Walt Disney Business Model

Walt Disney Business Model

Walt Disney is the world leader within the media and leisure world. Founded by Walt Disney and Brother Roy, it has come a great distance since its humble beginnings as a cartoon studio in the 1920s. It has been a great distance from the very starting of Alice Comedies to an important place in as we speak's leisure business all over the world. Disney services at the moment are bought around the globe. It has operations in additional than 40 nations and creates experiences that folks keep throughout the world.

Walt Disney himself was a pioneer and innovator who, together with his employees, acquired over 950 honors and quotes from around the globe, together with 48 Academy Awards and 7 Emmy's throughout his lifetime. Disney's business is split into 4 most important elements: Media Networks, Parks and Resorts, Studio Leisure and Shopper Merchandise & Interactive Media. Walt Disney, along with its subsidiaries, is a various international leisure firm. The corporate's internet sales in 2017 have been about $ 55 billion and internet revenue was about € 9 billion. Disney additionally plans to launch new providers, including two DTC streaming providers for quicker progress. As we speak it is the identify of the house, recognized worldwide for its Disney comics and its unique vacationer experiences.


Mickey Mouse, Walt Disney

Disney's enterprise is split into 4 major elements, similar to Media Networks, Parks and Resorts, Studio Entertainment and Shopper Merchandise & Interactive Media. Disney's Media Network Phase has a wide range of broadcasting, cable, radio, publishing, and digital corporations with two foremost groups: Disney / ABC Tv Group and ESPN Inc. Disney's second enterprise phase brings its brands, stories and franchise enterprise to life by way of parks and resorts. toys, purposes, clothing, books and shops. The Studio Entertainment phase brings high-quality films, music and stage art to shoppers everywhere in the world. Disney has additionally maintained its international presence by way of the direct shopper and international enterprise phase. This phase will match Disney's know-how, content and distribution platforms together to offer personalised experiences for Disney clients. Of all four business segments, Media Networks is the majority of Disney's income, adopted by parks and resorts.


The Disney Media Networks phase accounts for most of its revenue. This phase of Walt Disney consists of cable and television networks, television production and distribution, home TV channels and radio networks and stations. As well as, the company has additionally invested in models that function programming, distribution and content administration providers corresponding to television networks. Affiliate funds, ad gross sales, and program gross sales are the primary income for media networks. Associate Funds are costs for MPVD and TV channels. Promoting sales are funds acquired from ad slots to advertisers in packages, and program sales are costs for television networks and distributors.


Walt Disney's foremost cable networks are branded ESPN, Disney and Freeform. These networks make their very own packages or acquire rights from other networks for the air of their packages. For cable networks, most revenue comes from affiliate funds and a few promoting gross sales.


Walt Disney owns 80% of ESPN and Hearst Corporation holds 20% stakes. It’s a multimedia sports activities leisure company. It has 8 home ESPN and ESPN2, ESPNU, ESPNEWS, SEC network, ESPN Basic, Longhorn community and ESPN Deportes. ESPN also has rights to a variety of skilled and better education schemes, including the Nationwide Basketball Affiliation (NBA), the National Soccer League (NFL), the Major League Baseball (MLB), the US Open Tennis, numerous soccer rights, the Wimbledon Championships and the Masters Golf. event. Aside from these ESPN, ESPN, ESPN, ESPN Event Administration and ESPN Radio. Outdoors america, ESPN has 19 TV channels in four languages ​​broadcast in 61 nations.

Estimated variety of ESPN subscribers in 2017: –

ESPN – Domestic

ESPN – 88 million

ESPN2 – 87 million

ESPNU – 67 million

ESPNEWS – 66 million

SEC Community – 60 Million

Disney – Home

Disney Channel – 92 Million

Disney Junior – 72 Million

Disney XD – 74 Million

Free Format – 90 Million

Worldwide Channels

ESPN – 146 million

Disney Channel – 221 million

Disney Junior – 151 million

Disney XD – 127 million


Disney makes use of over 100 model TV channels. These channels are broadcast in 34 languages ​​in 162 nations and areas. Walt Disney branded merchandise embrace Disney Channel, Disney Junior, Disney XD, Disney Cinemagic, Disney Cinema, Hungama and DLife. The corporate makes its content out there by means of video-on-demand providers and websites, including, and In addition to these Disney operators, Disney uses Disney Radio, which is aimed toward youngsters, tweens and households. Disney's Freeform is aimed toward 14-34 yr olds. It produces unique stay activities and purchases packages from third parties.


