Shares of Netflix, Roku, and Disney fell sharply on Tuesday, after Apple announced its long-awaited Apple TV+ subscription service would cost just $4.99 per month.
Both Netflix and Disney saw their stocks tumble. The latter’s upcoming streaming platform is priced at $6.99, while Netflix’s runs from $8.99 up to $15.99. Netflix ended the session down over 2% around $288, while Disney also shed more than 2% to $136. Meanwhile, streaming content provider Roku swooned by around 11% on the TV+ news.
Wedbush analyst Dan Ives called the platform’s pricing “a major shot across the bow” at competitors, including Netflix and Disney. Wall Street “was anticipating a $7.99-$9.99 price point as clearly Cupertino is looking for market share coming out of the gates with these surprising price points that we loudly applaud,” he added.
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