Disney at Morgan Stanley Conference: Strategic Insights on Streaming and Technology

On Tuesday, 04 March 2025, The Walt Disney Company (NYSE: DIS) participated in the Morgan Stanley Technology, Media & Telecom Conference. The discussion, led by Dana Walden, Co-Chairman of Disney Entertainment, highlighted Disney’s strategic reorganization, its profitable streaming business, and a focus on technology. While Disney’s content and streaming services show robust growth, challenges remain in adapting to the rapidly evolving media landscape.

Key Takeaways

• Disney’s streaming services have turned profitable, with a focus on achieving double-digit margins.
• The company is organized into three segments: Parks and Experiences, ESPN, and Disney Entertainment.
• Integration of Hulu into Disney+ has improved user engagement and reduced churn.
• Technology and AI are prioritized for personalization and addressing password sharing.
• Disney is expanding internationally with local content, such as the Korean show "Moving."

Organizational Structure and Content Strategy

• Disney’s reorganization into three segments aims to streamline operations and enhance storytelling across divisions.
• Alan Bergman’s studios achieved significant box office success, generating $5.5 billion.
• Disney holds 50% of the top most-streamed shows, boosting Disney+ and Hulu’s value.
• Emphasis is placed on storytelling excellence and collaboration to drive value across films, parks, and consumer products.

Streaming Business Performance and Strategy

• Disney’s streaming services have shifted from a loss of over $1 billion per quarter to profitability.
• The integration of Hulu with Disney+ has enhanced user engagement and reduced churn.
• International growth is key, with local original content tailored to subscribers, like the successful Korean show "Moving."
• The launch of an ESPN tile on Disney+ offers standalone subscribers access to over 3,000 hours of programming.
• The upcoming ESPN flagship launch is expected to boost subscriber engagement with new features.

Technology and Advertising

• Disney prioritizes technology, hiring key personnel from YouTube and Meta for AI and personalization.
• Addressing password sharing is a focus, with technology playing a crucial role.
• Advertising growth is driven by Hulu’s pioneering ad solutions and a unified sales team led by Rita Ferro.
• Disney uses automation and data sharing in a clean room environment to enhance advertising capabilities.
• Innovation in upfronts is a focus, bringing more streaming products to advertisers.

Leadership and Future Outlook

• Dana Walden expressed confidence in Disney’s leadership and its ability to navigate industry volatility.
• The company culture is described as excellent, with a talented leadership team.
• Long-term growth is prioritized, with a pipeline of content and international expansion opportunities.
• Strategic alignment among senior management and operating businesses is emphasized.

In conclusion, Disney’s strategic focus on streaming, technology, and international growth positions it well for future success. For more detailed insights, refer to the full transcript below.

Full transcript - Morgan Stanley Technology, Media & Telecom Conference:

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: right. Good afternoon, everybody. Great to see you. I’m Ben Swinburne, Morgan Stanley’s Media Analyst.

My own disclosures in my own voice. For important disclosures, please see the Morgan Stanley Research Disclosure website at morganstanley.com. If you have any questions, please reach out to your Morgan Stanley sales representative. And we are extremely excited to welcome to the conference for the first time Dana Walden, Co Chairman of Disney Entertainment at The Walt Disney Company. Dana, thank you so much for being here.

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Yes. Thank you, Ben. I’m happy to be here.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: So maybe just to start us off before we get into some of the questions around the business, probably helpful for the audience to talk a little bit about how Disney Entertainment is organized, sort of how you and Alan kind of manage the vast portfolio of Disney’s assets.

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Sure. As you know, when Bob came back to Disney, the first thing he did was restructure the company. And we’re set up in a very clean structure, three segments. And you know Josh Damaro runs Parks and Experiences, Disney Experiences Jimmy Pitaro runs ESPN. And then as you said, Alan Bergman and I are partners overseeing Disney Entertainment.

