In the middle of a downbeat earnings report, Walt Disney Co. delivered some good news: Its fledgling streaming service already has 54.5 million subscribers.

Disney+, which only launched in November, has grown explosively -- and now its international expansion is giving it new momentum. In just the past couple months, the $7-a-month platform has added about 20 million subscribers.

Disney+ has passed the company’s own Hulu service -- a product more focused on grownups -- and has become the clear No. 2 in the industry. Still, it’s well behind Netflix Inc., especially internationally.

The next media giant to challenge Netflix is AT&T Inc.’s WarnerMedia, which is releasing HBO Max at the end of this month.

That platform has the advantage of a well-known brand. HBO had about 43 million domestic subscribers at the end of last year, including people who get the network as part of their cable package.

Still, AT&T (T) will have to play catch-up with Disney (DIS) as they both chase Netflix (NFLX).