Disney's broadcasting operations embrace domestic broadcasting, television production and distribution, and eight domestic TV channels.

Home broadcast community:

Disney makes use of the ABC tv network. The ABC community has contracts with 24 local TV channels from September 2017 onwards. By means of these stations, it reaches virtually all households in the US tv. It manufactures its personal packages, acquires rights from third events and from company or associated corporations. Most of its revenue comes from advertising sales and a part of the affiliate fees for tv stations. ABC gives selected clips and episodes by way of ABC and additionally provides international news online and news about ABC information.

Production and Distribution of Tv:

The company produces most of its television packages at Banner, ABC, in collaboration with unbiased authors, producers and artistic teams. The primary focus of those productions is one hour and a half hour drama comedy, which is intended primarily for the subsequent transmission. In addition, the company manufactures 4 drama collection for Netflix and one drama collection for Hulu. The corporate's manufacturing rights are distributed globally to broadcasters, SVOD providers, and home entertainment.

Domestic TV Channels

Walt Disney owns eight tv channels. Six of those stations are situated available on the market of ten tv channels in the USA, resembling California, New York, Pennsylvania, North Carolina and Illinois. Most of these TV channel revenues come from promoting gross sales and part of the contribution from the MVPD. These stations are linked to the ABS system and reach 21% of the nation's households. Each of the eight stations, Walt Disney, owns three digital channels. The first consists of local, ABC and syndicate programming, one other LiveWell network, and the third LAFF community.

Walt Disney Fairness Investments:

The company has additionally made enterprise capital investments in other media corporations. The main media fairness investments are:

A + E and alternate:

A + E is a joint venture between Walt Disney and Hearst Company, each with a 50% stake. A + E has a number of cable channels together with A&E, Historical past, Lifetime, Lifetime Film Community, FYI and Lifetime Real Ladies. A + E packages can be found in 200 nations and regions. A + E additionally has an 18% holding within the Viceland channel operator. Vice Group and A + E collectively own Viceland and every has 50% stake within the channel. The primary focus of the Viceland channel is the millennium. It gives way of life documents. In addition, Walt Disney's holding can also be 10%.


ESPN has a 30% stake in CTV Specialty Television, Inc., which owns several channels in Canada, including Sports Networks (TSN) 1-5, Le Réseau des Sports (RDS), RDS2, RDS Information, ESPN Basic Canada, Discovery Canada, and Animal Planet Canada.


Twenty-first century Fox, Inc. and Comcast Company and Walt Disney personal 30% of HULU, whereas Time Warner Inc. owns the rest. Hulu digitally distributes content material over the Internet, including the content it produces, in addition to purchased tv and movie entertainment. Walt Disney also licensed TV and movie packages to Hulu.


Along with a 20 % holding, the company has a 49 % financial benefit on Seven TV. Seven TV has a digital channel in Russia.

Federal regulation of tv and radio broadcasting:

Along with different industries, the media and entertainment business can also be subject to very excessive regulation. The Federal Communications Commission regulates tv and radio broadcasts in america. There are a selection of tv and radio and television broadcasts, except the Communications Act of 1944. The television and media business has made progress with larger regulation, which additionally signifies that fines for infringement are greater. The fines are also greater now. Along with financing costs, other varieties of actions embrace limited renewal of licenses and, within the occasion of blatant instances, refusal to resume or revoke the license.

FCC Rules Affecting Walt Disney's Media Community Phase are:

  • Licensing Television and Radio Stations.

Walt Disney Television and Radio Stations have to be licensed by the FCC. These licenses are often for a most of eight years, after which they are often renewed for steady operation. In some circumstances, the FCC might refuse to resume the license or transfer.

  • Ownership of Television and Radio Stations:

The FCC imposes certain restrictions on ownership of television and radio stations. FFC sets limits on the variety of TV channels and radio stations, Disney can personal the TV and radio stations it owns, and unites an viewers that Disney can reach on its own television and radio stations to market collectively.

