worldwide, with plans for a new park in Abu Dhabi. His responsibilities include Disney Signature Experiences—including Disney Cruise Line, Disney Vacation Club, Adventures by Disney, Disney Institute, and Storyliving by Disney—as well as overseeing Walt Disney Imagineering and Disney Consumer Products. He also manages digital ventures, including the collaboration with Epic Games to create a Disney universe within Fortnite.

Disney reported that D’Amaro has been instrumental in expanding Disney’s iconic franchises through the creation of immersive, story-driven experiences at Disney’s theme parks, such as Star Wars: Galaxy’s Edge, the Marvel-themed Avengers Campus, Mickey and Minnie’s Runaway Railway, and World of Frozen. Building on this momentum, upcoming projects include the development of a Monsters, Inc.-themed land at Disney Hollywood Studios at Walt Disney World Resort, a new Avatar destination at the Disneyland Resort, and expansive new areas inspired by Cars and Disney Villains as part of the largest-ever expansion of the Magic Kingdom.

Over his nearly three-decade career at Disney, he has held leadership roles across the company both in the U.S. and internationally, including in finance, business strategy, marketing, creative development and operations. His past positions include President of Disneyland Resort and President of Walt Disney World Resort.

D’Amaro earned a bachelor’s degree in business administration from Georgetown University.

“I am incredibly proud to step away at a moment when Disney’s future has never been brighter,” continued Iger. “I’m confident Disney will continue to innovate and put the spirit of Walt at the heart of everything it does – from its new park in Abu Dhabi to the groundbreaking partnerships just announced with OpenAI and the NFL, to the countless upcoming creative projects that will enthrall audiences around the world. Disney has shaped who I am as a leader, and I will always be grateful to this extraordinary company and for the opportunity to lead it over all these years.”

ESPN launched today its new direct-to-consumer streaming service and a set of new features on an enhanced ESPN App, making ESPN’s full suite of 12 networks and services available directly to fans for the first time ever.

Branded as “ESPN Unlimited,” monthly subscriptions go for $29.99 per month or $299.99 annually. The sports network’s first digital service, “ESPN+” is being rebranded as “ESPN Select,” and remains at $11.99 per month or $119.99 per year. Customers can also bundle ESPN’s “Unlimited” service with Disney+ and Hulu (both with ads) for $29.99 per month for the first 12 months.

Channels on the new service include:

• ESPN, the main channel
• ABC, specifically any ESPN sports production airing on the flagship broadcaster
• ESPN2, the secondary channel
• ESPN3, digital-only games
• ESPN+, digital-only games
• ESPNU for college sports
• ESPNEWS for simulcasts, reruns and event overflow
• ESPN Deportes for Spanish-language programming
• SEC Network for the Southeastern Conference
• SEC Network+, digital-only
• ACC Network for the Atlantic Coast Conference
• ACCNX, digital-only

Cable subscribers who want to watch the new service can enter their credentials into the updated ESPN app. ESPN currently has agreements with the following pay-TV providers:

• Fubo
• Charter
• DirecTV
• Hulu
• Verizon

“This is a monumental day for all of us at ESPN, for The Walt Disney Company and, most importantly, for our fans,” said Jimmy Pitaro, Chairman, ESPN. “ESPN DTC and the ESPN App are a powerful combination marking a major turning point in how we serve sports fans – anytime, anywhere – for years to come. We’ve put a lot of hard work into this launch, with the full force of ESPN and Disney behind it, and we can’t wait for fans to experience all of ESPN in the ESPN App. The best part is, we’re just getting started. What we’re launching today will evolve with regular enhancements over time. As we have since 1979, we’ll continue to listen, adapt and innovate, with sports fans at the center of everything we do. There is no finish line.”

In addition to ESPN DTC, the enhanced ESPN App is introducing an expansive set of new features and functionality including a personalized SportsCenter For You, a vertical video carousel (currently in beta) for mobile devices, a synchronized two-screen experience for live games, and multiview options for connected TV devices.

