{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","ticker":"DIS","updated_at":"2026-07-12T04:57:41.809+00:00","canonical":"https://valuechain.wiki/disney","same_as":["https://finance.yahoo.com/quote/DIS","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1744489"],"citable":"밸류체인 그래프 기준 Disney의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 37곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, The Walt Disney Company is directly linked to 2 companies (1 supply, 0 revenue, 1 investment relationships) and reaches 37 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"미디어·스트리밍·테마파크를 아우르는 소비 엔터테인먼트 대기업. 소비·광고·콘텐츠 시계로 돌며, AI는 수요가 아니라 제작·추천의 원가 요소로만 닿는다.","kicker_en":"A consumer entertainment conglomerate spanning media, streaming and theme parks, running on the clock of consumer spending, advertising and content, where AI touches it only as a production and recommendation cost, not as demand.","lead":"월트 디즈니는 미디어·스트리밍·테마파크를 아우르는 소비 엔터테인먼트 기업으로, 사업은 엔터테인먼트(디즈니+·훌루·스튜디오·리니어), 스포츠(ESPN), 경험(파크·리조트·크루즈) 세 부문으로 나뉜다. FY2025(9월 종료) 매출은 944억 달러(+3%)로, 스트리밍이 흑자로 돌아선 데 이어 2025년 컴캐스트의 Hulu 잔여 33%를 완전 인수(총 ~90억 달러)해 디즈니+·훌루 통합으로 DTC 수익성을 굳혔다. AI 사슬의 수요단이 아니라 소비·광고·구독·콘텐츠 시계로 움직이는 대조군으로, AI는 콘텐츠 제작·추천의 원가에만 닿는다.","lead_en":"The Walt Disney Company is a consumer-entertainment company spanning media, streaming and theme parks, organized into three segments: Entertainment (Disney+, Hulu, studios, linear), Sports (ESPN), and Experiences (parks, resorts, cruises). FY2025 (ended September) revenue was $94.4B (+3%); having turned streaming profitable, in 2025 it took full ownership of Hulu by buying out Comcast's remaining 33% (~$9B total), cementing DTC profitability through Disney+/Hulu integration. It is a counter-case moving on the clock of consumption, advertising, subscriptions and content rather than AI-chain demand, where AI touches only the cost of content production and recommendation.","segments":{"fy":2025,"parts":[{"desc":"매출 425억 달러·부문 영업이익 47억(+19%). 디즈니+·훌루(합산 구독 1.96억, 디즈니+ 1.32억)·스튜디오·리니어. 2025년 Hulu 잔여지분 인수로 100% 소유, DTC 흑자 심화.","name":"엔터테인먼트 (Entertainment)"},{"desc":"매출 177억 달러. ESPN·ESPN+; 광고 비중이 크고, 2025년 ESPN DTC(직접 스트리밍) 출시로 유선 이탈 방어.","name":"스포츠 (Sports)"},{"desc":"매출 362억 달러. 파크·리조트·크루즈·소비재. FY2025 파크 capex 80억 달러(~$60B 10년 계획)로 크루즈·파크 확장에 대규모 선투자하는 이익의 축.","name":"경험 (Experiences)"}],"total":"FY2025(9월 종료) 매출 944억 달러(+3%)·세전이익 120억 달러(전년 76억)·부문 영업이익 176억(+12%). 스트리밍 흑자가 심화되고 Hulu를 100% 인수.","source":"https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm","concentration":"소비·광고·구독 기반 엔터테인먼트 대기업으로 AI 사슬 수요 노출은 사실상 없음. 스트리밍 흑자 심화·Hulu 100% 통합이 콘텐츠 회수 국면을 열고, 경험 부문 ~$60B 투자와 리니어 감소가 자본배분의 축. AI는 제작·추천 원가에만 닿는다."},"segments_en":{"fy":2025,"parts":[{"desc":"Revenue $42.5B, segment operating income $4.7B (+19%). Disney+/Hulu (196M combined subs, 132M Disney+), studios and linear. Took 100% of Hulu in 2025, deepening DTC profit.","name":"Entertainment"},{"desc":"Revenue $17.7B. ESPN/ESPN+; ad-heavy, with the 2025 ESPN DTC (direct streaming) launch defending against cord-cutting.","name":"Sports"},{"desc":"Revenue $36.2B. Parks, resorts, cruises and consumer products. FY2025 parks capex $8.0B (part of a ~$60B 10-year plan) front-loads cruise and park expansion — the profit anchor.","name":"Experiences"}],"total":"FY2025 (ended Sep 2025) revenue $94.4B (+3%); pretax income $12.0B (from $7.6B); segment operating income $17.6B (+12%). Streaming profitability deepened and Disney took full ownership of Hulu.","source":"https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm","concentration":"A consumer/ad/subscription entertainment giant with essentially no AI-chain demand exposure. Deepening streaming profit and full Hulu integration open a content-payback phase, while the ~$60B Experiences investment and linear decline are the capital-allocation axis. AI touches only production and recommendation cost."