Disney does not have multiple TV channel in any market. The FCC has the likelihood to limit its possession of multiple place in the widespread market. In response to federal statutes, Disney can solely reach 39% of the nation's complete audience. Disney's eight positions attain 21% of the nationwide audience on the idea of current FCC selections relating to compliance with this limit. The FCC can also impose restrictions on the acquisition of latest TV or radio stations available on the market where Disney already owns television or radio stations.

Twin Networks:

In accordance with FCC laws, one of the 4 largest tv networks – ABC, CBS, Fox and NBC – can’t have joint ownership or management.

Programming Setting:

The FCC regulates broadcasting and has utilized a ban on certain things, resembling excessive programming. In addition, it regulates political promoting and sets business baby limits throughout baby programming. There are great penalties for unnecessary packages. Federal laws and the FCC have imposed restrictions on the variety of advertisements that appear throughout 12-year or much less packages for youngsters.

Transport of Cable Channels and Satellites for Television Channels:

For cable methods working out there space designated by the television channel, the tv channel selects, either every three years, the FCC guidelines to both relocate or transmit.

Cable and Satellite Units for Programming:

A number of the cable and satellite tv for pc transmission consent negotiations also provide for FCC and broadcasting guidelines.


Parks and resorts owned and operated by the company are situated in Walt Disney World Resort Florida; Disneyland Resort in California; Paris Disneyland; Aulani, Disney Resort & Spa in Hawaii; Disney Trip Membership; Disney Cruise Line; and Disney Adventures. As well as, the company has a 47 % holding in Hong Kong Disneyland Resort and 43 % in Disney Resort in Shanghai. In the case of DIsney Resort in Tokyo, the corporate has licensed its mental property rights to a third social gathering as a approach to act. Parks and resorts generate income primarily from admission fees for theme parks, sales of food, beverages and goods, in a single day stays in lodge rooms, gross sales and gross sales of cruise and different holiday packages, and rental of holiday membership properties. As well as, the company generates revenue from sponsorship and joint branding, rental and gross sales of real estate, and royalties from the Tokyo Disney Resort.

Probably the most vital prices associated with the operation of those parks and resorts are labor, infrastructure costs, depreciation, gross sales of merchandise, sales of meals and drinks, advertising and sales prices, and vacation membership models. Infrastructure costs embrace info methods, repairs and upkeep prices, utilities and fuels, property taxes, insurance and transportation.

Walt Disney World Resort

Situated 22 kilometers southwest of Florida, Walt Disney World Resort is situated on a land of about 25,000 hectares. Along with theme parks, the resort additionally has lodges; holiday club features; retail, eating and leisure middle (Disney Springs); sports activities; conference facilities; campgrounds; golf courses; water parks and lots of different leisure activities designed to draw visitors to long holidays. Disney promotes as a way of advertising and different promotional actions. It promotes and promotes the resort regionally, nationally and internationally. Corporations operate or sponsor restaurants and different theme parks within theme parks by means of multi-year contracts. Within these theme parks are Magic Kingdom, Epcot, Disney's Hollywood Studios and Disney's Animal Kingdom.

Magic Kingdom: The Magic Kingdom consists of Adventureland, Fantasyland, Frontierland, Liberty Square, Essential Road USA and Tomorrowland. Each theme space presents a singular visiting experience and a number of other points of interest, including a stay Disney character, restaurants, refreshments and outlets. In addition to these, the granite night time experiences and every day parades within the magical kingdom.


Epcot has two subjects, mainly Future World and World Showcase. The first focus is on historic improvement and the present challenges dealing with the world. The other focuses on cultural traditions and other people's achievements all over the world.

Disney's Hollywood Studios:

Hollywood studios have seven themed areas reminiscent of Animation Courtyard, Commissary Lane, Echo Lake, Hollywood Boulevard, Muppets Courtyard, Pixar Place and Sundown Boulevard. The corporate additionally launched the Toy Story area in the Hollywood studio in 2018 and opens it based mostly on the Star Wars theme.

Disney's Animal Kingdom:

There are seven thematic areas within the animal kingdom, akin to Africa, Asia, DinoLand USA, Discovery Island, Oasis, Pandora, and in the midst of the 145-foot tree of life. The park has 300 species of mammals, birds, reptiles and amphibians and 3000 plant varieties.

