"We're pleased with our results in the quarter, including a double-digit increase in earnings per share, and excited about the opportunities ahead for continued growth", Disney CEO and chairman Bob Iger said in a statement.
"We have the luxury of programming this product with programs from (Disney) brands... or derived from those brands, which obviously creates a demand and gives us the ability to not be in the volume, but be in the quality game", Iger said. The price will reflect this smaller catalog, and Iger said it will likely be cheaper than Netflix initially.
Iger also said that there was no plan to merge or bundle together this new service with Hulu or its sports streaming service ESPN+.
In the works for the Disney service are a live-action "Star Wars" series, new episodes of the animated "Star Wars" series "Clone Wars", a live-action version of "Lady and the Tramp", and new series related to the "High School Musical" and "Monsters Inc." movies.
Disney exec Ricky Strauss is in charge of the new streaming service, as president of content and marketing. Apparently there are only three more Marvel movies (all 2018 releases) heading to Netflix: Black Panther, Avengers: Infinity War, and Ant-Man and the Wasp. But, reports Variety, Iger confirmed earlier reports that Disney is targeting a launch sometime in 2019, and is aiming to undercut Netflix in cost. Now a new article in the New York Times reveals that the ten-episode first season of the Favreau Star Wars series will have a combined budget of $100 million, making each episode roughly $10 million a piece.More news: Saudi Arabia's expulsion of Canada ambassador sends pointed message
Net attributable income rose 23% to $2.92bn (£2.25bn), or $1.95 per share, in the period ended 30 June, from $2.37bn (£1.83bn), or $1.51 per share, a year ago. Disney's television networks also saw gains, including at ESPN, despite the higher National Basketball Association costs and lower advertising revenue.
Total revenue rose 7% to $15.23bn, driven by box office successes as well as theme parks and resort visits, but missed analysts' $15.34bn forecast.
That is unless he was one of Thanos' victims who also vanished into dust.
Disney shares have risen slightly more than 8 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 7 percent.