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Netflix loses 1.1 million US subscribers to Disney Plus

Expects Netflix to hit or exceed Q4 forecast of 7.6 million subscriber additions

Netflix lost 1.1 million subscribers in the United States to Disney Plus in November, according to analyists Cowen & Co.

The company estimated that Netflix could see churn of approximately 1.6 million subscribers during Q4 2019 as Disney Plus and Apple TV+ amass new customers.

The firm still expects Netflix to gain new subscribers as it loses old ones, allowing it to hit or exceed its fourth quarter forecast of 7.6 million subscriber additions.

Cowen & Co. found that 21 per cent of US consumers had signed up for Disney Plus, indicating that the service had gained 24 million subscribers, 80 per cent of which were dual subscribers overlapping with Netflix.

Netflix previously addressed competition from the new streamers: “In our view, the likely outcome from the launch of these new services will be to accelerate the shift from linear TV to on-demand consumption of entertainment.”