Netflix‘s stock market value has skyrocketed to a record USD 153 billion on Thursday, surpassing Walt Disney Co for the first time, making it the world’s most valuable entertainment company, following digitization and a path-breaking shift by viewers away from cinemas and cable television.
Netflix with series of programs and originals has around 125 million global subscribers.
Netflix‘s stock has surged 80 percent so far in 2018.
Since Netflix‘s initial public offer in 2002, when it was a mail-order DVD service, its shares have increased by nearly 33,000 percent. It has also become a must-own stock for Wall Street investors, alongside Apple, Amazon.com, Alphabet and Facebook.
Netflix‘s stock on Thursday was up 2.3 percent at USD 352.90
Disney has lost 5 percent over the past year as it and other one-time entertainment industry leaders struggle to adapt to the shift by global viewers to online video. It owns some of the most valuable entertainment brands in the world, including Marvel, Pixar Animation and “Star Wars.” It also operates popular theme parks on three continents and has offered to buy more assets from Twenty-First Century Fox for USD 52 billion.
With a stock market value of USD152 billion on Thursday, Disney is also planning to start its own streaming service for families, and it has said it will stop supplying new movies to Netflix starting next year.
(With Inputs from Reuters)