},"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"comcast","name":"컴캐스트","name_en":"Comcast","tier":1,"returns_yearly":{"2021":-2.2,"2022":-28.7,"2023":29.1,"2024":-11.8,"2025":-17.3,"2026":-12.7}},{"slug":"sandisk","name":"샌디스크","name_en":"SanDisk","tier":2,"returns_yearly":{"2026":707.1}},{"slug":"seagate","name":"Seagate","name_en":"Seagate Technology","tier":2,"returns_yearly":{"2021":87.5,"2022":-51.4,"2023":69.1,"2024":4.1,"2025":225.3,"2026":231.4}},{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":2,"returns_yearly":{"2021":84.6,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":177.8}},{"slug":"astera-labs","name":"Astera 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엔터테인먼트·스포츠는 스트리밍 첫 흑자 전환으로 콘텐츠 투자의 회수 국면에 들어섰다. 2025년 Hulu 100% 인수(컴캐스트 지분 매입)로 스트리밍 통합을 완성했고, 경험 부문엔 ~$60B(10년) 자본을 선투입해 이익의 축을 키운다. 리스크는 리니어 TV의 구조적 감소와 스포츠 판권비·파크 운영비이며, AI는 수요가 아니라 콘텐츠 제작·추천의 원가 절감 도구로만 닿는다(스트리밍 인프라는 AWS).","analysis_en":"A consumer-entertainment conglomerate spanning media, streaming and theme parks, a control node running on consumer, advertising, subscription and content cycles outside the AI chain. The thesis is a balance of two axes — Experiences (parks, cruises; a record $34.2B) is directly exposed to consumer and travel demand, while Entertainment and Sports entered a return-on-content-investment phase as streaming turned its first profit. Risks are the structural decline of linear TV and rising park operating costs, and AI touches it only as a cost-saving tool in content production and recommendation (streaming infrastructure runs on AWS).","analysis_asof":"2026-07-12"},"edges":[{"direction":"revenue","counterparty":"소비자·구독 (엔터테인먼트: 디즈니+·훌루·스튜디오)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-09-28","basis":"엔터테인먼트 매출(십억달러)","value":41.2,"period":"FY2024","basis_en":"Entertainment revenue (US$B)"},"note":"엔터테인먼트 부문은 디즈니+·훌루 구독, 스튜디오 흥행, 리니어 네트워크로 매출 412억 달러를 낸다. 2024년 스트리밍이 첫 흑자로 전환했다.","note_en":"The Entertainment segment earns $41.2B from Disney+ and Hulu subscriptions, studio hits and linear networks; streaming turned its first profit in 2024.","sources":[{"stance":"mentions","publisher":"MarketScreener","publisher_en":"MarketScreener","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.marketscreener.com/quote/stock/THE-WALT-DISNEY-COMPANY-4816/consensus/","title":"월트 디즈니 투자의견·목표주가 컨센서스 (DIS)","title_en":"The Walt Disney Company analyst consensus and price target (DIS)","excerpt":"애널리스트 컨센서스 — DTC 흑자 심화와 경험 부문이 재평가 논거; 리니어 감소와 스포츠 판권비가 관전 포인트.","excerpt_en":"Analyst consensus — deepening DTC profitability and Experiences underpin the re-rating; linear decline and sports-rights costs are the watch items."