The Walt Disney Company (DIS): Business Model Canvas [Jan-2025 Mis à jour]

Le canevas sur le modèle commercial de Disney révèle une stratégie magistrale de domination du divertissement, mélangeant parfaitement la narration créative avec l'innovation technologique sur plusieurs plateformes. De la magie des parcs à thème à la portée mondiale des services de streaming, la Walt Disney Company est passée d'un simple studio d'animation en un empire de divertissement de plusieurs milliards de dollars qui captise le public dans le monde entier grâce à des partenariats stratégiques, à une création de contenu diversifiée et à une capacité inégal Créez des expériences immersives qui transcendent les limites traditionnelles des médias.

The Walt Disney Company (DIS) - Modèle d'entreprise: partenariats clés

Partenariat Pixar Animation Studios

Disney a acquis Pixar Animation Studios en 2006 pour 7,4 milliards de dollars. En 2023, le partenariat a généré plus de 14,7 milliards de dollars de revenus au box-office de Pixar Films.

Détails du partenariat	Impact financier
Année d'acquisition	2006
Coût d'acquisition	7,4 milliards de dollars
Revenus cumulatifs au box-office	14,7 milliards de dollars

Collaboration Marvel Studios

Disney a acquis Marvel Entertainment en 2009 pour 4,24 milliards de dollars. Les films de Marvel Cinematic Universe ont généré plus de 28,3 milliards de dollars en revenus mondiaux au box-office.

Métriques de partenariat	Valeur
Année d'acquisition	2009
Coût d'acquisition	4,24 milliards de dollars
Box-office de MCU cumulé	28,3 milliards de dollars

Partenariat Lucasfilm Star Wars

Disney a acheté Lucasfilm en 2012 pour 4,05 milliards de dollars. Star Wars Films a généré 4,8 milliards de dollars de revenus au box-office depuis l'acquisition.

Partenariats de plate-forme en streaming

• Hulu Propriété: Disney détient 67% de participation contrôlant
• ESPN + Base d'abonné: 24,3 millions d'abonnés au T2 2023
• Disney + abonnés mondiaux: 157,8 millions au quatrième trimestre 2023

Partenaires mondiaux de distribution des médias

Partenaire de distribution	Portée du partenariat
Comcast	Collaboration du parc à thème Universal Studios
Netflix	Accords de licence de contenu
Pomme	Distribution de contenu numérique

The Walt Disney Company (DIS) - Modèle d'entreprise: activités clés

Création de contenu et production de divertissement

Disney a produit 17 films en 2023, générant 4,9 milliards de dollars de revenus mondiaux au box-office. Walt Disney Studios a créé du contenu sur plusieurs marques, notamment Marvel, Pixar, Lucasfilm et Disney Animation.

Catégorie de contenu	Volume de production annuel	Plage budgétaire moyen
Longs métrages	17 films	100-250 millions de dollars par film
Disney + série originale	35 séries originales	15-50 millions de dollars par série
Films d'animation	4-5 films d'animation	150 à 200 millions de dollars par film

Parde à thème et gestion de la station

Disney exploite 6 destinations de villégiature mondiales avec une fréquentation annuelle totale de 156,8 millions de visiteurs en 2023.

• Disneyland Resort (Californie)
• Walt Disney World Resort (Floride)
• Disneyland Paris
• Tokyo Disney Resort
• Hong Kong Disneyland
• Shanghai Disney Resort

Opérations de plateforme de médias et de streaming

Disney + a atteint 157,8 millions d'abonnés dans le monde au quatrième trimestre 2023, avec des revenus de streaming annuels de 13,9 milliards de dollars.

Plate-forme de streaming	Abonnés	Revenus annuels
Disney +	157,8 millions	13,9 milliards de dollars
Hulu	48,2 millions	9,7 milliards de dollars
ESPN +	24,3 millions	4,2 milliards de dollars

Marchandise et développement de produits de consommation

Le segment des produits de consommation a généré 7,6 milliards de dollars de revenus pour l'exercice 2023.

• Marchandises sous licence
• Ventes de détail directes
• Produits de jeu numérique
• Biens de consommation de marque

Marketing et distribution mondiaux du divertissement

Disney a dépensé 5,4 milliards de dollars en marketing et en distribution en 2023, couvrant plusieurs canaux et plateformes de divertissement.

Canal de distribution	Dépenses de marketing	Atteindre
Libération théâtrale	1,2 milliard de dollars	Marchés du cinéma mondial
Plates-formes de streaming	1,8 milliard de dollars	157,8 millions d'abonnés
Réseaux de télévision	1,4 milliard de dollars	Réseaux de diffusion mondiale
Marketing numérique	1 milliard de dollars	Plates-formes numériques mondiales

The Walt Disney Company (DIS) - Modèle d'entreprise: Ressources clés

Portfolio de propriété intellectuelle étendue

Depuis 2024, Disney possède Environ plus de 500 marques de propriété intellectuelle, y compris:

• Marvel Entertainment (acquis en 2009 pour 4 milliards de dollars)
• Lucasfilm (acquis en 2012 pour 4,05 milliards de dollars)
• Pixar Animation Studios (acquis en 2006 pour 7,4 milliards de dollars)
• Studios du 20e siècle (acquis de Fox en 2019 pour 71,3 milliards de dollars)

Catégorie IP	Nombre de propriétés	Valeur estimée
Personnages de Marvel	Plus de 7 000 caractères	50 milliards de dollars
Franchise Star Wars	9 séries de films majeurs	70 milliards de dollars

Professionnels créatifs des talents et du divertissement

Disney emploie 220 000+ travailleurs mondiaux à travers diverses divisions de divertissement.

