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
Disney Entertainment is three printed lines
FY2025 DTC $24.6B, Linear Networks $9.4B, Content Sales and Other $8.5B. These sum to Entertainment $42.5B. This is not Parks and not group revenue.
Direct-to-ConsumerLinear NetworksContent Sales / Other
WBD is still linear-heavy
2025 Global Linear Networks $17.7B, Studios $12.6B, Streaming $10.9B. Eliminations are omitted. Streaming dollars live on the first chart; this is the mix.
Global Linear NetworksStudiosStreaming
Fox is Television plus Cable
FY2026 Television $9.67B, Cable Network Programming $7.35B. Corporate and eliminations are omitted. Advertising as a component is on the advertising tab.
TelevisionCable Network Programming
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.
Disney+ and Hulu are counted separately
FY2025 Q4 Disney+ 131.6 million and Hulu 64.1 million. Disney also prints 196 million combined subscriptions; 131.6 plus 64.1 is 195.7 because of rounding. These are memberships, not dollars.
Netflix quarterly dollars
2025 Q1 $10.54B, Q2 $11.08B, Q3 $11.51B, Q4 $12.05B. The four quarters sum to $45.18B. Ads and memberships are different questions.