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm","title":"월트 디즈니 연차보고서 10-K (FY2025, 2025.9 종료)","title_en":"The Walt Disney Company Form 10-K (FY2025, ended Sep 27 2025)","excerpt":"FY2025(2025-09-27 종료) 10-K는 매출을 엔터테인먼트(디즈니+·훌루·스튜디오·리니어)·스포츠(ESPN)·경험(파크·크루즈) 3개 부문으로 보고한다.","excerpt_en":"The FY2025 10-K (period ended 2025-09-27) reports revenue across three segments: Entertainment (Disney+, Hulu, studios, linear), Sports (ESPN) and Experiences (parks, cruises)."},{"stance":"confirms","publisher":"월트 디즈니","publisher_en":"The Walt Disney Company","kind":"ir","lang":"en","published_at":"2024-11-14","url":"https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-reports-fourth-quarter-and-full-year-earnings-for-fiscal-2024/","title":"월트 디즈니 2024 회계연도 4분기 및 연간 실적","title_en":"The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2024","excerpt":"2024 회계연도 매출은 914억 달러이며 엔터테인먼트 부문이 412억 달러였다. 통합 DTC 스트리밍은 4분기 3억2100만 달러의 영업이익으로 흑자를 냈다.","excerpt_en":"Fiscal 2024 revenue was $91.4B, with Entertainment at $41.2B; combined DTC streaming posted $321M of operating income in Q4, its first profit."},{"stance":"confirms","publisher":"미국 증권거래위원회 (디즈니 10-K)","publisher_en":"SEC (Disney 10-K)","kind":"filing","lang":"en","published_at":"2024-11-14","url":"https://www.sec.gov/Archives/edgar/data/1744489/000174448924000276/dis-20240928.htm","title":"월트 디즈니 2024 회계연도 연차보고서(10-K)","title_en":"The Walt Disney Company FY2024 Annual Report (10-K)","excerpt":"디즈니의 사업은 엔터테인먼트, 스포츠, 경험 세 부문으로 보고되며, 엔터테인먼트에는 DTC 스트리밍·콘텐츠 판매·리니어 네트워크가 포함된다.","excerpt_en":"Disney reports in three segments, Entertainment, Sports and Experiences, with Entertainment including DTC streaming, content sales and linear networks."},{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2024-08-08","url":"https://www.newspim.com/news/view/20240807001174","title":"디즈니, 스트리밍 첫 흑자…테마파크는 실적 부진 지속","title_en":"Disney posts first streaming profit while theme parks stay soft","excerpt":"디즈니플러스·훌루·ESPN+ 스트리밍 부문이 5년간 110억 달러 손실 끝에 사상 첫 흑자를 냈고, 구독료 인상이 매출 증가를 이끌었다.","excerpt_en":"Disney's Disney+, Hulu and ESPN+ streaming turned its first profit after $11B of losses over five years, with subscription price hikes driving revenue growth."}]},{"direction":"revenue","counterparty":"소비자 (경험: 파크·리조트·크루즈·소비재)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-09-28","basis":"경험 매출(십억달러)","value":34.2,"period":"FY2024","basis_en":"Experiences revenue (US$B)"},"note":"경험 부문은 테마파크·리조트·크루즈·소비재로 사상 최대인 342억 달러 매출을 냈다. 소비 경기와 여행 수요에 직접 노출된다.","note_en":"The Experiences segment earned a record $34.2B from theme parks, resorts, cruises and consumer products, directly exposed to consumer and travel demand.","sources":[{"stance":"confirms","publisher":"월트 디즈니","publisher_en":"The Walt Disney Company","kind":"ir","lang":"en","published_at":"2024-11-14","url":"https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-reports-fourth-quarter-and-full-year-earnings-for-fiscal-2024/","title":"월트 디즈니 2024 회계연도 4분기 및 연간 실적","title_en":"The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2024","excerpt":"경험 부문은 2024 회계연도에 342억 달러로 사상 최대 매출과 영업이익을 기록했다.","excerpt_en":"Experiences posted record annual revenue of $34.2B and record operating income in fiscal 2024."},{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2024-08-08","url":"https://www.newspim.com/news/view/20240807001174","title":"디즈니, 스트리밍 첫 흑자…테마파크는 실적 부진 지속","title_en":"Disney posts first streaming profit while theme parks stay soft","excerpt":"테마파크 부문은 매출 83억9000만 달러로 소폭 늘었으나 비용 증가와 약한 소비 수요로 영업이익은 3.3% 감소했다.","excerpt_en":"The theme-parks business grew slightly to $8.39B in revenue in the quarter, but operating income fell 3.3% on higher costs and soft consumer demand."