The Walt Disney Company (DIS): Business Model Canvas

Disneys Business Model Canvas offenbart eine meisterhafte Strategie der Unterhaltungsdominanz, die kreatives Storytelling nahtlos mit technologischer Innovation über mehrere Plattformen hinweg verbindet. Von der Magie der Themenparks bis hin zur globalen Reichweite von Streaming-Diensten hat sich The Walt Disney Company von einem einfachen Animationsstudio zu einem milliardenschweren Unterhaltungsimperium entwickelt, das das Publikum weltweit durch strategische Partnerschaften, vielfältige Content-Erstellung und eine beispiellose Fähigkeit, immersive Erlebnisse zu schaffen, die über traditionelle Mediengrenzen hinausgehen, in seinen Bann zieht.

The Walt Disney Company (DIS) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaft mit Pixar Animation Studios

Disney erwarb die Pixar Animation Studios im Jahr 2006 für 7,4 Milliarden US-Dollar. Bis 2023 hat die Partnerschaft über 14,7 Milliarden US-Dollar an Kinoeinnahmen mit Pixar-Filmen generiert.

Einzelheiten zur Partnerschaft	Finanzielle Auswirkungen
Erwerbsjahr	2006
Anschaffungskosten	7,4 Milliarden US-Dollar
Kumulierte Einnahmen an den Kinokassen	14,7 Milliarden US-Dollar

Zusammenarbeit mit Marvel Studios

Disney erwarb Marvel Entertainment im Jahr 2009 für 4,24 Milliarden US-Dollar. Marvel Cinematic Universe-Filme haben weltweit einen Kassenumsatz von über 28,3 Milliarden US-Dollar erwirtschaftet.

Partnerschaftskennzahlen	Wert
Erwerbsjahr	2009
Anschaffungskosten	4,24 Milliarden US-Dollar
Kumulative MCU-Abendkasse	28,3 Milliarden US-Dollar

Lucasfilm Star Wars-Partnerschaft

Disney kaufte Lucasfilm im Jahr 2012 für 4,05 Milliarden US-Dollar. Star Wars-Filme haben seit der Übernahme 4,8 Milliarden US-Dollar an Einspielergebnissen generiert.

Partnerschaften mit Streaming-Plattformen

• Hulu-Besitz: Disney hält 67 % der Mehrheitsbeteiligung
• ESPN+-Abonnentenbasis: 24,3 Millionen Abonnenten im vierten Quartal 2023
• Weltweite Disney+-Abonnenten: 157,8 Millionen im vierten Quartal 2023

Globale Medienvertriebspartner

Vertriebspartner	Umfang der Partnerschaft
Comcast	Zusammenarbeit im Themenpark Universal Studios
Netflix	Lizenzvereinbarungen für Inhalte
Apfel	Verbreitung digitaler Inhalte

The Walt Disney Company (DIS) – Geschäftsmodell: Hauptaktivitäten

Content-Erstellung und Unterhaltungsproduktion

Im Jahr 2023 produzierte Disney 17 Filme und erwirtschaftete damit einen weltweiten Einspielumsatz von 4,9 Milliarden US-Dollar. Walt Disney Studios erstellte Inhalte für mehrere Marken, darunter Marvel, Pixar, Lucasfilm und Disney Animation.

Inhaltskategorie	Jährliches Produktionsvolumen	Durchschnittlicher Budgetbereich
Spielfilme	17 Filme	100–250 Millionen US-Dollar pro Film
Disney+ Originalserie	35 Originalserien	15–50 Millionen US-Dollar pro Serie
Animationsfilme	4-5 Animationsfilme	150–200 Millionen US-Dollar pro Film

Themenpark- und Resortmanagement

Disney betreibt weltweit sechs Urlaubsziele mit einer jährlichen Gesamtbesucherzahl von 156,8 Millionen Besuchern im Jahr 2023.

