Disney+ video service launches in Hong Kong as stock price continues to tumble

Disney+, the on-demand video streaming platform from the Walt Disney Company, landed in Hong Kong today, bringing a series of film and TV shows from Disney, Pixar, Marvel, Star Wars, National Geographic and Star to Hong Kong audiences.

Disney stock dropped nearly 11% this week to US$158.43, five consecutive days of losses after its 2021 earnings release.

Disney+ has accumulated 116 million subscribers in less than two years since it launched. But subscriber growth has stalled in North America. The company hopes the Asia-Pacific market will lift subscriptions, according to the company’s third-quarter financial report.

The streaming platform also launched in South Korea and Taiwan this month, with previous moves into Asia-Pacific, including Australia, New Zealand, Japan, Singapore, India, Malaysia, Indonesia and Thailand.

The platform will offer access to more than 1,200 films and 16,000 TV series, with Cantonese dubbing and subtitles designed for Hong Kong audiences for a monthly or annual fee.

The platform includes Disney movies such as Shang-Chi and the Legend of the Ten Rings, the first Asian superhero movie in the Marvel series.

"I have to get one if I want to watch its series. However, if I want to watch a Netflix series, I can borrow a Netflix membership from my friends,” said Wang Shinuo, 20, living in Hong Kong and who plans to buy a subscription.

Hong Kong already has multiple video streaming platforms including on-demand services from US companies HBO, Amazon, Apple TV and Netflix.

“One advantage of Disney+ is that it is more suitable for children and the whole family to watch,” said Li Yanzhi, professor and head of the Department of Marketing at the City University of Hong Kong.

He said each streaming platform has its own characteristics, including more diverse content on Netflix, such as Hong Kong, Korean and Japanese movies and TV series. HBO has more American series, he said.

"However, these streaming media platforms will imitate and learn from each other, and they will become more and more similar over time," said Li.