}]},{"direction":"revenue","counterparty":"광고·구독 (스포츠: ESPN·ESPN+)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-09-28","basis":"스포츠 매출(십억달러)","value":17.6,"period":"FY2024","basis_en":"Sports revenue (US$B)"},"note":"스포츠 부문은 ESPN·ESPN+로 매출 176억 달러를 내며 광고 비중이 크다. ESPN 국내 광고 매출이 성장해 스트리밍 흑자에 기여했다.","note_en":"The Sports segment earns $17.6B from ESPN and ESPN+, heavily advertising-driven, with domestic ESPN ad revenue growth helping the streaming profit.","sources":[{"stance":"confirms","publisher":"월트 디즈니","publisher_en":"The Walt Disney Company","kind":"ir","lang":"en","published_at":"2024-11-14","url":"https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-reports-fourth-quarter-and-full-year-earnings-for-fiscal-2024/","title":"월트 디즈니 2024 회계연도 4분기 및 연간 실적","title_en":"The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2024","excerpt":"스포츠 부문 매출은 176억 달러(+3%)였고, ESPN의 광고 매출 성장이 실적을 뒷받침했다.","excerpt_en":"The Sports segment posted $17.6B of revenue (+3%), supported by growth in ESPN advertising."}]},{"direction":"cost","counterparty":"콘텐츠 제작·스포츠 판권","counterparty_slug":null,"confidence":"high","metric":null,"note":"스튜디오 영화·시리즈 제작비와 스포츠 중계 판권이 디즈니 원가의 핵심이다. AI는 이 제작·후반작업의 원가 절감 도구로만 닿는다.","note_en":"Studio film and series production costs and sports broadcast rights are the core of Disney's costs; AI touches this only as a cost-saving tool in production and post-production.","sources":[{"stance":"mentions","publisher":"월트 디즈니","publisher_en":"The Walt Disney Company","kind":"ir","lang":"en","published_at":"2024-11-14","url":"https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-reports-fourth-quarter-and-full-year-earnings-for-fiscal-2024/","title":"월트 디즈니 2024 회계연도 4분기 및 연간 실적","title_en":"The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2024","excerpt":"디즈니의 실적은 스튜디오 콘텐츠와 스포츠 판권 등 콘텐츠 원가 구조에 크게 좌우된다.","excerpt_en":"Disney's results are heavily shaped by content cost structure, including studio content and sports rights."}]},{"direction":"cost","counterparty":"Amazon Web Services (AWS)","counterparty_slug":"amazon","confidence":"high","metric":null,"note":"디즈니+의 스트리밍 인프라는 AWS를 선호 클라우드로 쓴다. 콘텐츠 전송·저장·머신러닝을 AWS에서 돌려, 클라우드는 디즈니의 스트리밍 원가다.","note_en":"Disney+ runs its streaming infrastructure on AWS as its preferred cloud, using it for content delivery, storage and machine learning, so cloud is a streaming cost for Disney.","sources":[{"stance":"confirms","publisher":"데이터센터다이내믹스","publisher_en":"Data Center Dynamics","kind":"news","lang":"en","published_at":"2021-04-29","url":"https://www.datacenterdynamics.com/en/news/aws-is-the-preferred-cloud-provider-for-disney/","title":"AWS, 디즈니+의 선호 클라우드 제공사","title_en":"AWS is the preferred cloud provider for Disney+","excerpt":"디즈니와 AWS는 디즈니+가 콘텐츠 전송·저장·머신러닝 등에 AWS 인프라를 쓴다고 밝혔고, 디즈니 CTO는 AWS가 수년간 선호 클라우드였다고 말했다.","excerpt_en":"Disney and AWS confirmed Disney+ relies on AWS infrastructure for content delivery, storage and machine learning, and Disney's CTO said AWS has been its preferred cloud provider for years."}]},{"direction":"investment","counterparty":"컴캐스트/NBCU (Hulu 잔여 33% 인수)","counterparty_slug":"comcast","confidence":"high","metric":{"year":2025,"stake_pct":33,"total_usd_bn":9,"final_payment_usd_m":438.7},"note":"디즈니는 2023년 합의한 컴캐스트(NBCU)의 Hulu 잔여 33% 지분을 감정평가 분쟁 끝에 2025년 완전 인수했다 — 보장하한 ~86.1억 달러에 최종 감정으로 4.387억 달러를 추가 지급해 총 ~90억 달러로 Hulu 100% 소유가 됐다. 