Media, Telecom and Advertising

Media, Telecom and Advertising Streaming and Media

Streaming dollars are not one number

Netflix is the whole company. Disney is Entertainment DTC only. WBD is the Streaming segment. Do not add them and call it TAM.

Disney is still Experiences plus Entertainment

FY2025 Entertainment $42.5B, Experiences $36.2B, Sports $17.7B. Parks still outrun DTC. Eliminations are omitted so the bars are the three segments.
EntertainmentExperiencesSports

Memberships, three definitions

Netflix paid memberships crossed 325 million in Q4 2025. Disney+ and Hulu were 196 million at FY2025 Q4. WBD streaming was 131.6 million at year-end. The labels are not interchangeable.
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Media, Telecom and Advertising Streaming and Media: Market Data | Sterling