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Photo: Disney

Disney+, the company's streaming service, officially launched Tuesday in the U.S., Canada, and The Netherlands.

Why it matters: The service will be the flagship product to define the career of Disney CEO Bob Iger. On an earnings call last week, Iger called the launch "one of our most ambitious initiatives to-date."

What's new: For $6.99 per month, subscribers will have access to nearly 500 films and 7,500 episodes of television from Disney, Pixar, Marvel, Star Wars and National Geographic.

  • As part of the launch, the service also premiered its first original series,"The Mandalorian," a live-action Star Wars series.
  • In a statement, Disney said that most new episodes of each series will premiere on Fridays at 12:01 a.m. PT.
  • This is notable because it reinforces that Disney will roll out new series weekly — unlike Netflix's binge model.

Subscribers will also get access to Disney's entire collection of animated films — including Pixar — and many of Disney and Fox's most successful box office films, like the Marvel and Star Wars series

  • Hundreds of episodes of TV hits will also be available, including all episodes of "The Simpsons," over 400 hours of content from National Geographic, and thousands of episodes from the Disney Channel and Disney Junior.
  • Disney+ will also be a part of a $12.99 bundle that will feature a combination of Disney+, ESPN+ and Hulu with ads.

Our thought bubble: Disney is most competitive thanks to its content offerings and competitive pricing, costing less than Netflix and Amazon Prime — and its bundled service costs the same as Netflix's most popular subscription tier.

Expand chart
Data: Axios research; Chart: Axios Visuals

The big picture: Disney's entrance into the streaming wars will be the start to a long push by traditional content companies to oust Netflix as the top streaming company.

  • Netflix is one of the few companies left in the streaming wars that's investing in content to sell more content. Most of the other streamers are using streaming to sell other stuff — like merchandise, phones, or internet plans.
  • AT&T will use streaming to sell more wireless plans, while Amazon uses its service to increase its Amazon Prime subscriptions.
  • In Disney's case, the company will use streaming to even further popularize its biggest franchises, so that it can sell more tickets to cruises, theme parks and merchandise.

The bottom line: Disney+ will determine Disney's fate in the entertainment landscape for generations to come — just don't expect it to be all about streaming.

Go deeper: Disney strikes key deal with Amazon ahead of Disney+ launch

Go deeper

In photos: Life slowly returning to normal as restrictions lift across U.S.

Fireworks near the Statue of Liberty in New York City marking the end of New York State's pandemic restrictions in New York State and honoring frontline workers. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

New Yorkers and Californians celebrated most COVID-19 restrictions lifting on Tuesday, as the two states became the latest to move toward fully reopening their economies.

The big picture: The pandemic has now claimed over 600,000 lives in the U.S., but vaccines have helped drive down the seven-day average to roughly 14,000 new cases and fewer than 400 deaths per day, helping most states to ease restrictions.

China's government issues warning after sending 28 planes over Taiwan

A J-11B fighter aircraft from China's air force flying over the Dafangshen airport in Changchun, China. Photo: STR/AFP via Getty Images

China's government issued a warning to "foreign forces" after Taiwan reported a record 28 Chinese military planes flew over the self-governed island's airspace Tuesday, per Reuters.

Why it matters: The warning and deployment of aircraft including fighter jets and bombers comes after G7 leaders issued a statement Sunday urging the Chinese government to respect human rights and calling on peace and "stability across the Taiwan Strait."

Southern Baptists reject push from right to elect Ed Litton as president

Photo: Win McNamee/Getty Images

The Southern Baptist Convention (SBC) rejected a push from the right in a divisive vote on Tuesday, electing a president who has prioritized racial reconciliation and approving a measure that rejects any view of racism as "anything other than sin," AP reports.

Why it matters: Ed Litton, as the new SBC president, will have the power to determine committee appointments, which can set the tone for the country's largest Protestant denomination. The SBC is comprised of 14 million members.