Photo: Disney

The Walt Disney Company said Wednesday that its new streaming service Disney+ had 10 million sign-ups since it launched Tuesday at midnight.

Why it matters: Disney wouldn't release the number if the company didn't think it represented a major milestone. Disney told investors in the spring that it hopes to reach 60 million to 90 million subscribers by 2024.

Yes, but: The number is also notable, considering the service launched with a few hiccups. Early reports on Tuesday suggested the technology for Disney+ began crashing on launch day.

The big picture: Analysts anticipated strong consumer interest prior to the launch of the new service.

  • Polling suggests that consumers were interested in the service at launch because of the access to Disney's movie catalog, as well as its new show, "The Mandalorian."

Our thought bubble: Disney threw a ton of marketing dollars behind its launch. What will be telling is if it can continue to grow sign-ups over time as other rival streaming services launch with new programming.

What's next: Moving forward, Disney says it doesn't plan to release Disney+ subscriber data outside of the company's quarterly earnings calls.

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Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Quibi, the mobile-only video subscription streaming service, is shutting down, the company announced Wednesday. The company said the decision was made to preserve shareholder equity.

Why it matters: Quibi had struggled to hit its subscriber growth targets amid the global pandemic. The app launched six months ago.

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