And the way we split our And then together, we oversee Disney plus and Hulu in And then together, we oversee Disney plus and Hulu, inclusive of ad sales, technology and platform distribution. And Bob was very purposeful in this structure. He really restored the authority in our company, especially in Disney Entertainment, to creative executives who had owned P and Ls for a long time, but understand how to create stories at scale. And as Bob likes to say, he connected the people who approved the spending to the revenue.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Yes. That’s a helpful explanation. So this audience is certainly very focused on P and L and driving value from the content that Disney creates. I think everybody understands Disney’s opportunities to monetize IP are multiples around the business. But it would be great if you could start by talking about how content drives value for the entire organization?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Well, it starts with storytelling excellence. Obviously, Disney is known as, I think, the best storytelling company in the world. So all of us and I said Bob has a very lean leadership team. So we are constantly collaborating. We’re sharing these amazing stories and characters throughout the entire organization.

But it’s hard even sitting here in one answer to capture all of the value because Alan and his team at the studios were number one at the box office by a significant margin, dollars 5,500,000,000.0. I think it’s more than all the other studios combined, but if not very close. 10 of the top most streamed shows of the year, 50% of them are owned by Disney. So again, that content that’s driving Disney plus and Hulu and then the activation of that content across our organization delivers value to consumers at every conceivable touch point. So the characters that I’m working with in our kids content are the same characters that Alan is building films around and that Josh is bringing to life in stories across our parks on our cruise line in consumer products.

So it is a chain of value across the entire enterprise.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Yes. Let’s talk about streaming because that’s probably everyone’s primary focus, particularly when you look at the businesses that you’re running. There’s a lot going on in the industry. There’s a lot of focus on scale. I think it’s interesting when you look at the Nielsen data and you aggregate Disney’s assets, it’s actually got typically the biggest audience of any of the media and tech companies.

At the same time, streaming is growing, TV is under pressure, ESPN is pivoting. How do you bring that scale with all those sort of different growth trajectories together and take advantage of that and really differentiate Disney’s streaming product to the consumer, while at the same time delivering the margins that we’re all super focused on?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Well, I’d start by saying we are enormously proud of all we’ve accomplished in streaming, especially over the past two years. As you well know, not too long ago, we were losing over $1,000,000,000 a quarter. We are now profitable, growing revenue and delivering in with visibility towards double digit margins. So it starts with storytelling excellence as we’ve talked about before and how do we now bring together this amazing portfolio of stories across every conceivable genre kids, award winning general entertainment, our big films, films that are go straight to streaming and in the not too distant future, ESPN flagship direct to consumer, Disney plus is still only five years

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: old.

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: So all we have accomplished has been in a very short period of time and as our technology advances and our teams are working specifically on features that lean into our unique differences. And I would point to the launch of Hulu on Disney plus recently for bundle subscribers, for subscribers to both Disney plus and Hulu, who can engage with all of those stories in the same app. It’s an extraordinary value for subscribers. It’s driving engagement. It is improving our churn dynamic.

And that in itself is cause for extreme optimism about our future, but it’s also again continuing to deliver on March 12, Moana two will hit Disney plus and it will be a huge event for subscribers, both in terms of acquisition and engagement. And a excellent shows. I’m really proud of the past year on the content side as well. Our series won 60 Emmy Awards and that was more than any of our competitors ever. And I think it is meaningful to point out that the rest of the industry split the other 69 awards.

So it’s value in the content and how we’re delivering it to our subscribers.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: The market is certainly focused on your ability to grow Disney plus You and I were chatting about some of those and the award winning shows. Shogun is one of my personal favorites, amazing show. Yes.

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: I think at this point, it’s probably the most award winning show in history for a single season. I mean, it just most recently swept the SAG Awards, the Critics Choice, the PGA, every conceivable award.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Yes. And season two is on its way, right?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: It is. We like to bake it carefully. We will not release the Season two until it’s ready.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Okay. We’ll have to wait. I guess what I’m trying to get a sense of is just how content drives, particularly net adds, but just drives things that really matter to the business, so engagement, pricing power, churn. Can you talk a little bit about the role of your broad content offering in driving Disney plus growth, which is something certainly the market wants to see reaccelerate?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Yes, absolutely. I would say, clearly, we’re focused on that growth and we are going to deliver growth in subscribers, in profitability, in margin. I would say we’re not focused on a single data point, right? We’re focused on delivering growth long term and that is through that pipeline of content. Obviously, we have tremendous opportunity internationally to grow.