Fans will also be able to get integrated live game stats, real-time ESPN Fantasy stats and results, live ESPN BET information, personalized in-game commerce, and more. All of these new features are available to all fans who subscribe to ESPN, whether through a traditional pay TV package or directly with an ESPN DTC subscription.

In an extensive interview on CNBC this morning, Disney President Bob Iger and Pitaro discussed the type of audience ESPN is targeting.

"The marketing is focusing on people that are on the sidelines, people who have cut the cord are people who have never subscribed in the first place,” Pitaro said. This is a really important point—we are adding value to the traditional ecosystem, the pay TV ecosystem, as a part of today's announcements."

"And what I mean by that is, if you are a subscriber to traditional paid television, whether it's charter or Comcast or direct TV, you will, through authentication within the ESPN app, get access to all of our new features and function, which is a ton of for the sports fan and a ton of value for our partners.”

Iger stressed that in launching a DTC app, ESPN is not ignoring its traditional pay-TV partners and that he doesn’t yet know what its impact will be.

“We manage our television assets as one business, not as individual businesses, meaning we don't manage linear in the linear business and the digital business separately, we manage it as one,” he said. “It's one group of executives. It's essentially one bottom line, because we want to be agnostic when it comes to how people watch or consume our product.”

Iger also pointed out that Disney is not backing away from the traditional linear TV model, which is falling out of favor with viewers who prefer on-demand.

“A number of other companies are exiting their linear business completely, meaning they're selling off the channels that serve the linear television ecosystem,” Iger said. “We're doing the opposite actually. We're combining them, which gives us the ability to aggregate both subscription fees and advertising on both sides, and essentially end up with a business that's actually larger and more impactful than it would be if we were to separate them completely.”

Initial reactions to the launch have revolved around customers being aware of all of their options in what is becoming an increasingly crowded DTC market or its programming decisions.

The Walt Disney Co. CEO Bob Iger told analysts the direct-to-consumer ESPN app often referred to as “ESPN Flagship” will be available to the linear channel’s existing pay TV subscribers.

The comment, which came during Disney’s second-quarter earnings call, was designed to reassure pay TV operators that the DTC app wouldn’t accelerate cord-cutting. Iger stressed that ESPN’s current linear subscribers will have access to all of the features of the upcoming DTC offering.

“First of all, to the last point, if you are a subscriber of linear ESPN, you will automatically get what I know we've been referring to as ESPN Flagship,” Iger told analysts. “By the way, it will not be called that. And next week, [ESPN Chairman] Jimmy Pitaro plans to reveal not only the name, but he'll also talk about our pricing strategy."

Disney will be holding its upfront on Tuesday May 13.

“The plan would be to basically be somewhat agnostic from a subscriber perspective, so that we can still do our best to preserve the multichannel ecosystem but, at the same time, obviously, want to grow our DTC business,” Iger stressed. “The difference is that the ESPN linear service will, if that's all the consumer chooses to watch, will not have the bells and whistles and those additional features that the DTC service will have. But again, we're giving the consumer the option of consuming both.”

Added Iger: “From a critical mass perspective, we have obviously an unrivaled portfolio of licensed sports on ESPN and an unrivaled portfolio of studio programming and shoulder programming, the bulk of which will be on the linear service and, of course, on Flagship. At some point, I've got to stop using that word.”

As expected, SAG-AFTRA, the largest actor’s union in Hollywood, voted Thursday to join the Writers Guild of America on the picket lines in a strike against film and TV production studios after talks to extend their contract with the Alliance of Motion Picture and Television Producers (AMPTP) beyond the June 30 deadline broke down earlier this week. 

In a press conference on Thursday, union president Fran Drescher excoriated the Alliance of Motion Picture and Television Producers (AMPTP), telling them to “wake up and smell the coffee.”

“We are being victimized by a very greedy enterprise,” she said. “At some point you have to say ‘No, we’re not going to take this anymore. You people are crazy. What are you doing? Why are you doing this?’”

