Can ‘Hamilton’ Win The Streaming Wars? How Much Disney Spent On The Hit Musical

In early February, Disney acquired the worldwide rights to a filmed version of Lin-Manuel Miranda’s hit Broadway musical “Hamilton” for $75 million. Potentially the biggest acquisition deal in film history, the company originally set the film for a nationwide theatrical release in October 2021.

However, on Tuesday, Disney made the major announcement that the film would instead be released on July 3, straight to its premium streaming service, Disney+. While the original theatrical date was far enough in the future to potentially be safe from the coronavirus pandemic, with millions of Americans streaming content due to the coronavirus lockdown, the move was likely made to give the fledgling platform a major exclusive release to capitalize on a captive audience.

“In light of the extraordinary challenges facing our world, this story about leadership, tenacity, hope, love, and the power of people to unite against the forces of adversity is both relevant and impactful,” Executive Chairman Bob Iger said in a statement.

Disney+ is forecasted to become one of the biggest players in the streaming wars, with 54.5 million subscribers as of May 4 and a predicted 202 million by 2025. The streaming boom brought about by COVID-19 lockdowns ballooned this estimate from 60-90 million subscribers by 2024. Releasing such a hot property under the current circumstances is sure to help accelerate this growth.

“Hamilton” will also help fight the current perception that Disney+ lacks significant original films and series. After launching with “The Mandalorian,” no other Disney+ original has managed to attract much of an audience, leaving the platform feeling fallow for many. “The Mandalorian” is not set to return until October, and the platform’s slate of Marvel Studios shows are on hold due to production shutdowns.

The last few players in the streaming wars are set to debut soon, with WarnerMedia launching HBO Max on May 27 and NBCUniversal launching Peacock on July 15. Disney+ launched alongside Apple TV+ in November. Each platform is looking for a piece of the incredibly lucrative business currently dominated by Netflix, Hulu, and Amazon Prime Video.

Featuring the show’s original cast, Disney’s “Hamilton” was likely to have been a major box office success if released in theaters. As the stage show became infamous for expensive tickets and eternal waitlists, the ease of seeing the film at the local multiplex would certainly have been enticing for many.

Based on the life of Founding Father Alexander Hamilton and featuring hip-hop musical numbers, Miranda’s “Hamilton” premiered in January 2015 to rave reviews and commercial success. It won 11 Tony Awards and the Pulitzer Prize for Drama.