핵심요약

• 4분기 매출 252억 달러, 전년 대비 7% 성장
• 조정 후 주당 순이익 1.57달러, 8.3% 증가
• SVOD 세그먼트 11% 성장, 구독 수익 증가
• 주토피아 프랜차이즈 디즈니+에서 10억 시간 스트리밍 돌파

도입

디즈니의 새로운 전략이 넷플릭스와의 경쟁을 넘어서는 방향으로 전환되고 있습니다. 이는 투자자에게 디즈니의 미래 성장 동력과 전략적 방향을 재평가할 기회를 제공합니다. 특히 인텔렉추얼 프로퍼티의 가치가 극대화되는 시대에 디즈니의 경쟁력 강화가 주목받고 있습니다.

본문 1: 인텔렉추얼 프로퍼티의 가치를 극대화하는 전략

디즈니의 인텔렉추얼 프로퍼티는 스트리밍 전략의 핵심입니다. 주토피아 프랜차이즈가 디즈니+에서 10억 시간 이상의 스트리밍을 기록한 것은, 영화의 극장 개봉을 넘어서는 지속적인 수익 창출 가능성을 보여줍니다. 이는 디즈니가 넷플릭스와 차별화되는 경쟁력을 보유하고 있음을 의미합니다. 또한, 새로운 시리즈와 프로젝트의 성공은 디즈니의 콘텐츠 포트폴리오의 다양성과 지속적인 성장 가능성을 입증합니다.

본문 2: 구독자 성장보다 수익성 강조

디즈니는 더 이상 구독자 수 증가에만 집중하지 않고 있습니다. 4분기 매출과 주당 순이익의 증가율은 디즈니가 수익성 향상에 중점을 두고 있음을 보여줍니다. 이는 구독자 수 증가보다 구독 수익과 가격 인상을 통해 수익을 극대화하려는 전략적 전환을 반영합니다. 이는 디즈니가 장기적으로 안정적인 수익 모델을 구축하려는 의지를 보여줍니다.

본문 3: 물리적 경험의 경쟁력 강화

디즈니는 스트리밍 플랫폼뿐만 아니라 물리적 경험, 즉 테마 파크, 크루즈, 그리고 다른 오프라인 경험을 통해 경쟁력을 강화하고 있습니다. 이는 디즈니가 다양한 채널을 통해 수익을 창출할 수 있는 유연성을 가지고 있음을 의미합니다. 이는 넷플릭스와 같은 순수 스트리밍 플랫폼과 차별화되는 점입니다.

결론

디즈니는 인텔렉추얼 프로퍼티의 가치를 극대화하고, 수익성 향상에 중점을 두며, 물리적 경험을 통해 경쟁력을 강화하는 전략을 추구하고 있습니다. 이는 디즈니가 넷플릭스와의 경쟁을 넘어서는 새로운 시장을 개척할 가능성이 있음을 시사합니다. 향후 디즈니의 전략적 전환과 그 성과를 주목해야 할 것입니다.

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원문 링크: https://www.barchart.com/story/news/1983863/disneys-next-battle-wont-be-against-netflix?.tsrc=rss

Disney’s Next Battle Won’t Be Against Netflix

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The Walt Disney Company (DIS) dominated the entertainment industry for decades, where movies became merchandise empires, theme park attractions, cruises, television franchises, and lifelong nostalgia stories. Then, Netflix (NFLX) arrived, and the global pandemic cemented the company’s position as the king of online streaming. Disney responded aggressively with Disney+, entering a brutal streaming war that reshaped the entire media industry.

However, now Disney is quietly preparing for something much bigger. In the recent Q2 earnings call, CEO Josh D'Amaro revealed the company’s new strategy that hinted that its next competition may not come from Netflix at all.

Let’s take a look at what Disney’s new strategy is.

Disney second quarter showed that the company is no longer obsessed with subscriber growth. Total revenue rose 7% year-over-year (YOY) to $25.2 billion , with 8.3% increase in adjusted earnings to $1.57 per share. Disney's SVOD (Subscription Video on Demand) segment grew 11% sequentially, as subscription revenue increased because of both higher pricing and subscriber volume growth.

But the real winner is Disney’s intellectual property, which remains the backbone of its streaming strategy. Some of the successful returning series such as High Potential and Paradise , alongside new projects like Love Story: John F. Kennedy Jr. & Carolyn Bessette, were the highlights of the quarter. Notably, films like Zootopia 2 , generated a massive $1.9 billion at the global box office. The company revealed that the broader Zootopia franchise has now surpassed one billion streamed hours on Disney+. This shows the extent of the successful intellectual property which continues to create value beyond its theatrical release.

Disney still has an edge over Netflix and other streaming platforms because of the physical experiences it provides its consumers. In the second quarter , Disney Experiences delivered revenue growth of 7% and operating income increase of 5%. During the quarter, Disney expanded its global experiences footprint. Disney Cruise Line introduced the Disney Adventure, its first cruise ship based in Asia. Meanwhile, Disneyland Paris opened the new World of Frozen area as part of its larger park expansion and makeover project. These projects aim to Disney’s reach into new international markets. Management sees long-term opportunity across parks, cruise lines, and immersive experiences.

Disney is now competing for consumer attention against gaming platforms, social media ecosystems, live sports networks, and even large tech companies. Its new competitors will now be YouTube, TikTok, Roblox, Fortnite, Amazon (AMZN) , Apple (AAPL) , and any platform that can capture hours of consumer involvement every day. Disney also views ESPN as a key growth driver, with sports driving recurring engagement and creating premium advertising opportunities.

Every great story faces some hiccups, and the hidden risk here is that Disney’s future is dependent on blockbuster franchises. If franchise fatigue eventually grows, Disney’s strategy could face pressure across several business segments all at once. However, Disney appears confident that its scale, storytelling power, and ecosystem approach can outweigh those risks over the long term.

Disney may no longer be trying to win the streaming wars. Instead, it is creating an entertainment ecosystem that will monetize customer attention across both the digital and physical worlds. Investors who believe Disney can successfully build an entertainment platform that no competitor can fully replicate, might find the stock a good buy on the dip now. Disney stock is down 7.34% year-to-date (YTD), underperforming the broader market gain.

On Wall Street, DIS stock remains an overall “ Strong Buy .” Of the 31 analysts who cover DIS, 22 recommend it as a "Strong Buy," four suggest a "Moderate Buy," four rate it a "Hold” and one says it is a “Strong Sell.” Analysts have set a mean price target for Disney stock of $133.18, which is 26.3% higher than current levels. Its high target price of $164 indicates an upside of 55.6% over the next 12 months.

Source: https://www.barchart.com/story/news/1983863/disneys-next-battle-wont-be-against-netflix?.tsrc=rss