It’s still a very young platform. We are working on our local originals so that we have content around the world that is relevant to local subscribers along with our big global hits. And again, our company is producing and releasing in streaming a huge number of hits that travel around the world. It’s something that I have been at Disney now for going on seven years. I came from Fox, where we were also very focused on the value of creative risk taking.

Neither of these companies have ever played it safe. We invest highly in our shows and they the efficiency that’s created by again, we look at Moana and what Alan’s team has done with Moana two, the original film 2016, right, just releasing the trailer for Moana two created a subscriber acquisition

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: event on Disney plus

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: It also shot Epcot, on our in our parks with Moana at Epcot on our newest cruise ship. So it is value overall, but that consistent stream of tentpole content that’s been surrounded by incredible documentaries, award winning general entertainment. It’s not just Shogun, it’s The Bear, Only Murders in the Building. It’s we have a new limited series coming up from Ellen Pompeo that’s so buzzy that I know is going to drive tremendous engagement. It’s Ellen and I work incredibly well together.

And bringing those teams together has enabled us to not only program our platforms in a successful way, it’s enabled us to make choices around how we window that content around our ecosystem of distribution.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Right, right. You mentioned before, kind of local content internationally. Is that an area of focus for Disney from an investment point

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: of view? Absolutely. We have now had some of the slates are very young. They launched probably two years ago and creating a pipeline of content takes some time. But the great news is in each of the regions, we’ve found bonafide hits.

For example, in Korea last year, we released a show called Moving that signed up over 1,500,000 subscribers and created a huge event in that market along with all of the rest of the content from The United States. So it’s just local flavor. We’re doing local for local and then local for regional and then global for the whole world.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Got it. So probably the next big event, at least that we’re all focused on this year for streaming at Disney is ESPN, making the big step out of the bundle into another bundle to some extent. But what does it mean for the business and the opportunity ahead for the Walt Disney Company that has ESPN flagship move and come to market later this year?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: I think Jimmy would probably argue with you that it’s not outside of the bundle. It’s and the bundle. But in terms of the specifics of the product, I’m going to let Jimmy talk to you about that. I’ve seen a little bit incredibly exciting. The new features that they’ll bring to market with the launch of flagship, I think are really going to blow people away.

From a Disney plus perspective though, sports is the biggest, most successful form of entertainment right now. It’s obviously having the ability. We launched a few months ago an ESPN tile on Disney plus for standalone subscribers and it’s of enormous value to these subscribers. It’s over three thousand hours of long form programming, the 30 for 30s. And then yesterday, we actually launched something I’m very excited about, which is SC plus It is a daily sports center show produced by SportsCenter and ESPN.

It is going to help us, I think, to include people who are casual sports fans in this conversation that is obviously dominating cultures around the world. And again, a daily touch point for sports on Disney plus a reason every day to open the app to check out what are the top 10 moments in sports and then allow the algorithm to surface to those subscribers other content that they’re going to engage with. So very meaningful to us.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Have you seen consumers really embrace the ESPN access on Disney plus particularly as you’ve been adding more content over the last few months?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Yes, absolutely. We’ve seen not only an uptick in being able to upgrade those subscribers right now into our Trio bundle, which is Disney plus Hulu and ESPN plus but we’re also seeing increased engagement with that type of content.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Got it. Let’s also talk about an area that’s really kind of core to the legacy of Walt Disney, which is kids and family programming. It’s a very competitive space. Certainly, my kids have I find binging on YouTube more than I would like them to. But an area that Disney has such a long history, Disney Plus I mean, Disney Channel, Disney Junior, excuse me.

How would you sort of size up the competitive position today for Walt Disney and the kids and family, particularly in television? And is this sort of a focus and priority for you and the team to invest behind?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Well, we are Disney. Obviously, the kids audience has always been very important. And I will share with you that creating and programming and developing features that are important to that audience, that’s a top priority for us right now. We are very focused on it. I find when you talk about the kids’ audience, it’s important to recognize the nuances.

It’s not a monolith.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Yes.

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: If we start with preschoolers, Disney is the number one brand. The most streamed show in The United States last year was Bluey.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: I was going to guess that.

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: You’re going to guess?

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: I was going to get that right, I swear.

