Disney could eliminate billions in operating expenses by merging Hulu fully into Disney+ and phasing out Hulu as a standalone app and service.

Beginning next year, the Hulu app will be fully integrated into the Disney+ app, meaning subscribers will be able to go to one app to access their favorite Hulu and Disney+ content. Bob Iger, CEO of The Walt Disney Co., which owns both Hulu and Disney+, announced the new streamlined app Wednesday during the company's quarterly earnings call.