The Walt Disney Company (DIS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

O modelo de negócios da Disney, Canvas, revela uma estratégia magistral de domínio do entretenimento, misturando perfeitamente histórias criativas com inovação tecnológica em várias plataformas. Desde a magia dos parques temáticos ao alcance global dos serviços de streaming, a Walt Disney Company se transformou de um estúdio de animação simples para um império de entretenimento multibilionário que cative o público em todo o mundo por meio de parcerias estratégicas, criação diversificada de conteúdo e uma capacidade incomparável de Crie experiências imersivas que transcendam os limites tradicionais da mídia.

The Walt Disney Company (DIS) - Modelo de Negócios: Principais Parcerias

Parceria da Pixar Animation Studios

A Disney adquiriu a Pixar Animation Studios em 2006 por US $ 7,4 bilhões. Em 2023, a parceria gerou mais de US $ 14,7 bilhões em receita de bilheteria da Pixar Films.

Detalhes da parceria	Impacto financeiro
Ano de aquisição	2006
Custo de aquisição	US $ 7,4 bilhões
Receita cumulativa de bilheteria	US $ 14,7 bilhões

Colaboração da Marvel Studios

A Disney adquiriu a Marvel Entertainment em 2009 por US $ 4,24 bilhões. Os filmes do Universo Cinematográfico da Marvel geraram mais de US $ 28,3 bilhões em receita global de bilheteria.

Métricas de parceria	Valor
Ano de aquisição	2009
Custo de aquisição	US $ 4,24 bilhões
Bilheteria Cumulativa do MCU	US $ 28,3 bilhões

Lucasfilm Star Wars Partnership

A Disney comprou a Lucasfilm em 2012 por US $ 4,05 bilhões. Os filmes de Guerra nas Estrelas geraram US $ 4,8 bilhões em receita de bilheteria desde a aquisição.

Streaming Platform Partnerships

• Propriedade da Hulu: a Disney detém 67% de participação
• ESPN+ Base de assinantes: 24,3 milhões de assinantes a partir do quarto trimestre 2023
• Disney+ assinantes globais: 157,8 milhões a partir do quarto trimestre 2023

Parceiros globais de distribuição de mídia

Parceiro de distribuição	Escopo da parceria
Comcast	Colaboração do Parque Temático do Universal Studios
Netflix	Acordos de licenciamento de conteúdo
Maçã	Distribuição de conteúdo digital

The Walt Disney Company (DIS) - Modelo de negócios: Atividades -chave

Criação de conteúdo e produção de entretenimento

A Disney produziu 17 filmes em 2023, gerando US $ 4,9 bilhões em receita global de bilheteria. A Walt Disney Studios criou conteúdo em várias marcas, incluindo Marvel, Pixar, Lucasfilm e Disney Animation.

Categoria de conteúdo	Volume anual de produção	Faixa de orçamento médio
Longas -metragens	17 filmes	US $ 100-250 milhões por filme
Disney+ série original	35 séries originais	US $ 15-50 milhões por série
Filmes animados	4-5 filmes de animação	US $ 150-200 milhões por filme

Parque temático e gerenciamento de resort

A Disney opera 6 destinos globais de resort com participação anual total de 156,8 milhões de visitantes em 2023.

• Disneyland Resort (Califórnia)
• Walt Disney World Resort (Flórida)
• Disneylândia Paris
• Tokyo Disney Resort
• Hong Kong Disneyland
• Shanghai Disney Resort

Operações de plataforma de mídia e streaming

A Disney+ atingiu 157,8 milhões de assinantes globalmente a partir do quarto trimestre de 2023, com receita anual de streaming de US $ 13,9 bilhões.

Plataforma de streaming	Assinantes	Receita anual
Disney+	157,8 milhões	US $ 13,9 bilhões
Hulu	48,2 milhões	US $ 9,7 bilhões
ESPN+	24,3 milhões	US $ 4,2 bilhões

Mercadoria e desenvolvimento de produtos de consumo

O segmento de produtos de consumo gerou US $ 7,6 bilhões em receita para o ano fiscal de 2023.

• Mercadoria licenciada
• Vendas diretas no varejo
• Produtos de jogos digitais
• Bens de consumo de marca

Marketing e distribuição global de entretenimento

A Disney gastou US $ 5,4 bilhões em marketing e distribuição em 2023, cobrindo vários canais e plataformas de entretenimento.

