In the company's fourth-quarter letter to shareholders, management was candid about new competitors.
Management expects first-quarter net additions of 7 million, below the Street's consensus estimate of 8.5 million and less than the 9.6 million subscribers the company added in the first quarter last year.
That said, there's reason to believe the impact of Disney Plus will be more muted in the first quarter. The new streaming service had an, but investors should expect growth to slow this quarter. Disney Plus had very high brand awareness before its launch, and its product is easily understood – access to Disney's most well-known franchises. Naturally, many subscribers signed up quickly.
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