Eva Mathews and Helen Coster

(Reuters) -Walt Disney Co’s Disney+ subscription growth has restored trust in streaming video. It also came on top of high demand from U.S. parks. This lifted shares by 8% Wednesday after-hours.

On Wednesday’s CNBC, Disney CEO Bob Chapek reiterated the target to reach 230 million to 265 million Disney+ subscribers by 2024. The company gained 11.8million Disney+ subscribers during the first quarter.

According to Refinitiv data, the company’s total revenue grew 34% to $21.82billion in quarter ending Jan. 1. This surpasses analysts’ estimates of $20.91 trillion.

Disney+ was the streaming service that Disney has been offering for two years. It kept Disney’s legacy resorts, theme parks and cruise lines afloat during the Pandemic.

As Omicron worries have subsided, there has been a significant increase in domestic park attendance due to the relaxation of restrictions by government and pent up demand.

Disney’s share price was $1.06, excluding items. This is more than Wall Street’s estimation of 63 cents.

“This marks the final year of the Walt Disney (NYSE:) Company’s first century, and performance like this coupled with our unmatched collection of assets and platforms, creative capabilities, and unique place in the culture give me great confidence we will continue to define entertainment for the next 100 years,” said Chapek.

The first quarter saw more than two-fold growth in revenue from the park, experience and product segment to $7.23 trillion.

The segment’s operating income was $2.45 Billion, while it suffered an operating loss in excess of $119 M last year.

At the end of the quarter, Disney+ subscribers reached 129.8 millions, which is a significant increase from the Factset estimate of 129.2million.

Investors are watching the streaming service’s growth trajectory as it relates to its ability to reach fiscal 2024 guidance. The company’s prior forecast of 230m to 260m Disney+ subscribers at the end fiscal 2024 was maintained by Chief Executive Bob Chapek.

Disney spent billions on new programming in order to take a piece of the Netflix Inc (NASDAQ) online video market. It is now focusing its strategy on direct-to consumers.

Chapek announced that the much-anticipated “Obi Wan Kenobi” series will premiere on Disney+ May 25th.

During the first quarter, Disney+ released the first episode of “The Book of Boba Fett,” about the Star Wars bounty hunter; “The Beatles: Get Back” documentary series from filmmaker Peter Jackson, and “Hawkeye,” about the Marvel superhero.

In November, Disney revealed that it will offer $13.99/month a package of three of its streaming services: Disney+, Hulu, and ESPN+.

Netflix predicted a weaker first-quarter subscriber growth. Shares fell nearly 20% in January and most of the pandemic-fueled gains it had made since 2020 were erased.