Disney+ is raising its monthly subscription price to $7.99 a month, a $1 increase. The new price will go into effect March 26, 2021.
With the price hike, subscribers will pay $79.99 per year. Disney is also raising the price of the Disney Bundle -- which has Disney+, Hulu, and ESPN Plus -- to $13.99 a month (also a $1 increase).
Since launching in November 2019, Disney+ has amassed a whopping 86.8 million subscribers. During a four-hour presentation for investors on Thursday, Disney said it’s putting a lot of money into new content and needs to raise prices for subscribers as a result.
As many as 20 new Marvel and Star Wars series and more than two dozen Disney and Pixar movies or series are headed straight to Disney+, according to the company. Disney+ will be the first to receive movies like “Pinocchio,” starring Tom Hanks and directed by Robert Zemeckis, and “Peter Pan and Wendy,” starring Jude Law (both of which are still in production).
The price increase comes a little over a month after fellow streaming giant Netflix raised the prices of its standard and premium subscription plans. At the time, Netflix’s COO and chief product officer Greg Peters said Netflix will “occasionally go back and ask [customers] to pay a little bit more to keep that virtuous cycle of investment and value creation going.”