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Hours after Verizon announced that it will offer its customers a year of free streaming of Disney+, shares of streaming giant Netflix dropped nearly 3.5 percent. Verizon will become the exclusive streaming partner to offer a 12-month free Disney+ to all its new and existing Verizon wireless unlimited customers and new Fios broadband and 5G home wireless internet customers.

Verizon customers will be able to avail of the offer from November 12, the launch date for the streaming service. The subscription for the new streaming service will jump to $6.99 once the promotional period is over. However, in order to continue to avail the offer, customers must enrol in Unlimited before June 1,2020. Disney+ includes new and existing movies and TV shows from Marvel, Pixar, Disney, Star Wars and others. Disney also owns Fox TV shows such as The Simpsons and Malcolm in the Middle. Moreover, the company is also developing a new series based on its Marvel and Star Wars properties.

Verizon service will be available on iOS, Android, Roku, Xbox and PS4 it also allows customers to download videos to watch offline. With this announcement, Disney+ is entering the crowded streaming market that includes Amazon Prime Video, Netflix, HBO Max and Apple TV+.

As per reports, shares in Netflix, which fell about 15 percent in 2019 to date, slipped about $270 a share while Disney's shares rose nearly 2 percent to $132.50.

Verizon CEO Hans Vestberg was quoted saying: "Giving Verizon customers an unprecedented offer and access to Disney+ on the platform of their choice is yet another example of our commitment to provide the best premium content available through key partnerships on behalf of our customers."

Verizon
Reuters

While Kevin Mayer, chairman of Disney's Direct-to-customer and International Unit said: "The launch of Disney+ kicks off a new era of streaming for The Walt Disney Company, bringing nearly a century's worth of content from our iconic studios to consumers directly."

Similar to Disney's deal with Verizon, Apple is also offering its streaming service Apple TV+, which launches early next month. Apple will give a year of free Apple TV+ to its customers who buy a new Apple product including an iPhone, iPad or Mac.