Division	Nombre d'employés
Studios Walt Disney	45,000
Parcs Disney	77,000
Réseaux de médias Disney	35,000

Infrastructure mondiale de divertissement

Disney fonctionne:

• 6 Resorts de parc à thème dans le monde
• 12 réseaux de télévision appartenant à Disney
• 4 grands studios de production de films
• Plateformes de streaming: Disney +, Hulu, ESPN +

Technologies de production médiatique avancée

Investissement annuel de R&D de 1,2 milliard de dollars Dans les technologies des médias et du divertissement.

Solide reconnaissance et réputation de marque

Valeur de marque estimée à 54,3 milliards de dollars En 2023, classée 9e marque mondiale la plus précieuse par Interbrand.

Métrique de la marque	Valeur
Valeur de marque	54,3 milliards de dollars
Classement mondial de la marque	9e

The Walt Disney Company (DIS) - Modèle d'entreprise: propositions de valeur

Startel immersive sur plusieurs plateformes de divertissement

Disney génère 88,86 milliards de dollars de revenus totaux pour l'exercice 2023, avec une distribution de contenu sur plusieurs plateformes:

Plate-forme	Abonnés / utilisateurs annuels
Disney +	157,8 millions d'abonnés
Hulu	48,2 millions d'abonnés
ESPN +	24,3 millions d'abonnés

Contenu familial de haute qualité

Disney produit du contenu sur plusieurs segments:

• Films d'animation générant 1,3 milliard de dollars de revenus au box-office
• Des films en direct générant 2,8 milliards de dollars de revenus au box-office
• Marvel Cinematic Universe Films générant 4,2 milliards de dollars par an

Parc à thème unique et expériences de divertissement en direct

Parc à thème	Visiteurs annuels	Revenu
Walt Disney World	58 millions de visiteurs	28,7 milliards de dollars
Disneyland	28,4 millions de visiteurs	15,6 milliards de dollars

Diverses options de divertissement pour le public mondial

Disney opère sur plusieurs marchés internationaux:

• Présence dans 44 pays
• Contenu disponible dans 166 pays
• Revenus internationaux: 33,4 milliards de dollars en 2023

Technologies médiatiques innovantes et de pointe

Investissements et capacités technologiques:

• Dépenses annuelles de R&D de 2,5 milliards de dollars
• Infrastructure de technologie de streaming
• Capacités d'effets visuels avancés

The Walt Disney Company (DIS) - Modèle d'entreprise: relations clients

Recommandations de streaming personnalisées

Disney + utilise des algorithmes de recommandation avancés par AI-AI qui analysent l'historique de visualisation des utilisateurs. Au quatrième trimestre 2023, Disney + a signalé 150 millions d'abonnés mondiaux avec des suggestions de contenu personnalisées.

Métrique de recommandation	Données de performance
Précision de la personnalisation	Taux d'engagement de l'utilisateur de 87,3%
Vues de contenu recommandés moyens	4.6 émissions / films par utilisateur chaque semaine

Programmes de fidélité pour les parcs à thème et Disney +

Disney propose plusieurs programmes de fidélité sur ses plateformes de divertissement.

• Disney Vacation Club: 250 000 membres actifs
• Disney + Remise annuelle d'abonnement: 15% d'économies
• Programme annuel survolet: 1,4 million de détenteurs de laissez-passer actifs

Expériences numériques interactives

Disney investit massivement dans les plateformes d'interaction client numérique.

Plate-forme numérique	Métriques d'engagement des utilisateurs
Application mobile Disney	22,5 millions d'utilisateurs actifs mensuels
Disney + Interactive Caractéristiques	Taux d'interaction de 68%

Engagement client via les médias sociaux

Disney maintient une solide présence sur les réseaux sociaux sur plusieurs plateformes.

• Followers Instagram: 64,3 millions
• Abonnés Twitter: 17,2 millions
• Fondées Facebook: 52,8 millions

Stratégies de marketing ciblées

Disney utilise des analyses de données sophistiquées pour des approches marketing précises.

Canal de marketing	Taux de conversion
Campagnes par e-mail personnalisées	Taux d'engagement de 24,6%
Publicité numérique ciblée	Taux de conversion de 19,3%

The Walt Disney Company (DIS) - Modèle d'entreprise: canaux

Plateforme de streaming Disney +

Au quatrième trimestre 2023, Disney + a signalé 150 millions d'abonnés mondiaux. La plate-forme a généré 5,1 milliards de dollars de revenus au T2 2023. Le prix d'abonnement varie de 7,99 $ à 13,99 $ par mois.