“If we don’t stand tall right now, we are all going to be in jeopardy," Drescher added.  "You cannot change the business model as much as it has been changed and not expect the contract to change too. I cannot believe… how [the studios] plead poverty, that they are losing money left and right, when they give hundreds of millions to their CEOs. It is disgusting. Shame on them.”

At issue are concerns over the fact that while the explosion in streaming services over the past decade have led to an increase in programming (and opportunities), the policies that control the management and dispersion of royalties and the working conditions of writers have not caught up with the realities of the new media landscape. In addition, the threat from AI in supplementing or even replacing writers has been top of mind, especially since the rise of ChatGPT and similar generative AI platforms.

That last issue was highlighted at yesterday’s press conference when Duncan Crabtree-Ireland,  chief negotiator for SAG-AFTRA, said that talks broke down with AMPTP after the organization revealed what AMPTP described as a “groundbreaking” proposal to use AI to scan images of secondary performers so they could control the rights of their digital avatars in perpetuity without future remuneration.  

“This ‘groundbreaking’ AI proposal that they gave us yesterday, they proposed that our background performers should be able to be scanned, get one day’s pay, and their companies should own that scan, their image, their likeness and should be able to use it for the rest of eternity on any project they want, with no consent and no compensation,” Crabtree-Ireland said. “So if you think that’s a groundbreaking proposal, I suggest you think again.”

It also doesn't help when the studios give tone-deaf responses, highlighted by an interview with Disney head Bob Iger on CNBC Thursday morning, 

The strike is “very disturbing to me," he said. "We’ve talked about disruptive forces on this business and all the challenges we’re facing, the recovery from Covid, which is ongoing, it’s not completely back. This is the worst time in the world to add to that disruption.”

SAGA-AFTRA’s strike, which started at 12:01 AM Friday, along with WGA’s walkout against AMPTP two months ago, effectively shuts down all TV and film production in the U.S. and could end up of costing the industry an estimated $8 billion.

The effects will be felt worldwide, according to analyst Fred Black from Ampere Analysis, who told TV Tech sister brand TVBEurope, “The strike impacts everybody in the industry,” he says. “If you’re a camera operator, you need an actor and someone to have written their lines.

“There’s going to be a huge amount of strife for other groups [of workers] as well,” he added. “With the writers’ strike, we’ve seen some of the other workers express their support and refuse to go to work in solidarity with a writer, even though they’re not part of that union. But it’ll be a question about how far they’re willing to see that pushed.”

“We’re going to see a global effect that’s going to it’s going to hurt people all over the world,” he concluded.

NEW YORK—Speaking at the Morgan Stanley Technology, Media and Telecom Conference, Disney CEO Bob Iger noted that media companies are in a “tricky” place these days, with their traditional pay TV and linear TV businesses collapsing and their new streaming businesses still too nascent to make up for lost revenue and push them into profits. 

“There are six or seven basically well funded, aggressive streaming businesses out there, all seeking the same subscribers in many cases competing for the same content,” Iger said in a transcript of an interview at the Morgan Stanley conference produced by Seeking Alpha. “Not everybody's going to win.”

“So what we're doing right now is we own two-thirds of Hulu, and we have an agreement with Comcast that may result in us owning 100%, is that we're really studying the business very, very carefully, all those competitive dynamics with an understanding that we have a good platform in Hulu,” he continued. “We have very strong original programming, actually highly awarded original programming, some delivered by FX, which is a great not only producer but brand. And we also have a good library. So it's a solid platform, and it's also a very attractive platform for advertisers. It's already proven to be valuable for them, and advertising has proven to be valuable for us.”

“But the environment is very, very tricky right now,” he admitted. “And before we make any big decisions about our level of investment, our commitment to that business, we want to understand where it could go. The whole streaming business other than Netflix, which is relatively mature, it's a nascent business for most of us. And we're also at an interesting point in the world from a media perspective where a lot of people are still getting linear programming or consuming media on traditional platforms.”

