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  "documentTitle": "The Walt Disney Company (DIS)",
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      "text": "it is the only streaming offering that approaches Netflix's core viewership and engagement",
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      "text": "Streaming Scale: Disney has already achieved impressive scale in its Direct-to-Consumer segment and has established itself as a strong #2 in the growing streaming market",
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      "text": "Engagement: The “Disney bundle” offers both consumers and advertisers a premium and highly differentiated entertainment offering – in aggregate, it is the only streaming offering that approaches Netflix’s core viewership and engagement",
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      "text": "Low Churn & SAC: The “Disney bundle” benefits from a broad, differentiated, and premium content offering that has pricing power with both consumers and advertisers while minimizing churn. Furthermore, relatively low subscriber acquisition costs are driven by demand for / awareness of Disney’s brands and franchises",
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      "text": "~51 Million Hulu Subscribers",
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      "text": "~$23 Billion Revenue",
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      "text": "Streaming Minutes: 100%",
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      "text": "Source: FactSet, SEC filings, MoffettNathanson research, Nielsen, Antenna. Note: (1) Represents Wall Street Consensus estimates as of 02/23/24. (2) Premium SVOD includes Apple TV+, Discovery+, HBO Max, Paramount+, Peacock, Showtime, and Starz.",
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      "text": "Disney Should Be a Streaming Winner",
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