Disney's offering is one of many online film and TV options coming from entertainment and tech companies, with more in the works.
At an investor meeting, Iger said the studio will produce four to five original films and four to five original TV series for exclusive use on the new, ad-free app, according to The Hollywood Reporter.
The Dow Jones Industrial Average was trading in negative territory Thursday afternoon, with shares of Walt Disney Co., proving the biggest drag on the benchmark after its CEO issued an earnings warning. The development came amid negotiations between Disney and Netflix over the streaming rights to Marvel and Lucasfilm titles.
Iger's pronouncement settles a question that had hovered for a month, since Disney announced that it would launch a sports streaming service next year and a family-friendly streaming service by 2019. "ESPN and Disney are two of them". Since Disney's service won't launch for roughly two years, they have not yet announced the full specifications of their service, or how much it will cost. The Disney-specific streaming service was only one of its projects, however - there was also news of an ESPN streaming service to be launched by the company in early 2018.
However, Netflix has said that it plans to continue its partnership with Marvel Television on creating original series. "We've now decided we will put the Marvel and Star Wars movies on this app as well", Iger told attendees.
Disney is to pull all of its movies from Netflix and start its own streaming service in 2019, it has been revealed.
Mr. Iger also said Thursday that Disney is feeling some financial impact from Hurricane Irma.