Canal de distribuição	Gasto de marketing	Alcançar
Liberação teatral	US $ 1,2 bilhão	Mercados globais de cinema
Plataformas de streaming	US $ 1,8 bilhão	157,8 milhões de assinantes
Redes de televisão	US $ 1,4 bilhão	Redes de transmissão global
Marketing digital	US $ 1 bilhão	Plataformas digitais globais

The Walt Disney Company (DIS) - Modelo de negócios: Recursos -chave

Portfólio de propriedade intelectual extensa

A partir de 2024, a Disney possui Aproximadamente 500 marcas de propriedade intelectual, incluindo:

• Marvel Entertainment (adquirido em 2009 por US $ 4 bilhões)
• Lucasfilm (adquirido em 2012 por US $ 4,05 bilhões)
• Pixar Animation Studios (adquirido em 2006 por US $ 7,4 bilhões)
• Os estúdios do século XX (adquiridos da Fox em 2019 por US $ 71,3 bilhões)

Categoria IP	Número de propriedades	Valor estimado
Personagens da Marvel	Mais de 7.000 caracteres	US $ 50 bilhões
Franquia de Guerra nas Estrelas	9 grandes séries de filmes	US $ 70 bilhões

Profissionais de talento e entretenimento criativos

A Disney emprega 220.000 mais de força de trabalho global em várias divisões de entretenimento.

Divisão	Número de funcionários
Walt Disney Studios	45,000
Parques da Disney	77,000
Redes de mídia da Disney	35,000

Infraestrutura de entretenimento global

A Disney opera:

• 6 Resorts de parque temático em todo o mundo
• 12 redes de televisão de propriedade da Disney
• 4 principais estúdios de produção de filmes
• Plataformas de streaming: Disney+, Hulu, ESPN+

Tecnologias avançadas de produção de mídia

Investimento anual de P&D de US $ 1,2 bilhão nas tecnologias de mídia e entretenimento.

Forte reconhecimento de marca e reputação

Valor da marca estimado em US $ 54,3 bilhões Em 2023, classificou a 9ª marca global mais valiosa pela Interbrand.

Métrica da marca	Valor
Valor da marca	US $ 54,3 bilhões
Classificação global da marca	9º

The Walt Disney Company (DIS) - Modelo de Negócios: Proposições de Valor

Narrativa imersiva em várias plataformas de entretenimento

A Disney gera US $ 88,86 bilhões em receita total para o ano fiscal de 2023, com a distribuição de conteúdo em várias plataformas:

Plataforma	Assinantes/usuários anuais
Disney+	157,8 milhões de assinantes
Hulu	48,2 milhões de assinantes
ESPN+	24,3 milhões de assinantes

Conteúdo familiar de alta qualidade

A Disney produz conteúdo em vários segmentos:

• Filmes animados gerando US $ 1,3 bilhão em receita de bilheteria
• Filmes de ação ao vivo gerando US $ 2,8 bilhões em receita de bilheteria
• Filmes do Universo Cinematográfico da Marvel gerando US $ 4,2 bilhões anualmente

Parque temático exclusivo e experiências de entretenimento ao vivo

Parque temático	Visitantes anuais	Receita
Walt Disney World	58 milhões de visitantes	US $ 28,7 bilhões
Disneylândia	28,4 milhões de visitantes	US $ 15,6 bilhões

Diversas opções de entretenimento para o público global

A Disney opera em vários mercados internacionais:

• Presença em 44 países
• Conteúdo disponível em 166 países
• Receita internacional: US $ 33,4 bilhões em 2023

Tecnologias de mídia inovadoras e de ponta

Investimentos e recursos de tecnologia:

• US $ 2,5 bilhões de despesas anuais de P&D
• Infraestrutura de tecnologia de streaming
• Recursos avançados de efeitos visuais

A Walt Disney Company (DIS) - Modelo de Negócios: Relacionamentos ao Cliente

Recomendações de streaming personalizadas

A Disney+ emprega algoritmos avançados de recomendação orientados pela IA que analisam o histórico de visualização do usuário. A partir do quarto trimestre de 2023, a Disney+ relatou 150 milhões de assinantes globais com sugestões de conteúdo personalizadas.

Métrica de recomendação	Dados de desempenho
Precisão de personalização	87,3% da taxa de envolvimento do usuário
Visualizações de conteúdo recomendadas médias	4.6 shows/filmes por usuário semanalmente

Programas de fidelidade para parques temáticos e Disney+

A Disney oferece vários programas de fidelidade em suas plataformas de entretenimento.

