Cathryn Goh

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250 appearances 1 recordings 1 series first heard May 2021 last heard May 2021

Cathryn Goh’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Investment Case Study: The Walt Disney Company (NYSE: DIS) · 10 May 2021 podcast

So just the sheer size of the business, they've got huge production capabilities, thousands of employees, and that also leads to diversification across all of its different product lines.

So last year, the theme parks, cruises, it suffered during COVID, but streaming services kind of offset a lot of that weakness.

Yeah, I think it was about 220,000 pre-COVID, so a huge number.

Yes, I think especially for its Disney Plus streaming services, it's just getting harder to give it up.

So the more content it adds, I think there's a new thing called Star.

So the more content that it adds, it's just harder to give it up.

So switching costs become higher and the product just becomes even more stickier.

Yeah, it's growing at ridiculous numbers.

Yeah, I think Milan was one of the first movies they trialled that on.

So the first thing that you kind of look at is go through management presentations.

So they'll often quote our TAM or Total Adjustable Market and they'll give you a figure.

And then you can kind of cross-reference that with industry reports.

So there's companies like IbisWorld, Gartner, Statista, try to back up those figures.

But with Disney, in order to see growth, again, you can look at their segment report and you can see the revenue growth of each different division.

So for example, last year, the media networks division grew by around 14%, but this was mostly due to the acquisition of 21st Century Fox, which kind of boosted the numbers a bit.

Then the studio entertainment business, it fell by 13%, as you know, no one was able to go to the movies.

Parks and products division fell by 37%, which is probably more resilient than I expected, except it's also important to note that Disney's financial year runs to the end of September.

So it would have included around five months of pre-COVID activity.

But yeah, the shining light here really is the streaming services.

So it jumped by 81% revenue and it's clear to see that this is the growth driver behind Disney going forward.

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