• Disneyland Resort (Kalifornien)
• Walt Disney World Resort (Florida)
• Disneyland Paris
• Tokio Disney Resort
• Hongkong Disneyland
• Shanghai Disney Resort

Betrieb von Medien- und Streaming-Plattformen

Disney+ erreichte im vierten Quartal 2023 weltweit 157,8 Millionen Abonnenten mit einem jährlichen Streaming-Umsatz von 13,9 Milliarden US-Dollar.

Streaming-Plattform	Abonnenten	Jahresumsatz
Disney+	157,8 Millionen	13,9 Milliarden US-Dollar
Hulu	48,2 Millionen	9,7 Milliarden US-Dollar
ESPN+	24,3 Millionen	4,2 Milliarden US-Dollar

Entwicklung von Waren und Konsumgütern

Das Segment Konsumgüter erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 7,6 Milliarden US-Dollar.

• Lizenzierte Ware
• Direktverkauf im Einzelhandel
• Digitale Gaming-Produkte
• Markenkonsumgüter

Globales Unterhaltungsmarketing und -vertrieb

Disney gab im Jahr 2023 5,4 Milliarden US-Dollar für Marketing und Vertrieb aus und deckte mehrere Unterhaltungskanäle und Plattformen ab.

Vertriebskanal	Marketingausgaben	Reichweite
Kinostart	1,2 Milliarden US-Dollar	Globale Kinomärkte
Streaming-Plattformen	1,8 Milliarden US-Dollar	157,8 Millionen Abonnenten
Fernsehsender	1,4 Milliarden US-Dollar	Globale Rundfunknetze
Digitales Marketing	1 Milliarde Dollar	Globale digitale Plattformen

The Walt Disney Company (DIS) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an geistigem Eigentum

Ab 2024 besitzt Disney ca. 500+ geistige Eigentumsmarken, einschließlich:

• Marvel Entertainment (2009 für 4 Milliarden US-Dollar übernommen)
• Lucasfilm (2012 für 4,05 Milliarden US-Dollar übernommen)
• Pixar Animation Studios (2006 für 7,4 Milliarden US-Dollar übernommen)
• 20th Century Studios (2019 von Fox für 71,3 Milliarden US-Dollar übernommen)

IP-Kategorie	Anzahl der Eigenschaften	Geschätzter Wert
Marvel-Charaktere	Über 7.000 Zeichen	50 Milliarden Dollar
Star Wars-Franchise	9 große Filmreihen	70 Milliarden Dollar

Kreative Talente und Unterhaltungsprofis

Disney beschäftigt Mehr als 220.000 Arbeitskräfte weltweit in verschiedenen Unterhaltungsbereichen.

Abteilung	Anzahl der Mitarbeiter
Walt Disney Studios	45,000
Disney-Parks	77,000
Disney Media Networks	35,000

Globale Unterhaltungsinfrastruktur

Disney betreibt:

• 6 Themenpark-Resorts weltweit
• 12 Disney-eigene Fernsehsender
• 4 große Filmproduktionsstudios
• Streaming-Plattformen: Disney+, Hulu, ESPN+

Fortschrittliche Medienproduktionstechnologien

Jährliche F&E-Investitionen von 1,2 Milliarden US-Dollar in Medien- und Unterhaltungstechnologien.

Starke Markenbekanntheit und Reputation

Markenwert geschätzt auf 54,3 Milliarden US-Dollar im Jahr 2023 von Interbrand auf Platz 9 der wertvollsten globalen Marke.

Markenmetrik	Wert
Markenwert	54,3 Milliarden US-Dollar
Globales Markenranking	9

The Walt Disney Company (DIS) – Geschäftsmodell: Wertversprechen

Immersives Storytelling auf mehreren Unterhaltungsplattformen

Disney erwirtschaftet im Geschäftsjahr 2023 einen Gesamtumsatz von 88,86 Milliarden US-Dollar mit der Verbreitung von Inhalten auf mehreren Plattformen:

Plattform	Jährliche Abonnenten/Benutzer
Disney+	157,8 Millionen Abonnenten
Hulu	48,2 Millionen Abonnenten
ESPN+	24,3 Millionen Abonnenten

Hochwertige familienfreundliche Inhalte

Disney produziert Inhalte in mehreren Segmenten:

• Animationsfilme erzielen Einnahmen an den Kinokassen in Höhe von 1,3 Milliarden US-Dollar
• Live-Action-Filme erwirtschaften 2,8 Milliarden US-Dollar an Einspielergebnissen
• Marvel Cinematic Universe-Filme erwirtschaften jährlich 4,2 Milliarden US-Dollar

Einzigartige Themenpark- und Live-Unterhaltungserlebnisse

Themenpark	Jährliche Besucher	Einnahmen
Walt Disney World	58 Millionen Besucher	28,7 Milliarden US-Dollar
Disneyland	28,4 Millionen Besucher	15,6 Milliarden US-Dollar

Vielfältige Unterhaltungsmöglichkeiten für ein globales Publikum

Disney ist auf mehreren internationalen Märkten tätig:

• Präsenz in 44 Ländern
• Inhalte in 166 Ländern verfügbar
• Internationaler Umsatz: 33,4 Milliarden US-Dollar im Jahr 2023

Innovative und zukunftsweisende Medientechnologien

Technologieinvestitionen und -fähigkeiten:

• Jährliche F&E-Ausgaben in Höhe von 2,5 Milliarden US-Dollar
• Infrastruktur für Streaming-Technologie
• Erweiterte Funktionen für visuelle Effekte

The Walt Disney Company (DIS) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Streaming-Empfehlungen

Disney+ verwendet fortschrittliche KI-gesteuerte Empfehlungsalgorithmen, die den Sehverlauf der Benutzer analysieren. Im vierten Quartal 2023 meldete Disney+ weltweit 150 Millionen Abonnenten mit personalisierten Inhaltsvorschlägen.

Empfehlungsmetrik	Leistungsdaten
Personalisierungsgenauigkeit	87,3 % Benutzer-Engagement-Rate
Durchschnittliche empfohlene Inhaltsaufrufe	4,6 Shows/Filme pro Benutzer wöchentlich

Treueprogramme für Themenparks und Disney+

Disney bietet auf seinen Unterhaltungsplattformen mehrere Treueprogramme an.

• Disney Vacation Club: 250.000 aktive Mitglieder
• Rabatt auf das Jahresabonnement von Disney+: 15 % Ersparnis
• Jahreskarteninhaberprogramm: 1,4 Millionen aktive Karteninhaber

Interaktive digitale Erlebnisse

Disney investiert stark in digitale Kundeninteraktionsplattformen.

Digitale Plattform	Kennzahlen zum Benutzerengagement
Disney Mobile-App	22,5 Millionen monatlich aktive Benutzer
Interaktive Funktionen von Disney+	68 % Benutzerinteraktionsrate

Kundenbindung durch soziale Medien

Disney unterhält eine starke Social-Media-Präsenz auf mehreren Plattformen.

• Instagram-Follower: 64,3 Millionen
• Twitter-Follower: 17,2 Millionen
• Facebook-Follower: 52,8 Millionen

Gezielte Marketingstrategien

Disney nutzt ausgefeilte Datenanalysen für präzise Marketingansätze.

Marketingkanal	Conversion-Rate
Personalisierte E-Mail-Kampagnen	24,6 % Engagement-Rate
Gezielte digitale Werbung	19,3 % Conversion-Rate

The Walt Disney Company (DIS) – Geschäftsmodell: Kanäle

Disney+ Streaming-Plattform

Im vierten Quartal 2023 meldete Disney+ weltweit 150 Millionen Abonnenten. Die Plattform erwirtschaftete im vierten Quartal 2023 einen Umsatz von 5,1 Milliarden US-Dollar. Die Abonnementpreise liegen zwischen 7,99 und 13,99 US-Dollar pro Monat.

Plattform	Abonnenten	Umsatz (Q4 2023)
Disney+	150 Millionen	5,1 Milliarden US-Dollar

Themenparks und Resorts weltweit

Disney betreibt weltweit sechs Urlaubsziele mit zwölf Themenparks. Im Jahr 2023 erwirtschafteten Themenparks einen Umsatz von 28,7 Milliarden US-Dollar.