디즈니+·훌루를 한 앱으로 통합해 DTC 흑자를 굳히려는 스트리밍 전략의 마지막 퍼즐이자, Hulu 세무 재분류로 FY2025 비현금 세제혜택 32.8억 달러도 반영됐다.","note_en":"After a 2023 agreement and an appraisal dispute, Disney fully acquired Comcast's (NBCU's) remaining 33% of Hulu in 2025 — paying an additional $438.7M on top of the ~$8.61B guaranteed floor for total ~$9B and 100% ownership. It is the last piece of a streaming strategy to unify Disney+ and Hulu into one app and cement DTC profitability, and Hulu's tax reclassification booked a $3.277B non-cash tax benefit in FY2025.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm","title":"월트 디즈니 연차보고서 10-K (FY2025, 2025.9 종료)","title_en":"The Walt Disney Company Form 10-K (FY2025, ended Sep 27 2025)","excerpt":"FY2025 10-K: Hulu 완전 소유 및 미국 세무분류 변경으로 32.77억 달러 비현금 세제혜택 인식.","excerpt_en":"FY2025 10-K: acquired full ownership of Hulu; the change in Hulu's US tax classification generated a $3.277B non-cash tax benefit."},{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2025-06-09","url":"https://www.cnbc.com/2025/06/09/disney-comcast-hulu-valuation.html","title":"디즈니, 컴캐스트에 4.387억 달러 추가 지급하며 Hulu 완전 인수","title_en":"Disney to pay Comcast $438.7M to take full control of Hulu","excerpt":"디즈니, 최종 감정 결과 컴캐스트에 4.387억 달러 추가 지급해 Hulu 지분 완전 인수(총 ~90억 달러).","excerpt_en":"Disney paid Comcast an additional $438.7M after final appraisal to take full control of Hulu (total ~$9B)."}]},{"direction":"investment","counterparty":"경험 부문 대규모 투자 (파크·크루즈 ~$60B 10년)","counterparty_slug":null,"confidence":"high","metric":{"plan_years":10,"plan_usd_bn":60,"parks_capex_fy25_usd_bn":8},"note":"디즈니는 이익의 축인 경험(파크·리조트·크루즈)에 10년간 대규모 자본을 선투입한다 — FY2025 파크 capex 80억 달러(FY2026 ~90억 가이드)로 신규 파크·크루즈 선단 확장에 투자한다. 스트리밍 전환기의 현금창출원인 경험 부문을 키워, 콘텐츠 사이클 변동을 소비·여행 수요로 상쇄하려는 자본배분이다.","note_en":"Disney front-loads large capital into Experiences (parks, resorts, cruises) — its profit anchor — over a decade, with FY2025 parks capex of $8.0B (~$9B guided for FY2026) to expand new parks and the cruise fleet. It is capital allocation that grows the cash engine through the streaming transition, offsetting content-cycle swings with consumer and travel demand.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm","title":"월트 디즈니 연차보고서 10-K (FY2025, 2025.9 종료)","title_en":"The Walt Disney Company Form 10-K (FY2025, ended Sep 27 2025)","excerpt":"FY2025 파크·리조트 등 자본투자 80.24억 달러, FY2026 ~90억 달러 가이드 — 경험 부문 대규모 확장.","excerpt_en":"FY2025 capital invested in parks, resorts and other property was $8.024B, with ~$9B guided for FY2026 — a large Experiences expansion."}]},{"direction":"cost","counterparty":"파크 운영·인건비","counterparty_slug":null,"confidence":"mid","metric":null,"note":"테마파크·리조트·크루즈 운영비와 인건비가 경험 부문 원가다. 2024년 비용 증가가 파크 영업이익을 눌렀다.","note_en":"Operating and labor costs for parks, resorts and cruises are the cost base of the Experiences segment; rising costs pressured park operating income in 2024.","sources":[{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2024-08-08","url":"https://www.newspim.com/news/view/20240807001174","title":"디즈니, 스트리밍 첫 흑자…테마파크는 실적 부진 지속","title_en":"Disney posts first streaming profit while theme parks stay soft","excerpt":"디즈니 테마파크는 비용 증가와 약한 소비 수요로 영업이익이 3.3% 감소했다.","excerpt_en":"Disney's theme parks saw operating income fall 3.3% on higher costs and soft consumer demand."}]}]}