Resorts, Holiday Membership Features and Different Resorts:

In 2017, Disney had 18 holiday resort and holiday membership amenities with 22,000 rooms and three,200 vacation club models. The Fort Wilderness Camping and Recreation Area presents around 800 campsites. Along with these, Disney additionally has more inns and accommodation amenities in the area. ESPN Vast World of Sports Complicated is a device for sporting occasions and competition. The World Resort additionally presents different facilities and providers reminiscent of golf courses, mini golf, full-service spas, tennis, sailing, jet snowboarding, swimming, horseback driving and lots of other sports activities and leisure actions.

Disneyland Resort, California:

Disneyland Resort, Anaheim, California, consists of two theme parks which might be Disneyland and Disneyland California Adventure. Along with these, Disneyland Resort, California has three resort inns and a retail, dining and leisure middle referred to as Downtown Disney. Different corporations additionally operate and sponsor numerous points of interest and restaurants in Disneyland, California. The company markets a California-based resort with a lot of promotional and promotional activities, together with native, nationwide, and worldwide advertisements.

Theme Parks in California:

Disneyland has eight thematic areas corresponding to Adventureland, Critter Nation, Fantasyland, Frontierland, Major Road USA, Mickey's Toontown, New Orleans Square and Tomorrowland with themed points of interest in addition to eating places, merchandise outlets and refreshments. Development is underway in the new Starwars theme area to be opened in 2019.

Disneyland California Journey:

The Disneyland adventure next to Disneyland Resort has seven subjects, together with Buena Vista Road, Automobiles Land, Grizzly Peak, Hollywood Land , Pacific Wharf, Paradise Pier and "Bug Land". In addition to exhibitions, eating places, refreshments, Disneyland's journey also gives nightlife.

Inns, Holiday Membership Models and Other Resorts:

The Disneyland resort has three business-specific and managed motels and holiday clubs with roughly 2,400 rooms, 50 holiday membership models and 180,000 square meters of assembly area. Disney additionally plans to build the subsequent lodge with about 700 rooms to be opened in 2021. Downtown Disney is next to Disneyland and Disneyland, California. It is a retail, dining and leisure middle with about 30 seats. A lot of the premises are utilized by third parties towards the lease.

Aulani, Disney Resort & Spa (Hawaii)

Disney Resort & Spa, Aulani, is a Disney business middle situated within the 21-hectare seaside space of ​​Oahu, Hawaii with 351 lodge rooms, 18,000 square ft – foot spa and 12,000 sq. ft of assembly area. It also has 481 Disney Vacation Clubs.


Disneyland Paris is situated about 20 kilometers from Paris in Marne-la-Vallée. Pair of two theme parks, including seven theme resorts; two congress facilities; Buying, Dining & Leisure Middle (Disney Village); and a 27-hole golf course. Two theme parks are Disneyland Park and Walt Disney Studios.

The Disneyland Park has 5 themes, together with Adventureland, Discoveryland, Fantasyland, Frontierland and Important Road USA, which supply themes, shows, eating places, outlets and refreshments. Walt Disney takes guests to the world of movie, animation and tv. It has four themes: Backlot, Front Lot, Production Courtyard and Toon Studio. There are additionally seven resort inns in Disneyland, Paris, with roughly 5,800 rooms and 210,000 square meters of assembly area. Different 9 on-site resorts have about 2,700 rooms, primarily owned and operated by third events. Situated between theme parks and resorts, Disneyland Village is a 500,000-square foot and dining middle. Lots of Disneyland's village amenities are run by third events who pay lease to Disneyland Paris.

Hong Kong Disneyland Resort:

Hong Kong Disneyland Resort is situated on Lantau Island, with almost 300 acres of land. Walt Disney has a 43% share within the resort and a separate Hong Kong subsidiary manages the resort. Disney receives holiday and management charges based mostly on the resort's actions. In addition to the entertainment park, the resort also has three theme resorts with 1750 rooms. The Hong Kong resort has seven themed areas, together with Adventureland, Fantasyland, Grizzly Gulch, Major Road USA, Mystic Level, Tomorrowland, and Toy Story Land, featuring themed points of interest in addition to exhibits, restaurants, outlets and referessment outlets.

Shanghai Disney Resort:

Walt Disney owns 43% of Shanghai Disney Resort, situated in Shanghai's Pudong, about 1,000 acres. In addition to the theme park, the resort has two themed inns with 1220 rooms and a retail, eating and entertainment middle as well as an outside space. A administration firm with 70% of Walt Disney manages the resort and Disney receives vacation pay based mostly on the resort's activities. Shanghai Disneyland has six themed areas with themed points of interest, exhibits, restaurants, outlets and refreshments. Disneyland is an outside eating, purchasing and entertainment middle next to Shanghai Disneyland Resort. Third events use most of Disneytown's amenities and pay rentals.

