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Disney tops Netflix on streaming subscribers

STORY: Walt Disney has now edged past Netflix in the streaming wars with a total of 221 million subscribers.

But with that news - the media giant also announced that it will raise the monthly cost of it’s Disney+ platform without advertising by 38% to $10.99 in December - while the ad-supported version will be offered for $7.99.

Prices for Hulu will rise by $1 to $2 per month in December depending on the plan.

Disney in 2017 staked its future on building a streaming service to rival Netflix as audiences moved to online viewing from traditional cable and broadcast television - and five years later the company is starting to see the fruits of its labor.

Combined with Hulu and ESPN+, Disney said it had more than 221 million streaming subscribers at the end of the June quarter.

Compared to Netflix who said it had almost 221 million.

Disney's overall revenue rose 26% from a year earlier to $21.5 billion, ahead of the analyst consensus of $20.96 billion.

Shares of Disney rose in after-hours trading.