디즈니 플러스: 스트리밍 성공을 위한 과제와 전략

### 디즈니의 스트리밍 전략과 Reddit의 광고 잠재력
* 📺 디즈니의 스트리밍 서비스인 디즈니 플러스는 구독자 유지를 위해 영화 라이브러리를 활용하는 데 중점을 두고 **가격을 인상하고 프로그램 수를 줄임**으로써 사상 첫 흑자를 달성했습니다.
* 🏰 투자자들은 이제 **디즈니가 넷플릭스처럼 수십억 달러의 현금 흐름**을 창출하는 비즈니스가 될 수 있을지, 아니면 낮은 마진에 머물지 궁금해하며 디즈니의 장기적인 스트리밍 잠재력에 의문을 제기하고 있습니다.
* 💡 분석가 리치 그린필드는 **디즈니가 번들 할인과 같은 단기적인 재무 전략보다는 소비자 참여를 유도하는 매력적인 콘텐츠**를 제작하는 데 집중해야 한다고 제안합니다.
* 📊 주요 스트리밍 자산인 Hulu의 가치가 **40억~50억 달러**로 추정되는 등 투자자들이 우려하는 부분은 해결되지 않은 가치입니다.
* 🎢 최근 디즈니의 테마파크 사업이 둔화되면서 **디즈니의 전반적인 실적에 대한 투자자들의 우려**도 커지고 있습니다.
* 🔴 Jen Wong과 같은 분석가들은 특히 **Google과의 파트너십과 타사 데이터 없이 광고를 타겟팅할 수 있는 기능**으로 인해 Reddit의 광고 잠재력을 높게 평가하고 있습니다.
* 📈 Greenfield는 광고 비즈니스의 빠른 성장 가능성을 예측하며 **Reddit을 '반드시 보유해야 할 주식'**으로 추천합니다.
* 💰 폐쇄에 대한 우려에도 불구하고 Greenfield는 **Reddit이 좋은 투자 기회**라고 생각하며 **목표 주가를 84달러**로 설정했습니다.

디즈니의 스트리밍 서비스는 가입자 성장과 수익성 측면에서 어려움을 겪고 있으며, 장기적인 성공을 위해 공격적인 콘텐츠 투자가 필요합니다.

First ever profit for streaming. Is this delight, Rich Greenfield, slow clap or you? Not so. Overwhelmed by that news. When you see subscriber growth slow effectively to a halt and the price has gone up pretty dramatically, it's, you know, it's pretty clear, I guess in many ways it's sort of this, hey, we don't know how to get more subscriber growth, so we'll raise the price and, you know, hope that people won't and will even cut back on programming. There's obviously a lot less programming. Disney's essentially going to rely on their movies to drive the streaming service and hope that the movies are strong enough when they flow to the streaming service that people don't cancel because they're not expecting a lot of growth in subscribers over the next few quarters. And so it's basically trying to, you know, you know, get to profitability, drive profitability of the existing

base.
But it doesn't really seem like there is a tremendous growth story here.
And I think that, sort of, you know, I mean, look, everyone's focus on the
parks. I don't think anyone's really focused on
Disney. Plus, at the moment, the streaming is a
nice data point. I think it's less about getting to
profitability and like how big a business can this actually be at?
Like, can this be a multibillion dollar free cash flow generating business, the
way Netflix, or is this, you know, going to essentially tread water, you know, at
a low single digit margin? I think that's what investors are really
going to focus on over time. I mean, you and I have discussed in the
past, right, achieving profitability by cutting, you know, cutting costs out of
the equation. So let's bring it back.
What you, what you really want to see is people, you really want to see people who
are so passionate.

They love this service.
They're willing to pay more because they're spending so much time.
Like you want to see consumer love, and based on that love, you can keep
raising the price, getting more people to subscribe because there's great buzz
and word of mouth. That's not what's happening here, nor any
of these other streaming services. So let's talk about Hulu.
I just finished Star Wars acolyte on Disney Plus.
And like everyone else, I love the bad on Hulu.
You know, we did the reporting on the negotiations for that.
The remainder of Comcast's stake is important if you, if the idea is to
achieve volume and get stuff that people want to watch.
Do you see Hulu as being a sort of something that needs to be resolved as
part of that? I mean, Hulu is going to be resolved.
We're just talking about the number now. And I think investors are, you know,
expecting several billion dollars.

