New York, New York - Disney has beat out streaming rival Netflix in the total number of subscribers for the first time, the company's financial reports show.

Having gained 14.4 million subscribers to Disney+, the franchise now maintains a total of 221 million subscriptions across its streaming offerings.

This is compared to Netflix's reported 220.67 million total global subscribers.

It is the first time any competitor has passed the streaming giant on the number of total subscribers.

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"We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services," said Disney chief executive Bob Chapek.

"With 14.4 million Disney+ subscribers added in the fiscal third quarter, we now have 221 million total subscriptions across our streaming offerings."

"We continue to transform entertainment as we near our second century, with compelling new storytelling across our many platforms and unique immersive physical experiences that exceed guest expectations, all of which are reflected in our strong operating results this quarter."

Disney beat its own expectations for this quarter by a whopping 10 millions subscribers.

But anyone expecting a treat from the company to celebrate its milestone will be disappointed. On the contrary: starting December 8, users will have to pay $10.99 to enjoy Disney+ ad-free, while the old price of $7.99 will only get you the ad-supported plan.