“And while I think I've said publicly that the future of linear I don't believe is very bright and eventually, I think everything will migrate to streaming, we're not quite there yet,” Iger said. “And so, you have erosion of a traditional platform and its economics and some growth in the new platform but not the kind of compelling growth that we’ll all need to be profitable. And I think it's just a tricky period of time.”

While Iger declined to say whether Disney would sell its stake to Comcast or buy out Comcast’s minority stake for full control this year, the Disney CEO stressed that “I’m generally bullish on streaming as a great consumer proposition, as a really robust platform to deliver high quality content under easily used circumstances. And I am extremely bullish on some of our streaming prospects, notably Disney+, which grew to just such an -- at such a meteoric rate.”

In terms of the challenges streamers face in reducing profits and producing profits, Iger noted that price hikes, reducing the cost of production and advertising would play a role. 

“I think, in our zeal to grow global subs, I think we were off in terms of that pricing strategy,” he said. “And we're now starting to learn more about it, and to adjust accordingly. And when you think about streaming in general, it's a consumer delight in the sense that we used to talk often when it came to linear programming about à la carte, it’s the ultimate à la carte proposition for the consumer. And while I'm pro consumer, generally, I think we have to take a look at how easy it is for the consumer to not just sign on, but sign on sometimes under promotional circumstances where it's not only less expensive, in some cases, it's free, and the signing you get for three months, you get one month free, watch all you want in a month, so sign off that and go to another one that's doing the same thing. So, I think we have a lot of rationalization to do from a pricing perspective. But, that's one path to profitability, another is we do have to grow subs. A third is basically coming to grips with rising costs of production, and also figuring out just how much volume we need for that platform.”

“The other thing I didn't mention in terms of path to profitability is advertising, which is also still very new on that platform,” Iger added later. “And when you think about a relatively reduced ad load, the purity of those brands and the specificity of that audience and an audience is not only very engaged, but loyal, it's an advertiser's delight. And that's very new for us.”

BURBANK, Calif.—The Walt Disney Co. announced Sunday that it has appointed Robert Iger as its CEO for the next two years, replacing Bob Chapek, effective immediately. Iger, who spent more than four decades at Disney, including 15 years as its CEO, before being replaced by Chapek in 2020, has agreed to serve for two years, with a mandate from the Board “to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term,” the company said. 

Although Disney earlier this month reported that its Disney+ streaming service is now the leader in number of subscribers worldwide with more than 164 million, the service, which launched in 2019 to great fanfare, has yet to turn a profit, losing $1.5 billion in its most recent quarter alone. The company expects its DTC streaming division, which also includes ESPN+ and Hulu, to be profitable by 2024 and is launching an ad-supported version of Disney+ next month, announcing last week that it had already lined up more than 100 advertisers. 

During Iger’s tenure from 2005 to 2020, he led the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and increased the company’s market capitalization fivefold during his time as CEO. He stepped down as Executive Chairman of the board a year ago.

Disney’s stock jumped on the announcement and analyst Steve Cahill noted that Iger’s return was a positive development for the company.

“While Chapek's departure is not a surprise due to recent turmoil and the stock's decline, Iger's resurgence is a positive surprise. Iger will be viewed as a catalyst to improve the content aspects of Disney, and we expect bigger potential strategic changes around the long-term shape of DTC," Cahall said. "While the announcement doesn't solve all of Disney's problems, we think investors will embrace it as it puts perhaps the best leader in Media at the helm with a mandate to shake things up." 

MoffettNathanson analyst Michael Nathanson responded to Iger’s return, saying “the magic is back.” Nathanson added that he had never fully had confidence that Chapek would be successful after taking over the helm during the early days of the pandemic. 

