Presumably the reason it isn't happening "right now" is that Disney has current contracts that don't expire until then. The good news is that Disney, a major content provider, has recognized that a streaming company, NetFlix is worth negotiating with like a cable network company, like Stars, Encore, HBO, Etc.
Progress is not quick but that is only because one has to wait for existing contracts to expire (their are usually penalties for breaking them early).
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That deal also includes first-run rights to direct-to-video releases, which will begin appearing on Netflix in 2013. What's more, the two companies have also announced a separate multi-year agreement that will see popular Disney catalog titles like Dumbo and Alice in Wonderland be made available on Netflix beginning today.
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The agreement is a huge deal, but I agree three years out is a long time to wait! I find the exclusive part hard to believe. In the next three years something may supersede Netflix and Disney will want to be able to switch.
I was thinking the same thing! Netflix may not even be around by 2016...
I really hope they manage to get more 'hot' content soon, since (in my opinion) Amazon appears to be releasing attractive content at a much faster rate.
We've got this great feature coming up, IN THREE YEARS!.
yay?