Richard Plepler

That's Alana Pena again. In 2023, this incoming call, sort of a head-scratcher for Pena. After a two-season run, Diary of a Future President had already been canceled, a while ago. The exec got right to the point. She told Pena that Disney Plus was taking Diary off its platform, scrubbed, erased, not a trace of its 20 episodes to be found. Not because the show was bad.

That's Alana Pena again. In 2023, this incoming call, sort of a head-scratcher for Pena. After a two-season run, Diary of a Future President had already been canceled, a while ago. The exec got right to the point. She told Pena that Disney Plus was taking Diary off its platform, scrubbed, erased, not a trace of its 20 episodes to be found. Not because the show was bad.

That's Alana Pena again. In 2023, this incoming call, sort of a head-scratcher for Pena. After a two-season run, Diary of a Future President had already been canceled, a while ago. The exec got right to the point. She told Pena that Disney Plus was taking Diary off its platform, scrubbed, erased, not a trace of its 20 episodes to be found. Not because the show was bad.

A lot of people really loved it. But because its non-existence was worth something to the company. Removing shows allows platforms to write them off for tax breaks. Lots of streamers turned to this option during the Netflix correction, including Disney. The company purged dozens of original shows across Disney Plus and Hulu.

A lot of people really loved it. But because its non-existence was worth something to the company. Removing shows allows platforms to write them off for tax breaks. Lots of streamers turned to this option during the Netflix correction, including Disney. The company purged dozens of original shows across Disney Plus and Hulu.

A lot of people really loved it. But because its non-existence was worth something to the company. Removing shows allows platforms to write them off for tax breaks. Lots of streamers turned to this option during the Netflix correction, including Disney. The company purged dozens of original shows across Disney Plus and Hulu.

But this purge was buying Disney some time, allowing it to recoup a little money while it figured out how to shift strategy in this new era, where Wall Street was demanding real profits and growth. Here's Jessica Reif-Ehrlich, longtime analyst for B of A Securities.

But this purge was buying Disney some time, allowing it to recoup a little money while it figured out how to shift strategy in this new era, where Wall Street was demanding real profits and growth. Here's Jessica Reif-Ehrlich, longtime analyst for B of A Securities.

But this purge was buying Disney some time, allowing it to recoup a little money while it figured out how to shift strategy in this new era, where Wall Street was demanding real profits and growth. Here's Jessica Reif-Ehrlich, longtime analyst for B of A Securities.

Disney needed to be ruthless with controlling costs. And it didn't stop at erasing existing content. Disney cut way back on commissioning new shows. And yes, there were lots and lots of layoffs. Because despite trying to spend like a tech company, Disney just wasn't one of them.

Disney needed to be ruthless with controlling costs. And it didn't stop at erasing existing content. Disney cut way back on commissioning new shows. And yes, there were lots and lots of layoffs. Because despite trying to spend like a tech company, Disney just wasn't one of them.

Disney needed to be ruthless with controlling costs. And it didn't stop at erasing existing content. Disney cut way back on commissioning new shows. And yes, there were lots and lots of layoffs. Because despite trying to spend like a tech company, Disney just wasn't one of them.

Companies like Amazon and Apple could drop a bajillion dollars on original content because streaming was a side business.

Companies like Amazon and Apple could drop a bajillion dollars on original content because streaming was a side business.

Companies like Amazon and Apple could drop a bajillion dollars on original content because streaming was a side business.

For Netflix, streaming wasn't a side business. It was just business. But it also had the advantage of being first with the greatest brand recognition in the streaming space. Disney didn't have any of this. And yet, its strategy to compete with Netflix had been to try to become Netflix. the company needed a new strategy. It didn't need to stop acting like a tech company entirely.

For Netflix, streaming wasn't a side business. It was just business. But it also had the advantage of being first with the greatest brand recognition in the streaming space. Disney didn't have any of this. And yet, its strategy to compete with Netflix had been to try to become Netflix. the company needed a new strategy. It didn't need to stop acting like a tech company entirely.

For Netflix, streaming wasn't a side business. It was just business. But it also had the advantage of being first with the greatest brand recognition in the streaming space. Disney didn't have any of this. And yet, its strategy to compete with Netflix had been to try to become Netflix. the company needed a new strategy. It didn't need to stop acting like a tech company entirely.

Streaming was still core to its business. But maybe there was a more Disney way to go about things. A way to lean into 100 years of experience surprising and delighting audiences.

Streaming was still core to its business. But maybe there was a more Disney way to go about things. A way to lean into 100 years of experience surprising and delighting audiences.