Whether it's 4 to 5, we'll obviously
see. But I don't think this is, you know, I
think obviously probably Comcast would love more, Disney would love less.
But I don't think investors are stressing over what this number
ultimately is. Investors are just surprised that the
the option was exercised last October. I think it's sort of crazy that we're
still talking about this not resolved here in August.
Rich, if you could ask one thing of Bob Iger or give one piece of advice to him
to fix this in a way that you think would be positive, what would that be?
Look, I think the bottom line is if Disney is really serious about being a
long term, and you heard Hugh saying they're going to be, and the clip you
played earlier, if they want to be a long term winner in the streaming game,
it's not about discounting through bundling.
It's not about cutting back on

marketing.
What they really need to do is invest very aggressively, stop playing this
near-term Wall Street game of trying to get earnings growth.
They need to invest aggressively in making great content all the time that
gets consumers to engage with the Disney streaming platforms every single day.
4 hours a day like that should be their North Star versus trying to figure out
alternative ways to manage churn. That's what we'd like to see.
And look, you know, you've got all of these theme park concerns that are
sitting with the company right now. Like that's what investors are really
worried about, is how did the theme park slowdown this fast in the span of just
the last few months when Disney historically has pretty good visibility?
I want to get some time to talk about another name.
Red It. We had Jen Wang SEO on the show earlier,
very sort of patient, sanguine, calm about the ad environment, but sees a lot
of opportunity in sports.

I know that you like that name a lot.
We do. I mean,
you know, if you think about what Reddit is.
They really understand what consumers are interested in.
And they've got one of the biggest companies in the entire world, Alphabet.
Google is in their corner. You know, you can't do a Google search
and not see Reddit results rising higher and higher and higher.
Google's paying them for. I like Google is a firm believer in Reddit.
If Google believes in Reddit, everyone watching this show and investing should
believe in Reddit. Like I think that is a really important
data point is that there is this increasing visibility Reddit's getting
within Google. And Jan Wong, who is now building out an
ad business, Reddit was very slow to get going.
They've got it going now, and we've seen other companies, whether it's SNAP,
Pinterest, go back X, which used to be Twitter.
When those companies crossed a billion,

getting from 1 to 3 can happen very, very rapidly. And especially at Reddit, where they really know who you are. They don't need third-party cookies or data. They know exactly who Ed and Rich are. They have all of this interest data because you are searching Reddit for a topic, whether it's the Giants or whether it's video games, like they really know who you are, and it allows for really well-targeted advertising. I think Reddit is a must-own stock. We just put a buy on it with an $84 price target. I know people are worried about the lockup ending on Friday. It is a great opportunity. People are going to regret not buying it today.

Disney's Parks Slowdown Offset Streaming Profit

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디즈니의 스트리밍 서비스 전략과 수익성

디즈니의 스트리밍 서비스는 가격을 인상하고 프로그램을 줄임으로써 첫 수익을 달성했지만 가입자 성장 둔화에 직면해 있습니다.

디즈니는 현재 스트리밍 서비스를 영화에 의존하고 있으며 구독자 증가보다는 수익성 향상에 더 집중하고 있습니다.

투자자들은 스트리밍 서비스가 수십억 달러 규모의 잉여 현금 흐름을 창출하는 사업이 될 수 있을지, 아니면 한 자릿수의 낮은 마진에 머물지 우려하고 있습니다.

Hulu의 미래와 디즈니의 스트리밍 전략

컴캐스트와 디즈니 간의 협상에서 볼 수 있듯이 Hulu의 가치는 상당합니다.

Comcast의 Hulu 지분 매각에는 수십억 달러가 소요될 것으로 예상됩니다.

그러나 투자자들은 Hulu 거래의 구체적인 재무적 세부 사항보다는 디즈니의 장기적인 스트리밍 전략에 더 큰 관심을 보이고 있습니다.

디즈니의 성공과 Reddit의 부상의 열쇠

디즈니는 단기적인 수익 성장과 이탈자 관리에 집착하기보다는 스트리밍 플랫폼의 고품질 콘텐츠에 공격적으로 투자하는 방향으로 초점을 전환해야 합니다.

테마파크 사업의 갑작스러운 둔화는 투자자들의 주요 관심사입니다.

반면, 레딧의 인지도 상승과 구글과의 파트너십은 특히 광고 사업 성장과 소비자 관심사에 대한 이해를 바탕으로 유망한 투자처가 될 수 있습니다.

Reddit의 신속한 사용자 타겟팅 광고

Reddit은 타사 쿠키 없이도 사용자 데이터를 빠르게 수집하고 광고를 타겟팅할 수 있는 기능을 갖추고 있습니다.

이 회사는 매수 등급과 목표주가 84달러로 필수 보유 주식으로 추천되고 있습니다.

락업 종료에 대한 우려에도 불구하고 사람들은 이를 활용하지 않으면 후회할 좋은 기회로 보고 있습니다.