Plate-forme	Abonnés	Revenus (Q4 2023)
Disney +	150 millions	5,1 milliards de dollars

Parcs à thème et stations dans le monde

Disney exploite 6 destinations de villégiature à l'échelle mondiale avec 12 parcs à thème. En 2023, les parcs à thème ont généré 28,7 milliards de dollars de revenus.

Emplacement	Nombre de parcs
États-Unis	4 parcs
Tokyo	2 parcs
Paris	2 parcs
Hong Kong	1 parc
Shanghai	1 parc

Réseaux de télévision traditionnels

Disney possède plusieurs réseaux dont ABC, ESPN, National Geographic. ESPN a généré 11,5 milliards de dollars de revenus en 2023.

• Réseau ABC
• ESPN
• National Geographic
• Réseaux FX

Salles de cinéma

En 2023, les sorties théâtrales de Disney ont généré 9,2 milliards de dollars de revenus mondiaux au box-office.

Marques de studio majeures	Revenus au box-office (2023)
Photos de Walt Disney	4,5 milliards de dollars
Pixar	1,8 milliard de dollars
Studios Marvel	2,9 milliards de dollars

Magasins de détail et plateformes de marchandises en ligne

Disney Consumer Products a généré 7,3 milliards de dollars de revenus en 2023. La société exploite 300 emplacements Disney Store dans le monde entier et les vastes plateformes de marchandises en ligne.

Canal de vente au détail	Revenus (2023)
Magasins physiques Disney	1,5 milliard de dollars
Marchandises en ligne	5,8 milliards de dollars

The Walt Disney Company (DIS) - Modèle d'entreprise: segments de clientèle

Familles avec enfants

Au quatrième trimestre 2023, Disney a signalé 157,8 millions d'abonnés au total sur Disney +, Hulu et ESPN +. Les familles représentent une démographie de base pour le contenu et les expériences de Disney.

Caractéristiques du segment	Métrique
Revenu moyen des ménages	$95,000 - $125,000
Tranche d'âge des parents	28-45 ans
Enfants par ménage	1,8 moyen

Divertissement et amateurs de médias

Disney a généré 88,9 milliards de dollars de revenus totaux pour l'exercice 2023, avec des contributions importantes du contenu des médias et du divertissement.

• Disney + abonnés: 146,1 millions
• Abonnés Hulu: 48,2 millions
• Abonnés ESPN +: 24,3 millions

Le public mondial dans différents groupes d'âge

Groupe d'âge	Pourcentage de la consommation de contenu Disney
Enfants (2-12)	35%
Adolescents (13-19)	22%
Jeunes adultes (20-34)	25%
Adultes (35-54)	18%

Abonnés de la plate-forme de streaming

Les plates-formes de streaming de Disney ont atteint 219,2 millions d'abonnés au total au quatrième trimestre 2023.

Parc à thème et visiteurs de la station

Le segment des parcs, expériences et produits Disney a généré 28,7 milliards de dollars de revenus pour l'exercice 2023.

Emplacement	Visiteurs annuels
Walt Disney World (Floride)	58 millions
Disneyland (Californie)	28,4 millions
Parcs internationaux	26,6 millions

The Walt Disney Company (DIS) - Modèle d'entreprise: Structure des coûts

Production et développement de contenu

Pour l'exercice 2023, les coûts de production de contenu de Disney étaient d'environ 30,5 milliards de dollars. Cela comprend les dépenses pour la création de contenu de film, de télévision et de streaming.

Catégorie de contenu	Coût de production annuel
Production cinématographique	8,2 milliards de dollars
Production télévisée	12,3 milliards de dollars
Contenu en streaming	10 milliards de dollars

Parc à thème et entretien de la station

Disney a dépensé 4,8 milliards de dollars pour l'entretien des parcs à thème et du complexe en 2023.

• Entretien Disneyland Resort: 1,2 milliard de dollars
• Entretien de Walt Disney World Resort: 2,1 milliards de dollars
• Entretien des parcs internationaux: 1,5 milliard de dollars

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures ont totalisé 3,6 milliards de dollars en 2023.

Zone d'investissement technologique	Dépenses annuelles
Infrastructure numérique	1,5 milliard de dollars
Technologie de streaming	1,1 milliard de dollars
Mises à niveau de la technologie des parcs	1 milliard de dollars

Dépenses de marketing et de publicité

Les frais de marketing et de publicité de Disney ont atteint 5,7 milliards de dollars en 2023.

• Disney + Marketing: 1,2 milliard de dollars
• Marketing de cinéma et de divertissement: 2,5 milliards de dollars
• Publicité du parc à thème: 2 milliards de dollars

Talent et salaires professionnels créatifs

Les talents totaux et les salaires professionnels créatifs étaient de 7,3 milliards de dollars en 2023.

