Walt Disney Co. announced Tuesday that its new streaming service Disney+ reached 100 million global subscribers in the 16 months since it launched.

Bob Chapek. chief executive of the Burbank entertainment and media giant, announced the milestone at the company’s virtual annual meeting of shareholders.

The success of Disney+ has inspired the company to be even more ambitious and increase its investment in developing high quality programming, Chapek said in statement.

“In fact, we set a target of 100+ new titles per year, and this includes Disney Animation, Disney Live Action, Marvel, ‘Star Wars,’ and National Geographic,” he added. “Our direct-to-consumer business is the company’s top priority, and our robust pipeline of content will continue to fuel its growth.”

Disney+ launched in November 2019 and is now available in 59 countries in North America, Europe, Latin America and Asia. Alongside access to Disney’s library of film and television entertainment, the service is also the exclusive streaming home for the latest releases from The Walt Disney Studios.

Shares in Disney closed up 55 cents, or a fraction of a percent, to $195.06 on the New York Stock Exchange on Wednesday, a day when the Dow Jones industrial average surged nearly 1.5 percent but the Nasdaq was down by 0.04 percent.