Published: Tue, October 22, 2019
Electronics | By Kelly Massey

Netflix shares drop after Verizon reveals Disney streaming promotion

Netflix shares drop after Verizon reveals Disney streaming promotion

The smartphone wars meet the streaming wars.

Verizon and Disney are taking a page out of Apple's playbook by giving away for free a year's worth of the video service, to quickly build a subscriber base.

Netflix shares sank more than 3 percent Tuesday, after Verizon said it will offer unlimited wireless and broadband customers a free one-year subscription to Walt Disney's soon-to-be-launched streaming service Disney+.

When Disney+ launches on November 12th, Verizon will become the exclusive wireless partner for the service, which means you won't find a similar deal from any other carrier.

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Subscription overload: So many subscriptions. Twelve months of Disney+ will also be extended to all existing and new 4G LTE and 5G unlimited wireless customers.

Verizon announced this morning that it's customers are about to receive the perk of the year. Though details haven't been fully spelled out, customers who want to hold onto Disney after the 12 free months will presumably have to pay regular subscription fees, now $6.99 a month or $69.99 a year.

"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", said Verizon Chairman and CEO Hans Vestberg.

The Disney+ launch will come almost two weeks after Apple's own Apple+ streaming service kicks off on November 1. T-Mobile customers have gotten a year of Netflix. Comcast says its upcoming Peacock service will be free for cable customers.

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