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  "documentTitle": "The Walt Disney Company (DIS)",
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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": "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": "Disney has historically operated as a wholesaler where success was determined primarily by maximizing distribution by pleasing the distributors (e.g., cable companies) who were responsible for satisfying, acquiring, and retaining end customers",
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      "text": "Success in direct-to-consumer video distribution requires relentless focus on engagement, content availability, quality, discovery, churn management, and technology",
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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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      "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": "Aggressively low price point; Unfavorable wholesale deals; Undisciplined spend; Maximizing distribution vs engagement; Suboptimal technology platform",
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      "text": "When Disney Finally Launched Streaming, the Strategy Was Seemingly Poorly Planned and Executed",
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