Standort	Anzahl der Parks
Vereinigte Staaten	4 Parks
Tokio	2 Parks
Paris	2 Parks
Hongkong	1 Park
Shanghai	1 Park

Traditionelle Fernsehsender

Disney besitzt mehrere Sender, darunter ABC, ESPN und National Geographic. ESPN erwirtschaftete im Jahr 2023 einen Umsatz von 11,5 Milliarden US-Dollar.

• ABC-Netzwerk
• ESPN
• National Geographic
• FX-Netzwerke

Kinos

Im Jahr 2023 generierten Disneys Kinoveröffentlichungen weltweit 9,2 Milliarden US-Dollar an Kinoeinnahmen.

Große Studiomarken	Einnahmen an den Kinokassen (2023)
Walt Disney-Bilder	4,5 Milliarden US-Dollar
Pixar	1,8 Milliarden US-Dollar
Marvel Studios	2,9 Milliarden US-Dollar

Einzelhandelsgeschäfte und Online-Merchandise-Plattformen

Disney Consumer Products erzielte im Jahr 2023 einen Umsatz von 7,3 Milliarden US-Dollar. Das Unternehmen betreibt weltweit 300 Disney Store-Standorte und umfangreiche Online-Merchandise-Plattformen.

Einzelhandelskanal	Umsatz (2023)
Physische Disney Stores	1,5 Milliarden US-Dollar
Online-Waren	5,8 Milliarden US-Dollar

The Walt Disney Company (DIS) – Geschäftsmodell: Kundensegmente

Familien mit Kindern

Im vierten Quartal 2023 meldete Disney insgesamt 157,8 Millionen Abonnenten auf Disney+, Hulu und ESPN+. Familien stellen eine zentrale Bevölkerungsgruppe für Disneys Inhalte und Erlebnisse dar.

Segmentmerkmale	Metriken
Durchschnittliches Haushaltseinkommen	$95,000 - $125,000
Altersspanne der Eltern	28-45 Jahre
Kinder pro Haushalt	1,8 Durchschnitt

Unterhaltungs- und Medienbegeisterte

Disney erwirtschaftete im Geschäftsjahr 2023 einen Gesamtumsatz von 88,9 Milliarden US-Dollar, wobei Medien- und Unterhaltungsinhalte maßgeblich dazu beitrugen.

• Disney+-Abonnenten: 146,1 Millionen
• Hulu-Abonnenten: 48,2 Millionen
• ESPN+-Abonnenten: 24,3 Millionen

Globales Publikum in verschiedenen Altersgruppen

Altersgruppe	Prozentsatz des Konsums von Disney-Inhalten
Kinder (2-12)	35%
Jugendliche (13–19)	22%
Junge Erwachsene (20-34)	25%
Erwachsene (35-54)	18%

Abonnenten der Streaming-Plattform

Die Streaming-Plattformen von Disney erreichten im vierten Quartal 2023 insgesamt 219,2 Millionen Abonnenten.

Besucher von Themenparks und Resorts

Das Segment Disney Parks, Erlebnisse und Produkte erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 28,7 Milliarden US-Dollar.

Standort	Jährliche Besucher
Walt Disney World (Florida)	58 Millionen
Disneyland (Kalifornien)	28,4 Millionen
Internationale Parks	26,6 Millionen

The Walt Disney Company (DIS) – Geschäftsmodell: Kostenstruktur

Inhaltsproduktion und -entwicklung

Für das Geschäftsjahr 2023 beliefen sich Disneys Kosten für die Produktion von Inhalten auf etwa 30,5 Milliarden US-Dollar. Darin enthalten sind Ausgaben für die Erstellung von Film-, Fernseh- und Streaming-Inhalten.

Inhaltskategorie	Jährliche Produktionskosten
Filmproduktion	8,2 Milliarden US-Dollar
Fernsehproduktion	12,3 Milliarden US-Dollar
Streaming-Inhalte	10 Milliarden Dollar

Wartung von Freizeitparks und Resorts

Disney gab im Jahr 2023 4,8 Milliarden US-Dollar für die Instandhaltung von Freizeitparks und Resorts aus.

