The House of Mouse will end a major deal with Netflix in the US...
Disney has announced it will launch its own streaming service in 2019.
The launch of the new service will see the entertainment giant end a distribution deal with Netflix in the US for its blockbuster movies.
Currently, Netflix in the US exclusively hosts major Disney films after their cinema release, in a deal that will continue through 2018. A similar deal is not in place for Netflix Ireland, which only has a small selection of Disney films.
Disney now says their new service will become the "exclusive home in the US for subscription-video-on-demand viewing" of major releases from Disney and Pixar.
Upcoming films set to appear on the new service after their cinema releases include Toy Story 4, the live-action version of The Lion King, and Frozen 2.
However, it's not yet clear how Disney's other major franchises - including Marvel films and the Star Wars franchise - will be impacted, and whether it will launch internationally.
Netflix broadcasts a number of original Marvel TV shows - including Daredevil and Jessica Jones - around the world, and a spokesperson for Netflix told The Irish Times that their "ongoing relationship with Marvel TV" will continue.
The new Disney service will also host original content, including films, TV shows and 'short-form content'.
The company explained: "Additionally, the service will feature a vast collection of library content, including Disney and Pixar movies and Disney Channel, Disney Junior and Disney XD television programming."
The announcement comes as the company acquired majority ownership of streaming technology provider BAMTech in a $1.58 billion deal.
Disney is also set to launch an ESPN-branded streaming service in the US early next year.
Bob Iger, the chairman and CEO of The Walt Disney Company, said: "This acquisition and the launch of our direct-to-consumer services mark an entirely new growth strategy for the Company, one that takes advantage of the incredible opportunity that changing technology provides us to leverage the strength of our great brands."