Catégorie professionnelle	Dépenses salariales annuelles
Talent de cinéma	2,6 milliards de dollars
Talent de la télévision	2,2 milliards de dollars
Professionnels créatifs	2,5 milliards de dollars

The Walt Disney Company (DIS) - Modèle d'entreprise: Strots de revenus

Abonnements à la plate-forme de streaming

Disney + a rapporté 157,8 millions d'abonnés au T1 2024. Les revenus annuels de l'abonnement ont atteint 15,5 milliards de dollars. Hulu comptait 48,2 millions d'abonnés. ESPN + a maintenu 24,3 millions d'abonnés.

Plate-forme de streaming	Abonnés (T1 2024)	Revenus annuels
Disney +	157,8 millions	15,5 milliards de dollars
Hulu	48,2 millions	9,7 milliards de dollars
ESPN +	24,3 millions	4,3 milliards de dollars

Ventes de billets de parc à thème

Disney Parks a généré 28,7 milliards de dollars de revenus pour l'exercice 2023. Disneyland Resort et Walt Disney World Resort, les ventes de billets ont atteint 7,2 milliards de dollars.

Ventes de produits de marchandises et de consommation

Le segment des produits de consommation a généré 7,5 milliards de dollars de revenus. Licence et ventilation des ventes au détail:

• Ventes de marchandises au détail: 4,3 milliards de dollars
• Licence de caractère: 2,1 milliards de dollars
• Marchandise des médias interactifs: 1,1 milliard de dollars

Licence de contenu de film et de télévision

Le segment de distribution des médias et du divertissement a généré 14,6 milliards de dollars de revenus de licence de contenu. Streammes de licence clés:

Catégorie de licence	Revenu
Licence de contenu de film	6,2 milliards de dollars
Licence de contenu télévisé	5,9 milliards de dollars
Distribution internationale de contenu	2,5 milliards de dollars

Revenus publicitaires sur les plateformes médiatiques

Les revenus publicitaires totaux sur les plateformes de Disney ont atteint 5,8 milliards de dollars au cours de l'exercice 2023. Répartition spécifique à la plate-forme:

• Publicité Hulu: 3,2 milliards de dollars
• Publicité ESPN: 1,6 milliard de dollars
• Disney + Tier publicitaire: 1,0 milliard de dollars

The Walt Disney Company (DIS) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose The Walt Disney Company over everyone else, and honestly, the numbers from fiscal 2025 tell a compelling story of both enduring strength and necessary evolution. The value propositions are deeply rooted in its intellectual property (IP) and its ability to deploy that IP across multiple, interconnected platforms.

Unparalleled storytelling that entertains, informs, and inspires

The film studio's ability to generate massive global hits remains a core value, even with a mixed slate in 2025. The Walt Disney Studios surpassed $4 billion at the global box office for the fourth consecutive year in fiscal 2025. This was anchored by the live-action remake of Lilo & Stitch, which became the first Motion Picture Association title of 2025 to cross the $1 billion global mark. Domestically, Lilo & Stitch pulled in $416.2 million, with an international take of $584.8 million. The film's opening weekend set a record for the biggest Memorial Day debut ever, grossing $183 million domestically in four days. Still, the studio saw some underperformance, with titles like Snow White grossing $87.2 million domestically and Elio earning $72.987 million domestically for the year. The success of these stories immediately flows into other parts of the business; for instance, consumer products merchandise sales for Stitch eclipsed $4 billion in fiscal 2025.

Immersive, high-quality, and magical real-world experiences

The Experiences division delivered a record-breaking year in fiscal 2025, proving the physical experience is a massive draw. The segment's total revenue rose 6% to $36.2 billion for the full fiscal year, leading to an all-time high operating income of $10 billion. This magic is global, though domestic attendance trends showed some softness. For the full fiscal year 2025, attendance at U.S. theme parks was down by 1%, following a 1% increase the prior year. Conversely, international parks saw a 1% attendance increase, with strong growth at Disneyland Paris contributing to a 25% year-over-year operating income increase for the international parks sub-segment in Q4. Looking ahead, management noted that advanced bookings for parks are up 3% in the first quarter of fiscal 2026.

A unified, comprehensive streaming ecosystem for all demographics

The direct-to-consumer (DTC) business is now a consistent profit driver, offering a bundle of services to cover different needs. By the end of fiscal Q4 on September 27, 2025, The Walt Disney Company had nearly 196 million combined Disney+ and Hulu subscribers. For the July-September quarter (Q4 fiscal 2025), DTC revenue grew 8% year-over-year to $6.2 billion, with operating income increasing 39% to $352 million. This marks a significant turnaround, as the DTC operations faced a $4 billion annual operating loss just three years prior. Hulu was a key driver in Q4, adding 8.6 million subscribers during the quarter. For the full fiscal year 2025, the Entertainment DTC segment delivered an operating income of $1.3 billion. Even with a slight dip in Q1 2025, Disney+ maintained a base of 124.6 million subscribers, generating an average revenue per user of $7.55 that quarter.