Tokyo Disney Resort:

Tokyo Disney Resort, 6 miles from downtown Tokyo, has two theme parks, four Disney lodges; six independently operated motels; Retail, Dining and Entertainment Middle (Ikspiari); and Bon Voyage, Disney Marketplace. The third celebration operates at the resort and Disney royalties are based mostly on the revenue acquired. Seven thematic areas of the Disney resort in Tokyo embrace Adventureland, Critter Country, Fantasyland, Tomorrowland, Toontown, Westernland and World Bazaar. Subsequent to Disneyland in Tokyo, there’s additionally the Disney Sea in Tokyo, with seven harbors, including the American Waterfront, the Arabian Coast, the Lost River Delta, the Mediterranean Port, Mermaid Lagoon, Mysterious Island and Port Discovery. There are 4 Disney inns with a complete of over 2400 rooms and a monorail that connect theme parks and resort lodges with Ikspiar.

Disney Trip Club:

Disney Vacation Membership or DVC provides possession at 14 resorts at Walt Disney World Resort. Disneyland Resort; Aulani; Vero Seashore, Florida; and Hilton Head Island, South Carolina, which make up about four,000 holiday club models.

Disney Cruise Line:

Disney Cruise Line is a four-ship vacation cruise line that operates in North American and European ports. Its Disney Magic and Disney Marvel are 875 indoors, whereas the Disney Dream and Disney Fantasy are 1250 indoors. The company additionally plans to add three extra vessels.

Disney's adventures supply tour packages for non-Disney sites all over the world. In 2017, it provided forty such packages. Parks and resorts will get important design, property improvement, attraction, entertainment and show design, technical help, production help, undertaking administration, and analysis and improvement from Walt Disney's imagination.


This phase produces and acquires live-action and animated films, stay video, music recordings and reside exhibits. Studio leisure corporations generate revenue from quite a few sources, including film distribution within the theater, house entertainment and television and SVOD markets, selling tickets for Stage video games, music distribution and licensing of the company's mental property rights for reside entertainment. It additionally distributes films beneath the Walt Disney Footage, Pixar, Marvel, Lucasfilm and Touchstone banners. In addition, it distributes reside films released by Dreamworks studios that have been launched theatrically from 2010 to 2016. Disney bought Marvel in 2010 and Lucasfilm in 2013.

The theater market:

The corporate manufactures and distributes both reside and reside full size animated films. In the local market, Disney distributes and markets its products immediately. Within the largest international markets, it distributes them instantly, whereas in different markets it distributes films via joint ventures or unbiased corporations. The company makes use of giant sums for advertising and promoting films.

Residence Entertainment Market: –

Disney distributes residence entertainment immediately on the home market and international markets, each immediately and thru unbiased distributors, by way of the banner of every film. Home and worldwide house leisure, both physically and electronically, often begin from three to six months after theater freedom. It sells DVDs and BluRays via retailers similar to Walmart and Target, and thru electronic formats comparable to Apple and Amazon.

Television market:

Disney is distributing films on its television market to cable and broadcast networks, television channels and different video service suppliers that provide them to shoppers by way of television and Internet channels. In addition to VOD service supplier licenses, Copany additionally presents films by way of Pay TV and Free TV home windows. There are two or three pay TVs in america and free TV home windows. The licensing course of on the worldwide market is just like the home market process except that there could also be variations so as and length in Windows based mostly on native practices and market circumstances.

Disney Music Group and Theater Group

Disney Music Group (DMG) delivers recent music for the company's films and tv packages. It develops, manufactures, markets and distributes music worldwide via license agreements or instantly. The Theater Group develops, produces and delivers stay entertainment occasions on Broadway and around the globe.