• Clube de férias da Disney: 250.000 membros ativos
• Disney+ Desconto anual de assinatura: 15% de economia
• Programa Anual de Passagem: 1,4 milhão de detentores de passe ativo

Experiências digitais interativas

A Disney investe fortemente em plataformas de interação digital do cliente.

Plataforma digital	Métricas de engajamento do usuário
Disney Mobile App	22,5 milhões de usuários ativos mensais
Recursos Disney+ Interativos	68% Taxa de interação do usuário

Engajamento do cliente através da mídia social

A Disney mantém presença robusta nas mídias sociais em várias plataformas.

• Seguidores do Instagram: 64,3 milhões
• Seguidores do Twitter: 17,2 milhões
• Seguidores do Facebook: 52,8 milhões

Estratégias de marketing direcionadas

A Disney utiliza análises de dados sofisticadas para abordagens precisas de marketing.

Canal de marketing	Taxa de conversão
Campanhas de e -mail personalizadas	24,6% de taxa de engajamento
Publicidade digital direcionada	19,3% de taxa de conversão

The Walt Disney Company (DIS) - Modelo de Negócios: Canais

Plataforma Disney+ Streaming

No quarto trimestre 2023, a Disney+ relatou 150 milhões de assinantes globais. A plataforma gerou US $ 5,1 bilhões em receita no quarto trimestre 2023. Os preços de assinatura varia de US $ 7,99 a US $ 13,99 por mês.

Plataforma	Assinantes	Receita (Q4 2023)
Disney+	150 milhões	US $ 5,1 bilhões

Parques temáticos e resorts em todo o mundo

A Disney opera 6 destinos de resort globalmente com 12 parques temáticos. Em 2023, os parques temáticos geraram US $ 28,7 bilhões em receita.

Localização	Número de parques
Estados Unidos	4 parques
Tóquio	2 parques
Paris	2 parques
Hong Kong	1 parque
Xangai	1 parque

Redes de televisão tradicionais

A Disney possui várias redes, incluindo ABC, ESPN, National Geographic. A ESPN gerou US $ 11,5 bilhões em receita em 2023.

• Rede ABC
• ESPN
• National Geographic
• Redes FX

Cinemas de filme

Em 2023, os lançamentos teatrais da Disney geraram US $ 9,2 bilhões em receita global de bilheteria.

Principais marcas de estúdio	Receita de bilheteria (2023)
Walt Disney Pictures	US $ 4,5 bilhões
Pixar	US $ 1,8 bilhão
Marvel Studios	US $ 2,9 bilhões

Lojas de varejo e plataformas de mercadorias on -line

A Disney Consumer Products gerou US $ 7,3 bilhões em receita em 2023. A empresa opera 300 locais de lojas da Disney em todo o mundo e extensas plataformas de mercadorias on -line.

Canal de varejo	Receita (2023)
Lojas físicas da Disney	US $ 1,5 bilhão
Mercadoria online	US $ 5,8 bilhões

The Walt Disney Company (DIS) - Modelo de Negócios: Segmentos de Clientes

Famílias com crianças

A partir do quarto trimestre de 2023, a Disney registrou 157,8 milhões de assinantes no Disney+, Hulu e ESPN+. As famílias representam uma demografia central para o conteúdo e as experiências da Disney.

Características do segmento	Métricas
Renda familiar média	$95,000 - $125,000
Faixa etária de pais	28-45 anos
Crianças por família	1.8 média

Entusiastas de entretenimento e mídia

A Disney gerou US $ 88,9 bilhões em receita total para o ano fiscal de 2023, com contribuições significativas do conteúdo da mídia e entretenimento.

• Disney+ assinantes: 146,1 milhões
• Assinantes do Hulu: 48,2 milhões
• ESPN+ assinantes: 24,3 milhões

Público global em diferentes faixas etárias

Faixa etária	Porcentagem do consumo de conteúdo da Disney
Crianças (2-12)	35%
Adolescentes (13-19)	22%
Jovens adultos (20-34)	25%
Adultos (35-54)	18%

Assinantes da plataforma de streaming

As plataformas de streaming da Disney atingiram 219,2 milhões de assinantes totais no quarto trimestre 2023.