“With limited experience on the media side of Disney, Mr. Chapek had done an expert job in managing Disney’s parks through the challenges created by the COVID-19 pandemic, but he appeared anchored to the streaming strategy laid out in the December 2020 Investor Day which had created, we felt, unrealistically high subscriber targets without a grasp for the underlying return on investment,” he said after the announcement.

Disney thanked Chapek for his service but noted that Iger will help guide the company through challenging times ahead with the potential of a global recession—which has already impacted DTC streaming subscription levels—prompting Netflix, Disney+’s chief rival, to crack down on password sharing and launch a competing ad-supported tier.

“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”

“Mr. Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide–all of which will allow for a seamless transition of leadership,” she said.

“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Mr. Iger said. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”

BURBANK, Calif.—This week’s news that Bob Chapek has been named Chief Executive Officer of The Walt Disney Company following former CEO Robert Iger’s decision to step down after 15 years took many by surprise, but did nothing to disrupt the confidence analysts have placed in the entertainment juggernaut.

“I was surprised by the timing of it, but I wasn’t shocked,” said Steve Nason, research director at Parks Associates. “The average CEO lifespan is five to seven years, so he was in that position for a relatively long time.”

With the company reporting “large, aggressive numbers” during its latest earnings call driven largely by Disney+, Hulu and ESPN+ subscriptions, Iger had the opportunity to step down as CEO on a high note, he said.

“Obviously, they were able to tout these really large numbers due to the bundle of those three services, and also because of the relatively low price of Disney+ compared to competitors and its library of content. So he was really able to go out with a feather in his cap,” said Nason.

Morningstar is maintaining its fair value estimate of $141 per share on Disney despite the leadership move. However, the timing of the change was a surprise for the statistical rating service.

In a note to investors, Morningstar CFA Neil Macker said competition for the CEO spot between Chapek and Kevin Mayer, head of the direct-to-consumer and international segment, was expected to last at least till the end of the year.

“Despite the timing surprise, we believe that Chapek will continue to run the Iger playbook at least over the near term as Iger focuses on the creative direction of Disney,” he wrote. 

Parks’ Nason agrees. “On the entertainment services side of it, I think they will continue to be in an acquisition mode, and I am sure he [Chapek] will be involved with that in terms of the strategic direction of acquiring different content pieces to bring under the Disney umbrella,” he said.

Chapek, who most recently was chairman of Disney Parks, Experiences and Products, will oversee each of the company’s business segments and corporate functions and report directly to Iger and the company’s board of directors, according to Disney.

Speaking with Jenny Priestley of sister publication TVBEurope, Alice Enders, head of research at Enders Analysis, said she too was surprised and “a bit gobsmacked by his departure after no warning at all.”

Despite the change, Disney’s future looks bright, she said. “The company has a trio of assets derived from its IP to exploit [Lucasfilm, Pixar and Marvel (updated)], a brand new story to tell shareholders in Disney+, and its acquisitions have stuffed the company with loads of talent,” she is quoted as saying.   

Iger, whose contract with the company runs through Dec. 31, 2021, will direct Disney’s creative endeavors and lead the board of directors as executive chairman. 

In a statement announcing his departure as CEO, Iger attributed the timing of his decision to “the successful launch of Disney’s direct-to-consumer businesses” and the fact that the integration of Twenty-First Century Fox is “well underway,” making now “the optimal time to transition to a new CEO.” 

Iger has set a high bar for Chapek, or anyone else, to shoot for, said Nason. 

“During his career, he’s had enormous accomplishments,” he said. “On the entertainment services side [there’s] the acquisition of Pixar, LucasFilms, Marvel, Twentieth Century Fox—just incredible acquisitions—that have added to the breadth of content they are able to offer.”

“Then obviously they have launched ESPN+ in the last year or so. They took over full ownership of Hulu recently. Just massive, massive success stories. For him, it was the perfect time to step away and be involved in the board in some other way,” said Nason.

BURBANK, Calif.—In less than three months since its initial launch on Nov. 12, 2019, Disney Chairman and CEO Bob Iger revealed that the Disney+ streaming service has 28.6 million subscribers as of Feb. 3.

