Walt Disney Co. and Microsoft have announced a new partnership: the companies are set to launch "Disney Movies Anywhere," an on-demand video streaming service, for the Xbox 360 and Windows platforms.
The new service will have a Sept. 15 release date, Bidness ETC reports. This is the same day Walt Disney's "Cinderella" film will be made available on DVD.
"As consumers seek to build their digital libraries and protect their purchases for the long term, Disney Movies Anywhere makes it easier than ever to buy once and watch anywhere," President of Disney and ABC Home Entertainment Janice Marinelli said in a statement, according to the site.
The announcement of "Disney Movies Anywhere" comes days after the company announced a two-percent drop in shares. Earlier this summer, shares of the company eight percent, given unfavorable third-quarter results.
The multinational mass media conglomerate's revenue was unable to reach analyst estimates for that period. Walt Disney made $13.1 billion in revenue, trailing behind the projected $13.2 billion total, USA Today reports.
Despite this loss, the company's leadership expects profits to increase as changes will soon be introduced into the Walt Disney's marketing model.
"The reduced subscriber growth is an ongoing industry trend," Jefferies analyst wrote of their loss, the newspaper also reports.
"However, with ESPN's largely fixed programming slate (i.e., sports rights), the impact on (earnings before interest and taxes) will be slightly more pronounced vs. peers."
As part of its fundraising efforts, Walt Disney Co. is introducing new toy merchandise ahead of the upcoming "Star Wars: The Force Awakens" film set for a Dec. 18 release.
Company officials hosted a "Force Friday" event on Sept. 3, where toy products related to the movie were showcased. The event took place in 15 cities and 12 countries over a span of 18 hours.
The event was designed to promote the movie's characters.
"Star Wars toys have always played an important role in how our fans interact with the saga," Lucasfilm President Kathleen Kennedy writes in a press release.
"They've inspired multiple generations to relive the experience of the movies and to create new adventures all their own. These spectacular Star Wars: The Force Awakens products will continue that tradition."
Shares of Walt Disney Co. dropped eight percent earlier this month following the release of its unfavorable third-quarter results.
