[wernst]

I'm not sure I totally agree with this. Disney is incredibly talented at telling stories with a long shelf life (both singular stories and franchises). This is a core competency that isn't exactly disrupted by a change in the content distribution model. Not to say it can't happen, but they have been able to execute well on that competency since the 1920s.

This streaming shift also is beneficial to Disney, with more touch points to access their audience and extract value - unconstrained by TV/theater time constraints and middlemen.

I don't know how you support that they suffered over the last years. The Marvel Cinematic Universe has crushed it, Disney Plus has more subscribers than expected (thanks in part to COVID), and many DTC purchases on Disney Plus have been successful. Not to mention this content success begets success in other parts of the business.