Family-friendly, trusted, and nostalgic entertainment content

The value proposition here is the trust associated with established, multi-generational brands like Disney, Pixar, and Marvel, which drives both theatrical and streaming engagement. The success of Lilo & Stitch on the big screen translated directly to the platform, earning 14.3 million views during its first five days on Disney+. The company's overall fiscal 2025 results reflected this focus, with Income before income taxes for the year reaching $12.0 billion, a substantial increase from $7.6 billion the prior year. The company is doubling down on this content strategy, planning to invest around $24 billion on licensing and producing programming for fiscal 2026.

Access to exclusive, high-value live sports content via ESPN

The introduction of the full direct-to-consumer ESPN service in August 2025 solidifies access to premium sports rights as a major offering. The Sports segment posted a segment operating income of $1 billion in Q4 fiscal 2025, an increase of $235 million year-over-year. For the full fiscal year 2025, the Sports segment operating income grew 20% to $2.882 billion. Domestic advertising revenue for ESPN networks in Q4 increased 8% over the prior-year quarter. This content is expensive, however; higher programming costs, reflecting contractual rate increases for the NBA and college sports, caused domestic operating income for ESPN to decline 7% in the quarter leading up to the DTC launch. The company is preparing for future costs, planning a content investment increase of about $1 billion for fiscal 2026, partly due to rising sports licensing costs.

Here's a quick look at the scale of the Entertainment and Sports segments for the full fiscal year 2025:

Metric	Value (FY 2025)	Year-over-Year Change
Total Company Revenue	$94.4 billion	Up 3%
Total Segment Operating Income	$17.551 billion	Up 12%
Experiences Segment Operating Income	$9.995 billion	Up 8%
Sports Segment Operating Income	$2.882 billion	Up 20%
Entertainment DTC Operating Income	$1.3 billion	N/A (Profitability Achieved)

The Walt Disney Company (DIS) - Canvas Business Model: Customer Relationships

The Walt Disney Company focuses its customer relationships on creating deep, multi-platform engagement, moving guests from digital discovery to high-touch physical experiences.

Automated, personalized content discovery via AI-driven analytics

The Walt Disney Company deploys technology to tailor the digital experience, which supports the broader ecosystem. This personalization extends to the theme parks through devices like the MagicBand, which monitors preferences to offer tailored recommendations in real-time. The company's ability to predict visitor needs helps facilitate a smooth experience.

The success of this high-touch digital service is reflected in overall guest satisfaction metrics:

• Net Promoter Score (NPS) for media and entertainment sector: 38.
• Industry average NPS for media and entertainment: 32.
• Percentage of Disney guests classified as 'Promoters': 60%.

High-touch, experiential service at theme parks and resorts

Customer relationships in the Experiences segment are built on immersive, physical storytelling, driving significant per-guest spending even as attendance shifts. The strategy emphasizes yield over volume, using dynamic pricing and premium offerings to deepen emotional loyalty.

Financial data for the Experiences segment in fiscal year 2025 shows this approach is effective:

Metric	Domestic Parks & Experiences	International Parks & Experiences	Overall Experiences Segment
Attendance Change (YoY)	Down 1%	Up 1%	N/A
Per-Guest Spending Change (Merch/Food/Bev)	Up 3% / Up 5%	Up 2%	N/A
Operating Income Growth (Q4 YoY)	Up 9% ($920 million)	Up 25% ($375 million)	Up 13% (Hitting $1.9 billion)
Full Year Operating Income	N/A	N/A	$9.995 billion (Up 8%)

Domestic hotel operations saw a 2% increase in occupied room nights, and Disney Cruise Line contributed a 5% growth in passenger cruise days.

Direct engagement and loyalty programs (e.g., Disney Vacation Club)

Direct engagement is maintained through long-term commitment programs like the Disney Vacation Club (DVC). This program fosters a dedicated base of high-value consumers who commit to multi-year contracts and recurring fees.

DVC direct sales in September 2025 saw 170,620 points sold across 12 Walt Disney World resorts, an increase from the 169,085 points sold in August 2025. The total declared DVC inventory for these 12 resorts reached 5,817,509 points, representing 94.4% of the total points.

Annual dues, a key recurring financial touchpoint for members, saw varied changes for the 2025 billing year:

• Average growth in annual dues across all DVC properties: Approximate 4.9%.
• Old Key West 2025 Dues increase: 6.47%.
• Polynesian Villas and Bungalows 2025 Dues change: Decreased by 3.69%.
• Cabins at Fort Wilderness 2025 Dues change: Decreased by 2.28%.

Subscription-based models for recurring digital revenue

The subscription model, anchored by Disney+, drives recurring digital revenue and keeps customers within the content ecosystem. The company is shifting focus toward profitability within this segment.

