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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "Uses a contrast-pairs framework to diagnose the root cause of Disney's streaming performance issues.",
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      "text": "When Disney launched its streaming strategy, we believe it made many decisions to maximize distribution quickly that run counter to the core tenets of running a successful DTC platform.",
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      "text": "Wholesale vs Retail Mentality",
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      "text": "Aggressively low price point to drive customer acquisition; Struck unfavorable wholesale deals; Undisciplined content and marketing spend; Solving to maximize distribution, not engagement; Suboptimal technology platform",
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      "text": "We believe Disney underestimated the cultural and business model differences between operating a direct-to-consumer “retail” business and a legacy “wholesale” business. This miscalculation has hurt DTC performance.",
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      "kind": "source-note",
      "text": "Source: Company transcripts. Note: (1) Fast Company article titled \"Why Disney Plus's new Hulu integration was such a huge, high-stakes challenge\" published by Harry McCracken on 12/07/23.",
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      "text": "When Disney Finally Launched Streaming, the Strategy Was Seemingly Poorly Planned and Executed",
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