Disney probably isn't going to kill Netflix by stealing subscribers. But it may give it a chronic illness.

Disney announced Wednesday it will bundle Disney+, ad-supported Hulu and ESPN+ together for $12.99 per month. That's the same price as Netflix charges for its standard plan.

While tempting to ask "will consumers rather have Disney's bundle or Netflix?," that probably isn't the right question.

Video streaming isn't going to be a zero-sum game. Consumers will pick and choose among offerings and may end up with four or five services on average. Netflix has more than 151 million global subscribers. The idea that Disney or any other service will "kill" Netflix by causing millions of people to switch services is unreasonable.

But Disney's pricing could undercut a core part of the Netflix narrative — that Netflix can turn customer growth into earnings growth by raising prices once subscribers plateau.

When a customer's price-to-value consumption decision is based on Netflix vs. traditional pay-TV, increasing Netflix's price by $1 or $2 per month seems insignificant. Netflix costs about one-eighth as much as a traditional pay-TV subscription, which runs about $100 per month.

But with Disney, Netflix will now face a direct streaming competitor at a competitive price. That could make price increases less palatable to consumers.