[pvsnp]

While the whole of Disney has now morphed itself into an Integrator in the past 6 years or so, there are parts like ESPN and Hulu that function as Aggregators and have to curate the content from elsewhere. In these business lines they have less of an ability to extract the 100% margin like Disney+. They’re dependent on NFL, NBA for the rights, and on Hulu for other studios to sell them the rights to stream the movies and shows. They attempted something closer to integrator approach at ESPN with X-Games but its scale dwarfed in comparison. I do like that Disney is moving ahead and integrating and building better content. It took them a lot of acquisitions and strategic planning to get here. When I worked there, it was a really hard sell to bring this streaming expertise in-house. I was relatively junior employee and didn’t realize that a company like Disney can just buy the best streaming platform that they’d been using, MLBAM and build their streaming technology around it.