The Walt Disney Company plans to raise the price of its popular Disney streaming service by 38% to boost income for its web operations, which are currently losing money.
Disney, a streaming service offered by The Walt Disney Company, has now surpassed Netflix in terms of overall members for the first time.
The third quarter of the US-based international media and entertainment conglomerate's fiscal year, which runs from April to June this year, saw a 14.4 million subscriber increase for Disney.
The firm stated in its financial results statement, which was made public late on Wednesday, that "we now have 221 million total subscriptions across all streaming products."
In contrast, Netflix's financial results report, which was made public on July 19, revealed that during April and June this year, it had 220.6 million paying global streaming subscribers.
The first decline in users for Netflix since October 2011 occurred during the first three months of the year when 200,000 customers left.
Additionally, it lost one million customers in the second quarter of this year, which was less than the two million subscribers it had anticipated losing.
Disney is now the largest streaming service provider in the world in terms of customers, making history as the first streaming service to exceed Netflix in total subscribers.
subscription costs have increased by 38%
The Walt Disney Company has also disclosed a 38 percent price increase for its popular Disney streaming service to boost sales for its web operations, which are currently losing money.
Starting in December, ad-free Disney subscriptions in the US will cost $10.99 per month or $109.99 per year, up from the existing price of $7.99 per month.
All of the subscribers to Disney-owned Hulu will also see price increases.
The monthly or annual cost of the ad-supported tier, which is now $6.99, will increase to $7.99.
The business also announced plans to introduce an ad-supported version of its primary streaming service.
The Walt Disney Company's CEO, Bob Chapek, said: "We had a fantastic quarter, with our world-class creative and business teams fueling outstanding success at our domestic theme parks, strong audience growth at our streaming services, and big increases in live-sports watching."