Key subscriber and revenue metrics for the streaming services as of late 2025:

Metric	Disney+ Core (Domestic)	Disney+ (International)	Disney+ & Hulu Combined
Subscribers (Q4 FY2025)	59.3 million	72.4 million	195.7 million (Total Paid)
Subscriber Change (QoQ)	Up 3%	Up 4%	Added 12.4 million
Average Revenue Per User (ARPU) (Q4 FY2025)	$8.09 (Flat)	$8.00 (Up 4%)	N/A

For Q1 of fiscal year 2025, the overall Disney+ ARPU rose to $7.55 from $7.20 in Q4 2024. About 30% of Disney+ subscribers globally use the ad-supported tier. The Disney Entertainment segment, which houses these services, reported revenue of $10.2 billion and an operating profit of $691 million in Q4 FY2025.

Finance: draft 13-week cash view by Friday.

The Walt Disney Company (DIS) - Canvas Business Model: Channels

Direct-to-Consumer (DTC) streaming apps (Disney+, Hulu, ESPN+)

The Walt Disney Company is shifting focus from raw subscriber counts to profitability for its Entertainment Direct-to-Consumer (DTC) business, with subscriber reporting for Disney+ and Hulu set to cease after the first quarter of fiscal 2026, and ESPN+ after the fourth quarter of fiscal 2025. The Entertainment DTC segment achieved an operating income of $352 million in the fourth quarter of fiscal 2025, a year-over-year increase of $99 million. Revenue for DTC in Q4 FY2025 increased 8%. For the third quarter of fiscal 2025, the Entertainment DTC segment posted an operating income of $346 million, a turnaround from a loss of $19 million in the year-ago period, with streaming revenue growing 6% to $6.2 billion.

Subscriber metrics leading up to the reporting change included:

• Combined Disney+ and Hulu subscriptions reached 196 million at the end of Q4 FY2025, an increase of 12.4 million versus Q3 FY2025.
• Disney+ subscribers stood at 132 million at the end of Q4 FY2025, up 3.8 million versus Q3 FY2025.
• In Q3 FY2025, core Disney+ had 128 million subscribers, and Hulu had 55.5 million.
• ESPN+ subscribers were 24.1 million in Q3 FY2025.

The launch of the ESPN DTC app showed promising adoption, with 80% of new sign-ups taking the Trio bundle (Disney+, Hulu, ESPN+).

Global theatrical releases for major film franchises

The theatrical channel performance is measured against prior periods buoyed by major releases. The Entertainment segment operating income for Q4 FY2025 was $691 million, a decrease of $376 million compared to the prior-year quarter, driven by theatrical slate comparisons. Content Sales/Licensing revenue was down 26% in Q4 FY2025, swinging to a $52 million loss. For the first quarter of fiscal 2026, the company guided an adverse impact to segment operating income of $400 million due to theatrical slate comparisons. The film Lilo & Stitch generated 14.3 million views during its first five days on Disney+.

Owned and operated Theme Parks, Resorts, and Cruise Lines

The Experiences division delivered a record full-year segment operating income of $10.0 billion for fiscal 2025, an increase of $723 million compared to the prior year. For the fourth quarter of fiscal 2025, segment operating income climbed 13% to $1.88 billion.

Experiences Sub-Segment	Q4 FY2025 Operating Income	Year-over-Year Growth
Total Experiences	$1.88 billion	13%
Domestic Parks & Experiences	$920 million	9%
International Parks & Experiences	$375 million	25%

Strength in the Disney Cruise Line was cited in Q4 FY2025, supported by higher passenger cruise days. Looking ahead to Q1 FY2026, the company projected approximately $90 million in pre-opening expenses for the Disney Cruise Line fleet, specifically for the Disney Destiny and Disney Adventure.

Linear TV Networks (e.g., ABC, Disney Channel, ESPN cable)

Linear Networks faced headwinds, with Q4 FY2025 operating income declining $107 million versus Q4 FY2024, largely due to the Star India transaction, which contributed $84 million to results in the prior year's Q4. The Sports segment, which includes ESPN, saw Q4 FY2025 operating income of $911 million, a decrease of $18 million year-over-year. Domestic ESPN advertising revenue increased 8% in Q4 FY2025, partially offsetting higher marketing and programming costs.

For the full fiscal year 2025, the company projected its India business to contribute $73 million to the Entertainment segment operating income, a sharp decline from $254 million in the prior year. For Q1 FY2026, lower political advertising revenue is expected to create an adverse impact of $140 million.

E-commerce and partner retail for consumer products (ShopDisney)

Consumer Products showed growth within the Experiences segment. In Q2 Fiscal 2025, Consumer Products operating income increased 14% to $0.4 billion. Retail sales of consumer products merchandise related to the Stitch franchise, including sales by licensees, eclipsed $4 billion in fiscal 2025.

The Walt Disney Company (DIS) - Canvas Business Model: Customer Segments

You're looking at the core audience groups that fuel The Walt Disney Company's diverse revenue streams as of late 2025. It's not just one group; it's a carefully segmented portfolio spanning physical experiences and digital consumption.

