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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 22 slides",
  "authorId": "blackwells-capital",
  "authorName": "Blackwells Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "presentationDate": "2024-02-01 00:00:00",
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  "notes": "The slide uses a bar chart to contrast Disney's 1-2% R&D spend against much higher figures from tech peers, framing this as a failure to innovate.",
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      "kind": "chart",
      "text": "Average Annual Research and Development Spend as % of Revenue",
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      "text": "Disney's disclosures on R&D initiatives are anemic. Perhaps this is because they know they are falling short. Disney meaningfully underspends on research and development in comparison to its peers. Disney will never be valued as a technology firm, until it begins to think like a technology firm",
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      "kind": "source-note",
      "text": "Source: Disney, Amazon, Netflix and Apple filings and Thales. Note: (1) Technology and Infrastructure expenses used as a proxy for Research and Development. (2) Technology and Infrastructure expenses used as a proxy for Research and Development.",
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      "kind": "title",
      "text": "DISNEY INNOVATES FAR LESS THAN PEERS",
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