Disney+ needs a new series like Stranger Things, not just more of The Mandalorian. The first year of Disney+ has been a tremendous success, and CEO Bob Chapek recently revealed it has broken over 86.8 million subscribers worldwide. This is all the more impressive given analysts had originally expected Disney+ to reach just 50 million subscribers by 2022; instead, the House of Mouse has set itself an ambitious target of hitting 260 million subscribers by 2024. It's an ambitious target, but it should be feasible given international rollout is still in its early stages.
Any streaming service is only as good as its original content, which is essential for driving subscriptions and retention. Disney appear to understand this, because at their Investor Day on December 10 they announced an ambitious slate of 61 films and TV shows, most of them for Disney+. The highlight of the Investor Day was a stunning number of original Star Wars and MCU shows, clearly aiming to build on the success of The Mandalorian.
The problem is, however, that Disney+ doesn't just need more of the same. This was confirmed back in November, when data analytics company Antenna Analytics revealed The Mandalorian hadn't been the biggest hit for Disney+ in the US 2020; instead, it was Hamilton. While there were upticks in subscriptions associated with all content drops — notably the early windows for Frozen 2 and Onward, as well as The Mandalorian season 2 — Hamilton increased signups by a whopping 641 percent. There are actually significant implications to this data, which suggests the bulk of Disney+ content is reaching the same kind of target audience. Unfortunately, while the slate of Star Wars and MCU content announced at the Investor Day is exciting, in truth it will simply be more of the same.
Disney can't simply depend on Star Wars and the MCU, franchises that already have their own pronounced cultural footprints; they need something new, something that breaks out beyond these pre-existing franchises and establishes a cultural presence all of its own. In short, where Disney has commissioned more of The Mandalorian, but they need something more like Netflix's Stranger Things. This would allow Disney+ to reach beyond their current demographic and continue to expand in markets where the streaming service is already established. The current lack of such a property is indicated by the fact 30 percent of people who signed up for Hamilton had canceled their subscriptions within 30 days. Disney+ clearly didn't have enough of the right content to retain them.
Disney+ is already the third-largest streaming service in the US, behind Netflix and Hulu. But if it is to continue to grow, then Disney will need to commission different types of content rather than just more of the same. There were hints Disney understand this, announcing the launch of a new Star tier containing mature content in international territories. If they are to continue to grow in the domestic US market as well, then they will need to do the same in the US, creating an opportunity for something with the cultural significance of Stranger Things.