Visitantes do parque temático e resort

O segmento de Disney Parks, Experiências e Produtos gerou US $ 28,7 bilhões em receita para o ano fiscal de 2023.

Localização	Visitantes anuais
Walt Disney World (Flórida)	58 milhões
Disneylândia (Califórnia)	28,4 milhões
Parques internacionais	26,6 milhões

The Walt Disney Company (DIS) - Modelo de negócios: estrutura de custos

Produção e desenvolvimento de conteúdo

Para o ano fiscal de 2023, os custos de produção de conteúdo da Disney foram de aproximadamente US $ 30,5 bilhões. Isso inclui despesas para criação de conteúdo de cinema, televisão e streaming.

Categoria de conteúdo	Custo anual de produção
Produção de filmes	US $ 8,2 bilhões
Produção televisiva	US $ 12,3 bilhões
Conteúdo de streaming	US $ 10 bilhões

Parque temático e manutenção do resort

A Disney gastou US $ 4,8 bilhões no parque temático e na manutenção do resort em 2023.

• Manutenção do resort da Disneyland: US $ 1,2 bilhão
• Manutenção do Walt Disney World Resort: US $ 2,1 bilhões
• Manutenção internacional de parques: US $ 1,5 bilhão

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura totalizaram US $ 3,6 bilhões em 2023.

Área de investimento em tecnologia	Despesas anuais
Infraestrutura digital	US $ 1,5 bilhão
Tecnologia de streaming	US $ 1,1 bilhão
Atualizações da tecnologia do parque	US $ 1 bilhão

Despesas de marketing e publicidade

Os custos de marketing e publicidade da Disney atingiram US $ 5,7 bilhões em 2023.

• Disney+ Marketing: US $ 1,2 bilhão
• Marketing de cinema e entretenimento: US $ 2,5 bilhões
• Publicidade do parque temático: US $ 2 bilhões

Talento e salários profissionais criativos

O talento total e os salários profissionais criativos foram de US $ 7,3 bilhões em 2023.

Categoria profissional	Gasto salarial anual
Talento de cinema	US $ 2,6 bilhões
Talento na televisão	US $ 2,2 bilhões
Profissionais criativos	US $ 2,5 bilhões

The Walt Disney Company (DIS) - Modelo de negócios: fluxos de receita

Subscrições da plataforma de streaming

A Disney+ relatou 157,8 milhões de assinantes a partir do primeiro trimestre de 2024. A receita anual de assinatura atingiu US $ 15,5 bilhões. Hulu tinha 48,2 milhões de assinantes. A ESPN+ manteve 24,3 milhões de assinantes.

Plataforma de streaming	Assinantes (Q1 2024)	Receita anual
Disney+	157,8 milhões	US $ 15,5 bilhões
Hulu	48,2 milhões	US $ 9,7 bilhões
ESPN+	24,3 milhões	US $ 4,3 bilhões

Vendas de ingressos para parques temáticos

Os parques da Disney geraram US $ 28,7 bilhões em receita para o ano fiscal de 2023. O Disneyland Resort e o Walt Disney World Resort Sales Combined ingressos chegaram a US $ 7,2 bilhões.

Vendas de mercadorias e produtos de consumo

O segmento de produtos de consumo gerou US $ 7,5 bilhões em receita. LICENCIAMENTO E VENDAS DE VAREJO:

• Vendas de mercadorias de varejo: US $ 4,3 bilhões
• Licenciamento de caracteres: US $ 2,1 bilhões
• Mercadoria de mídia interativa: US $ 1,1 bilhão

Licenciamento de conteúdo de cinema e televisão

O segmento de distribuição de mídia e entretenimento gerou US $ 14,6 bilhões em receita de licenciamento de conteúdo. Principais fluxos de licenciamento:

Categoria de licenciamento	Receita
Licenciamento de conteúdo de filme	US $ 6,2 bilhões
Licenciamento de conteúdo de televisão	US $ 5,9 bilhões
Distribuição internacional de conteúdo	US $ 2,5 bilhões

Receita de publicidade em plataformas de mídia

A receita total de publicidade nas plataformas da Disney atingiu US $ 5,8 bilhões no ano fiscal de 2023. Remoção específica da plataforma:

• Publicidade do Hulu: US $ 3,2 bilhões
• Publicidade da ESPN: US $ 1,6 bilhão
• Disney+ Nível de Publicidade: US $ 1,0 bilhão

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.