The Disney+ streaming service was created as the new streaming home for classic Disney, Marvel, National Geographic and Star Wars content, as well as new original programming, like the popular Star Wars spin-off “The Mandalorian.”

Currently, Disney+ is available in the U.S., Canada, Puerto Rico, Australia, New Zealand and the Netherlands. It is slated to expand to markets across Western Europe—the U.K., Ireland, France, Germany, Italy, Spain. Austria and Switzerland—on March 24 and in India on March 29; additional Western European markets will add the service in summer 2020. Expansion into Latin America is expected in 2021.

“We believe the subscriber growth to date and the overall reaction to Disney+ reflects a variety of factors that includes the uniqueness of the service, an excellent user interface and the high quality of our brands and content,” said Iger during an earnings call. Iger said that the success of Disney+ exceeded the company’s expectations.

Part of Disney+’s strategy with its launch was to also provide Disney+ for free to new Verizon customers for a year, as well as traditional free trials. Iger also noted that conversions of free to pay subscribers and churn were better than the company initially predicted.

Iger also took time to during the call to announce premiere dates for new original programming, including Marvel’s “The Falcon and the Winter Soldier” (August) and “WandaVision” (December), as well as the second season of “The Mandalorian” (October).

Disney also released subscriber information for its other streaming platforms, Hulu and ESPN+. As of Feb. 3, Hulu had 30.7 million subscribers and ESPN+ had 7.6 million.

The Walt Disney Co. said that its upcoming Disney+ streaming service will be advertising free when it launches on Nov. 12.

The price is being set at $6.99 a month and $69.99 a year, undercutting Netflix, the leading streaming service that Disney is looking to compete with.

The company said it expects to have between 60 million and 90 million subscribers worldwide, with one-third of those subscribers coming from the U.S. with the rest in international markets.

With cash spending of more than $1 billion on original content planned for 2020, rising to the mid-$2 billion range, Disney+ will have operational losses. It is expected to turn profitable in 2024, said Disney CFO Christine McCarthy.

Disney+ will feature content from National Geographic Channel, one of the businesses acquired when Disney bought 21st Century Fox assets for $71 billion.

The service will also be the exclusive streaming home of The Simpsons, the long-running Fox Broadcast series.

Disney on Thursday held an investor day on a sound stage at its Burbank studios to lay out its direct to consumer strategy which, in addition to Disney+, includes Hulu (Disney now owns 60% of the streaming service), ESPN+ and Hotstar in India.

Those products are being offered separately for now, but a lower priced bundle featuring all of the products is likely to be introduced in the near future, executives said.

Disney CEO Bob Iger said the presentation, kicked off with a 15 minute video showing the breadth of Disney’s content, was designed to give investors “a strong sense of what we can do and what we’re building from.”

While Iger said the entertainment industry was going through a challenging time, with an extraordinary pace of change, deciding on a strategy to deal with it was not difficult.

“The best approach was to focus on … creating great content and distributing it in innovative ways," he said. "It’s that simple.”

Iger said that strategy would enable the 96-year-old company to “thrive and grow and be more relevant than ever as we enter our second century.”

Kevin Mayer, who is in charge of Disney’s Direct-to-Consumer and International Division, noted that the explosive growth in the number of people with connectivity to stream high-quality video was leading to a 37% increase in video subscriptions.

Content consumption was also going up at a 50% rate, expected to hit 1.2 billion hours per day in 2020.

While the streaming business is growing, it is also becoming more crowded, and in a crowded market, brands matter. “We have the brands that matter most to consumers when it comes to great entertainment,” he said.

Mayer said that Disney+ is “obviously a global product” that was expected to be rolled out everywhere.

ESPN+, which was launched a year ago, now has 2 million subscribers. Mayer said it could soon be launched in Latin America.

Mayer also said Disney was “actively evaluating” an international rollout for Hulu.