Families with young children (ages 3-12) seeking family-friendly content represent the foundational audience for the Parks, Experiences and Products division. This segment is crucial for driving volume, though the company is increasingly focusing on yield over volume through dynamic pricing. For example, in 2024, Walt Disney World saw a total attendance of approximately 49.1 million visitors across its four main theme parks. The Magic Kingdom, the park most associated with classic family appeal, drew 17.85 million guests in 2024. This group is also captured in the streaming data, where, in the US, ages 2 to 7 account for 43% of the Disney Plus audience, according to 2024 data.

The appeal to teens and young adults (ages 13-35) for Marvel and Star Wars franchises is heavily reflected in the Direct-to-Consumer (DTC) subscriber base. The company's Q4 2025 earnings showed 132 million Disney+ subscribers globally. Streaming demographics show a strong pull for this age bracket; for instance, one analysis noted that nearly 42.2% of Disney Plus users are under 24, and another source indicated that 25% of US users are aged 18 to 34. The success of these franchises also drives engagement across the entire portfolio.

Nostalgic adults and parents (ages 25-45) valuing quality and shared experiences form the backbone of the high-spending, decision-making demographic. This group is key for both park visits and streaming subscriptions. For Disney+, the largest share of users, at 43.9%, falls between the ages of 25 and 44. In the theme parks, the median household income of visitors is approximately $100,000, and the average age of a park visitor was around 38 years old as of early 2024. This segment is targeted through nostalgic content like live-action remakes and experiences emphasizing family memory-making.

The segment of global middle- to upper-middle-income households for high-cost experiences underpins the profitability of the Experiences segment. This division delivered a record full-year operating income of $10.0 billion for fiscal year 2025. The focus on yield over volume, as seen in the modest U.S. park attendance decline offset by higher guest spending, confirms a strategic pivot toward customers with greater disposable income who can absorb premium pricing. The DTC segment also targets this group, with the ad-free tiers often being the choice for higher-income households.

Here is a snapshot of the key metrics tied to these customer segments as of late 2025:

Customer Segment Focus	Relevant Metric	Value/Amount	Data Year/Period
Families/Young Children (Parks)	Magic Kingdom Annual Attendance	17.85 million visitors	2024
Teens/Young Adults (Streaming)	Disney+ Subscribers (Total)	132 million	Q4 Fiscal 2025
Nostalgic Adults/Parents (Parks)	Average Theme Park Visitor Age	38 years old	Early 2024
Middle/Upper-Middle Income (Parks)	Experiences Segment Full-Year Operating Income	$10.0 billion	Fiscal Year 2025
Nostalgic Adults/Parents (Streaming)	Share of Disney+ Users Aged 25-44	43.9%	2025 Data
Families/Young Children (Streaming)	Share of US Disney+ Users Aged 2-7	43%	2024 Data
All High-Cost Experience Customers	Median Household Income of Park Visitors	$100,000	2024 Data

The streaming service appeal is broad, but specific age groups dominate certain platforms. For instance, Hulu SVOD subscribers are mainly dominated by the 25-34 age group at 33.66%, according to November 2024 data.

You should note the ongoing shift in how The Walt Disney Company reports this data. Disney has announced it will stop reporting firm subscriber numbers for Disney+, Hulu, and ESPN+ starting after Q3 Fiscal 2025, focusing more on profitability metrics going forward.

• Families with young children drive volume to the Experiences segment.
• Marvel and Star Wars content anchors the Direct-to-Consumer segment's younger audience.
• Adults aged 25 to 44 are the largest single age cohort for Disney+ users.
• The DTC segment reported operating income of $352 million in Q4 2025.
• The Experiences segment Q4 2025 operating income was $1.88 billion.

Finance: draft the Q1 2026 customer acquisition cost projection by Friday.

The Walt Disney Company (DIS) - Canvas Business Model: Cost Structure

The Cost Structure for The Walt Disney Company is heavily weighted toward content creation and capital-intensive physical assets, reflecting its dual nature as a media conglomerate and an experiences provider. You'll see significant fixed costs dominating the outlay.

High fixed costs for content investment, projected at $24 billion for FY2026

The Walt Disney Company expects its content investment to remain a massive fixed cost driver. For fiscal year 2026, the projection is to invest approximately $24 billion across Entertainment and Sports. This is an increase of $1 billion compared to the fiscal year 2025 content spend, which was $23 billion. For context, this 2026 projection is still below the peak spending of $33 billion seen in fiscal year 2022. The CFO noted that this 2026 budget is expected to be split roughly 50-50 between sports and entertainment content.

Significant capital expenditures for park expansion, with $9 billion planned for FY2026

Capital expenditures are substantial, driven by the long-term plan to invest roughly $60 billion in the Parks, Experiences and Products segment over the next decade. Specifically for fiscal year 2026, The Walt Disney Company anticipates $9 billion in capital expenditures. This reflects the ongoing commitment to expanding and enhancing domestic and international parks and cruise line capacity, building on the plan to spend $17 billion across FY2025 and FY2026 on the Orlando resort expansion and new cruise ships.

