Disney shares fall 8% on surprise drop in streaming subscribers

Decline set to erase about €13.7bn from company's market value after at least 10 analysts lowered price targets on the stock

The company plans to raise the price of the ad-free Disney+ service again this year.

Shares in Walt Disney fell more than 8% as a surprise drop in streaming subscribers fanned worries that the media and entertainment company's success in stemming losses at the business may be coming at the cost of growth.

The decline was set to erase about $15bn (€13.7bn) from the market value of the company after at least 10 analysts lowered their price targets on the stock. Shares of rivals Warner Bros Discovery and Paramount Global fell over 2%.