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Yes. Because it’s probably not just kids. But it’s an incredible show that twenty eight hours of content, which drove sixty billion minutes of engagement on Disney plus last year. But along with Bluey, there’s Mickey Mouse Clubhouse, Spidey and his amazing friends, Ariel, all of the amazing characters and stories from the Disney canon that are constantly being reinvented and refreshed for our youngest possible fans. And we know that a connection when kids are very young is meaningful to affinity for our brand for the rest of their lives.

I mean, I grew up in Southern California. My parents my grandparents would come visit us every summer and they would take us to Disneyland. I’m embarrassed to say that I was way more excited about going to Disneyland and seeing my grandparents, but I probably wasn’t alone. And my kids growing up, Disney is a trusted environment for kids. I felt totally safe putting them in front of the television for Disney Channel storytelling.

And I think that’s how parents feel now about the Disney plus environment. Clearly, as kids get older, they’re consuming content on a number of different platforms. They’re on social media. They’re gaming. They’re clearly on YouTube.

And we have a meaningful and great partnership with YouTube. We produce thousands of videos based on our series, specifically for YouTube. Disney Junior, I think, has 22,000,000 subscribers. So why do we do that? We do that because we know that’s where kids like to consume content along with Disney plus We want to keep them engaged.

We want to keep incubating IP on a platform that’s important to creators and kids. And ultimately, the work we’re doing now, although I have nothing specific to announce, on the technology side is features that will specifically address how kids are interacting with content right now in a very contemporary way. So very mindful of that. And then as kids get older, of course, they’re watching content, they’re watching live sports, they’re watching live entertainment. We see it in Dancing With the Stars and American Idol.

They are, of course, watching our giant tentpole animated films and they’re watching them over and over again. So again, looking holistically at that kid’s audience, we know we have the stories that they love. We’re working on the technology that will allow them to engage with them in the way they want.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: I think recently you guys launched live kind of live channels on Disney plus Is that targeted towards the kids and families? Absolutely.

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: And Disney Playtime has been very successful because of course parents don’t have to keep selecting another show at the end of they can watch Bluey or all of our programming. And that again is helping us to introduce this young audience to multiple franchises.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: That’s the babysitter, the 20 fourseven, the never ending role

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: in show. Yes, it’s a smart babysitter.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Yes, exactly. So we saw them at YouTube. I mean, I think about the competitors to the Walt Disney Company today are different than they were ten, twenty years ago. Technology is super important to success for your company. Consumers’ expectations of streaming have gone up, obviously.

How would you describe Disney’s strategy to sort of navigate what is an incredibly disruptive period? And specifically, Dana, do you need to become a great technology and product company to succeed? Everyone knows Walt Disney is a great content company, but as a direct to consumer business, those user interfaces, the technology behind it is really important.

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: You’re absolutely right. I would say though that Disney is a great technology company and a great storytelling company. You think about Josh’s teams and the Imagineers and how they bring the magic of these stories to life at our parks with technology in our Pixar films, how do we make our productions both efficient and more dazzling through technology, the acquisition of BAMTech, our advertising technology, we have moved forward significantly throughout time embracing technology as a vital tool to deliver these stories. Again, Disney plus very young, built on a platform that was ultimately supposed to serve high quality video at scale and manage fundamental relationships with customers around onboarding and billing. And you see how far we’ve come in a very short period, a lot thanks to Hulu and how the technology was advanced there.

But now having Hulu on Disney plus I will just point again, we’ve made key hires in our technology area. Our Head of Technology, Adam Smith, who came from a long career at YouTube and then a new Head of Engineering, Andre Roe, who again came from decades at YouTube and then Meta focused on algorithmic programming and personalization deploying AI across all of our services. But you look at great technologists like that and say, okay, why would you leave a technology company to come to the Walt Disney Company? And it’s very simple to work on the very best stories, characters and have an extraordinary opportunity to keep driving that combination of the two towards all again, all of those touch points.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: So is technology and the work Adam is doing, is that sort of a near term priority for you guys? Are you guys focused on that in 2025?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Absolutely. It is a top priority and we keep releasing new features streams as you just talked about when flagship launches and again through having content for subscribers on Disney plus to engage with, we’ll have the opportunity to entice and convince subscribers to upgrade into the trio that will then include flagship. And we think that will truly unlock the power of this portfolio of content across every genre. And that’s all going to be enabled through technology.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: And I know you’ve been working on password sharing or addressing password sharing. Is technology playing a big role in that