• Instandhaltung des Disneyland Resorts: 1,2 Milliarden US-Dollar
• Wartung des Walt Disney World Resort: 2,1 Milliarden US-Dollar
• Internationale Parkpflege: 1,5 Milliarden US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Investitionen in Technologie und Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 3,6 Milliarden US-Dollar.

Technologie-Investitionsbereich	Jährliche Ausgaben
Digitale Infrastruktur	1,5 Milliarden US-Dollar
Streaming-Technologie	1,1 Milliarden US-Dollar
Park-Technologie-Upgrades	1 Milliarde Dollar

Marketing- und Werbekosten

Die Marketing- und Werbekosten von Disney erreichten im Jahr 2023 5,7 Milliarden US-Dollar.

• Disney+-Marketing: 1,2 Milliarden US-Dollar
• Film- und Unterhaltungsmarketing: 2,5 Milliarden US-Dollar
• Werbung für Freizeitparks: 2 Milliarden US-Dollar

Gehälter für Talent- und Kreativprofis

Die Gesamtgehälter für Talente und kreative Fachkräfte beliefen sich im Jahr 2023 auf 7,3 Milliarden US-Dollar.

Professionelle Kategorie	Jährliche Gehaltsausgaben
Filmtalent	2,6 Milliarden US-Dollar
Fernsehtalent	2,2 Milliarden US-Dollar
Kreative Profis	2,5 Milliarden US-Dollar

The Walt Disney Company (DIS) – Geschäftsmodell: Einnahmequellen

Abonnements für Streaming-Plattformen

Disney+ meldete im ersten Quartal 2024 157,8 Millionen Abonnenten. Der jährliche Abonnementumsatz erreichte 15,5 Milliarden US-Dollar. Hulu hatte 48,2 Millionen Abonnenten. ESPN+ hatte 24,3 Millionen Abonnenten.

Streaming-Plattform	Abonnenten (Q1 2024)	Jahresumsatz
Disney+	157,8 Millionen	15,5 Milliarden US-Dollar
Hulu	48,2 Millionen	9,7 Milliarden US-Dollar
ESPN+	24,3 Millionen	4,3 Milliarden US-Dollar

Ticketverkauf für Themenparks

Disney Parks erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 28,7 Milliarden US-Dollar. Der Ticketverkauf von Disneyland Resort und Walt Disney World Resort erreichte zusammen 7,2 Milliarden US-Dollar.

Verkauf von Waren und Konsumgütern

Das Segment Konsumgüter erwirtschaftete einen Umsatz von 7,5 Milliarden US-Dollar. Aufschlüsselung nach Lizenzen und Einzelhandelsumsätzen:

• Einzelhandelswarenumsatz: 4,3 Milliarden US-Dollar
• Charakterlizenzierung: 2,1 Milliarden US-Dollar
• Interaktive Medienware: 1,1 Milliarden US-Dollar

Lizenzierung von Film- und Fernsehinhalten

Das Segment Medien- und Unterhaltungsvertrieb erwirtschaftete einen Umsatz aus der Lizenzierung von Inhalten in Höhe von 14,6 Milliarden US-Dollar. Wichtige Lizenzströme:

Lizenzkategorie	Einnahmen
Lizenzierung von Filminhalten	6,2 Milliarden US-Dollar
Lizenzierung von Fernsehinhalten	5,9 Milliarden US-Dollar
Internationale Verbreitung von Inhalten	2,5 Milliarden US-Dollar

Werbeeinnahmen auf allen Medienplattformen

Die gesamten Werbeeinnahmen auf Disneys Plattformen erreichten im Geschäftsjahr 2023 5,8 Milliarden US-Dollar. Plattformspezifische Aufschlüsselung:

• Hulu-Werbung: 3,2 Milliarden US-Dollar
• ESPN-Werbung: 1,6 Milliarden US-Dollar
• Werbestufe Disney+: 1,0 Milliarden US-Dollar

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.