Disney stock reaches new high after major film and TV announcements

Disney just detailed a massive slate of new projects headed to theaters and streaming, sending its stock climbing to new heights.

The company on Thursday held a key presentation for investors that ran through upcoming films and television shows in the works from franchises like Marvel and Star Wars, many of which will be originals to its streaming service, Disney+. Clearly, the presentation went over well with investors, as by Friday morning, Disney shares had risen 13 percent to reach a new high, CNN reports. Disney's market cap also surpassed $300 billion for the first time, according to The Wrap. And CNN notes the company's stock is up almost 20 percent in 2020, despite losing billions of dollars amid its theme parks being closed.

"If Disney's investor day was designed to please investors, I'd say that strategy worked," CNN's Frank Pallotta observed.

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Disney during the presentation revealed that in the coming years, its streaming service will see the release of 10 Star Wars and 10 Marvel shows, including spinoffs of the hit series The Mandalorian, not to mention 15 Disney live-action and animated shows and 15 live-action and animated films.

In the wake of the bombshell decision from Warner Bros. to debut its movies in theaters and streaming simultaneously, Disney made clear it's still committed to movie theaters. Marvel said the upcoming blockbuster Black Widow remains set for theatrical release this May, while a new Star Wars feature film from Patty Jenkins called Rogue Squadron, and a new Marvel Fantastic Four movie, were among the new film projects unveiled.

Still, the importance of Disney+ to the company's future was heavily emphasized throughout the presentation, and Disney said it now expects to have between 230 million and 260 million Disney+ subscribers by 2024. Its previous subscriber goal for 2024 was between 60 million and 90 million — and just over a year after launching, it's already at 86 million.