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: right now? Yes, absolutely. That is how we have operationalized password sharing, which we’re very pleased with and continue to lean into that in 2025.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: A big part of the streaming growth story for the industry and Walt Disney is advertising. It’s a big focus. You guys have been in that business obviously for a very long time. But I guess my simple question is really is advertising a growth business for Walt Disney? And if it is, what allows you guys to differentiate what you’re bringing to marketers versus what else is out there in the market, which is very, very competitive?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Well, it’s absolutely a growth area for us and that’s how we see it. We have an incredible team led by Rita Ferro. And as you mentioned, Hulu was the original ad solutions partner on streaming video. So we have a lot of experience and that technology and being able to advance it over all of these years is helping us with automation programmatic targeting, the ability to work with the biggest DSPs to share data in a clean room. And we are significantly ahead of our competitors in this space as a result.

So a huge priority and technology that continues to evolve. Again, leaning into our unique assets and it’s a very high quality audience because it’s across premium programming at scale in sports even in linear, where we’ve seen significant ratings decline, the big sporting events are growing. So we see this as a tremendous opportunity.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: And I know we’ve got you’ve got the upfront coming up. Are you guys focused on innovation and bringing more of the streaming product to advertisers along with the rest of the portfolio this year in the upfront?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Yes, absolutely. It’s clearly a priority for us. And you’ve seen our share of revenue shifting over time towards streaming. There’s still four clients that wants to buy across platforms and experience the full reach of the Walt Disney Company, which in terms of pure reach, we are the number one entertainment company. Number one in the living rooms according to Nielsen’s just released gauge report and have been for several months since they actually started releasing the report.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: I would imagine that sports is playing a bigger and bigger role in terms of driving budget. Is ESPN integrated into your overall corporate offering from a Absolutely.

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: We have the same sales team. Rita Ferro works across ESPN and Disney Entertainment.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Got it. So then I want to maybe just step back here in the last couple of questions that we have. You’ve been at, you said, almost seven years, maybe a little over seven years at the Walt Disney Company. When you reflect on your experience, are there particular things that stand out to you? And sort of what gets you most excited about the future?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: It’s an extraordinary company. I feel incredibly lucky that this is the path that my career took me on. I have worked in the creative area and in distribution as well, but working with the best storytellers on just this array of content when you think about just what’s coming down the pipeline right now or we talked a little bit about Paradise today. We are releasing the season finale of a show called Paradise that we released on Hulu and Hulu on Disney plus And it’s just a edge of your seat thriller. It reminds me of shows I’ve worked on like Homeland and The Americans.

Our films, the upcoming slate or what Alan was able to do last year with Deadpool and Wolverine, Inside Out two, Moana two and several other films that made hundreds of millions of dollars at the box office and now thanks to streaming are more valuable than ever, the ability to work with the best creators and the best creative talent is a privilege. And I feel very lucky to be here.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Last question I had for you. There’s a lot of focus obviously on leadership at Walt Disney going forward. It’s been a the last four years has been a volatile period for the industry and for the company, leadership changes, reorgs, the the pandemic, labor strikes in Hollywood, a lot of potential distractions. I’m not trying to depress you or anything.

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: You just reminded me it has been very rough for us, for everyone in the room.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Yes, exactly. But yes, look, I think shareholders want to hear about management’s focus and the ability for the company to stay focused and avoid these distractions. And really, we want to hear your message to shareholders around kind of strategic alignment among senior management and the operating businesses as you guys look to the future. Can you comment on that?

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: Yes, absolutely. As I said before, this is such a talented, really I would say gifted group of leaders. It is a small leadership team who deliver so much value. The culture at Disney is excellent. This company is in incredibly good hands.

And we’ve had the amazing opportunity to learn and work with Bob now, who I really could not think more highly of. And I know that’s a sentiment that’s shared widely across our industry and across business in general. This company is in excellent hands and I have amazing colleagues.

Ben Swinburne, Morgan Stanley’s Media Analyst, Morgan Stanley: Great. Well, that’s a great place to end, Dana. Thank you so much for

Dana Walden, Co Chairman of Disney Entertainment, The Walt Disney Company: being here. My pleasure. Thanks, everybody. Thanks for having me.

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