This phase delivers trade names, manufacturers and content to manufacturers, recreation developers, and publishers. The corporate additionally develops and publishes games mainly for cellular platforms. Along with these, the company publishes and sells books, comics and magazines. It also distributes branded products by means of retail, wholesale and on-line channels. This phase additionally designs and manages the company's website and distributes video material online. The primary sources of income for this phase are as follows:

  • Licensing characters and content to third events – The primary characters and content are Mickey and Minnie, Star Wars, Frozen, Disney Princess, Disney Channel Marks, Automobiles, Spider-Man, Avengers, Winnie the Pooh , Finding Dory / Finding Nemo and Disney Classics.
  • Gross sales via retail, wholesale and online channels. Disney owns 221 stores in North America, 87 shops in Europe, 55 shops in Japan and two shops in China, primarily situated in buying centers and enormous retail complexes.
  • Recreation Gross sales by means of Software Distributors and On-line Channels.
  • Sales of books, magazines and comics to wholesalers.
  • Promoting advertisements in on-line video content.
  • Disney English in China – English classes for Chinese youngsters in six cities and 27 studying centers in China.


In 2017, Disney earned about 85 % of its turnover and about 15 % of its providers. Providers income was $ 46,843 million and $ 8,294 million. The company's complete turnover was $ 55,137 million, which was about 1% less than in the previous yr. The company's largest income source was the media network phase, followed by the Parks and Resorts phase. In 2017, the corporate's media gross sales fell slightly from the previous yr by 1% from the previous yr and totaled EUR 23,510 million from the earlier yr's $ 23,689 million. Studio entertainment phase revenue was about $ 8.four billion, down about 11% on the previous yr, and about $ four.eight billion on the buyer and interactive media phase, down 13% on the earlier yr.

In 2017, the web sales of the media community phase grew from stakeholder fees, while the decline in advertising and TV / SVOD distribution and different revenue decreased. Share premium revenue elevated to EUR 12.7 billion within the previous yr from 12.3 billion (an increase of 3%). Promoting revenue dropped 4% from $ eight,509 million to $ eight,129 million. Throughout the identical interval, the TV / SVOD distribution and different income decreased by 7% from $ 2,921 million to $ 2,722 million. Internet gross sales for cable networks and broadcasting additionally fell by 1%.


  • Economic Fluctuations: Financial fluctuations in the US or other key areas of the world can scale back the demand for Disney merchandise / providers and negatively influence its revenue and revenue. Prior to now, the economic downturn has additionally had a destructive impression on the demand and consumption of parks and resorts, as well as on revenue from promoting and different sources.
  • Altering shopper preferences: Altering shopper. Disney’s profitability is determined by its means to cater to the fast-changing shopper calls for and preferences.
  • Technological advancement: Technological change are occurring fast and the release of latest applied sciences also affects the demand of Disney merchandise. Disney’s profitability is dependent upon its capacity to undertake new technologies and adapt to the shifting patterns of shopper demand.
  • Intellectual Property Rights: Disney’s success additionally will depend on its potential on the maintenance of its mental property rights. Unauthorized use of Disney’s intellectual rights can lead to excessive expenditure on protecting its intellectual property and have an effect on its revenues negatively. Moreover, technological advancement has made digital copying and distribution of its leisure products simpler leading to substantial impact on its revenue.
  • Aggressive Pressures: Disney is dealing with robust competition in all the areas of its operations together with tourism and leisure. Greater aggressive strain results in larger value of operations as well as greater investment in advertising and R&D. Competitive strain can improve further as a result of technological developments and modifications in market dynamics limiting probabilities of progress and profitability.
  • Regulatory modifications: Disney’s businesses are extremely regulated. Aside from the regulation of its broadcast and television networks, its other companies are also regulated by a posh net of legal guidelines domestically and internationally. A few of the key laws that have an effect on Disney embrace FCC’s regulation of its TV and radio stations; privateness and knowledge protection legal guidelines together with federal, state and overseas; security of shopper merchandise & theme park operations; environmental laws; trade restrictions internationally in addition to wage and tax legal guidelines and foreign money controls both nationally and internationally. Further modifications might result in improve in spending on compliance for Disney.
  • Seasonality: The seasonal nature of most of its businesses can also be a serious danger and may have a adverse influence on its earnings. Advertising revenues of Disney are usually greater through the fall and lower during summer time. Parks and resorts see greater occupancy and attendance through the holidays in summer time months or early-winter and spring-holiday durations. Studio leisure revenues are also affected by the timing of releases. In the Shopper Products & Interactive Media segments too, shopper purchasing conduct too varies by season.


WALT DISNEY Annual report 2017.