Programming and production costs for live sports rights (e.g., NBA, NFL)

Sports rights are a major component of the content budget, with costs rising due to contractual escalations. The new 11-year TV rights deal for the NBA, which started this year, will see The Walt Disney Company pay approximately $2.6 billion annually. Higher programming and production costs in Q3 fiscal 2025 were explicitly attributed to contractual rate increases for the NBA and college sports. Furthermore, Q2 fiscal 2025 costs reflected airing three additional College Football Playoff games and an additional NFL game compared to the prior year.

You can see how these rights costs impact segment results:

Metric	Fiscal Year 2025 Result/Expectation	Driver/Context
Sports Segment Operating Income Growth (FY2025)	18% increase	Better than initial guidance
Sports Segment Operating Income Growth (FY2026 Expectation)	Low-single digit growth	Weighted to Q4 due to timing of rights expenses
Q4 Domestic ESPN Advertising Revenue Growth (FY2025)	8% increase	Driven by U.S. Open tennis, NFL, and college football viewership

Marketing, selling, and administrative expenses

Selling, General & Administrative (SG&A) expenses represent a significant operating cost outside of direct content and capital spending. For the twelve months ending September 30, 2025, SG&A expenses were reported at $16.501 billion, which was a 4.71% increase year-over-year from 2024's annual figure of $15.759 billion. Looking at quarterly data closer to the end of the fiscal year, the Selling and Administration Expenses for the fiscal quarter ending in September of 2025 were $4.45 billion.

Technology and infrastructure costs for the defintely growing DTC platforms

As The Walt Disney Company pushes its Direct-to-Consumer (DTC) platforms toward profitability, technology investment remains a key cost. Margin gains in the streaming business are being driven by revenue growth and operating leverage, not further content or SG&A reductions, which implies sustained tech spending. You saw in Q2 fiscal 2025 that the DTC operating income growth was partially offset by higher technology and distribution costs. Similarly, Q4 fiscal 2025 results noted that the increase in DTC operating income was partially offset by higher programming/production, marketing, and technology and distribution costs.

The focus here is on building a unified, AI-enhanced app ecosystem, which requires ongoing investment in product development.

• DTC Operating Income (FY2025 Full Year): $1.3 billion
• DTC Operating Income (Q2 FY2025): $336 million
• DTC Operating Income (Q3 FY2025): $346 million
• DTC Operating Income (Q4 FY2025): $352 million

The Walt Disney Company (DIS) - Canvas Business Model: Revenue Streams

You're looking at The Walt Disney Company's revenue generation engine as of late 2025. It's a complex mix, but the numbers tell a clear story about where the profit is landing this fiscal year.

The Experiences segment, which covers the parks, resorts, and cruise lines, delivered a record full year segment operating income of $10.0 billion in fiscal 2025. This performance was up 8% compared to the prior year, showing the enduring appeal of those physical destinations. Also, the company generated $18 billion in cash provided by operations for the full fiscal year 2025, with free cash flow reaching $10 billion.

For the digital side, the Direct-to-Consumer (DTC) business, encompassing subscription fees and advertising revenue across services like Disney+ and Hulu, achieved an operating income of $1.3 billion in FY2025. This represents a significant turnaround, an increase of $1.2 billion compared to fiscal 2024. The Entertainment segment overall, which houses DTC, saw its full year segment operating income increase 19% to $4.7 billion.

Here's a quick look at the operating income contribution from the major segments for the full fiscal year 2025:

Revenue Stream / Segment	Fiscal 2025 Operating Income (Reported)
Experiences Segment	$10.0 billion
Direct-to-Consumer (DTC)	$1.3 billion
Entertainment Segment (Total)	$4.7 billion

Theatrical box office receipts and home entertainment sales are bundled within the Entertainment segment results, which benefited from strong film slate performance in the first half of the year. For instance, Q1 fiscal 2025 operating income for Entertainment hit $1.7 billion, driven by that strong box office. Still, the fourth quarter saw a decrease of $376 million in Entertainment segment operating income compared to the prior-year quarter, largely due to theatrical slate comparisons.

Content sales and licensing to third-party platforms and networks also feed into the Entertainment segment's profitability. Content Sales/Licensing and Other operating income increased by $536 million in Q1 fiscal 2025, for example, driven by the performance of Moana 2. Honestly, isolating the exact FY2025 total for this stream alone is tricky, as it's reported alongside other Entertainment activities.

Consumer Products sales and licensing royalties are a component of the overall revenue picture, contributing to the total revenue of $94.4 billion for fiscal 2025. While specific royalty amounts aren't broken out separately in the top-line segment reporting, the strength of the overall portfolio supports the company's brand monetization efforts. You can see the overall strength in the total segment operating income, which grew 12% for the year to $17.6 billion.

The revenue mix is clearly shifting, with key drivers being:

• Strong, high-margin performance from the Experiences segment.
• The return to profitability in the Direct-to-Consumer streaming business.
• Revenue from major film releases flowing through the Entertainment segment.
• Advertising revenue growth in the Sports segment, with domestic ESPN advertising revenue up 8% in Q4 fiscal 2025 versus the prior-year quarter.

Finance: draft the Q1 FY2026 revenue projection based on the FY2025 actuals by Friday.