February25,2020,4:15am.BobChapek’salarm goesoffand10minuteslaterheisridingonhis Pelotonbicycle,whilewatchinganew3Dcomputer-animatedvideowithvirtualrealityheadsets.Aftera quickshower,BobChapeksummonshiswhiteTeslaModelXwithdarktintedwindowsfrom thegarage tole thecardrivehim onhis30-minutecommutetoDisney’sBurbank,CA,office.Whilerelaxingduring theca ride,histhoughtsturntothebigannouncementlaterthisafternoon,withhim beingnamed Disney’snewCEO,effectiveimmediately.Employees,investors,andaltheotherDisneystakeholders wilhavealotofquestionsabouthisfuturevisionforDisney .<\/p>\n\n\n\n
With$60bilioninannualrevenuesin2019,TheWaltDisneyCompanyisoneoftheworld’slargest mediacompanies.Asadiversifiedmediacompany,Disneyisactiveinawidearayofbusines activities,from moviestoamusementparksaswelascableandbroadcastelevisionnetworks(ABC, ESPN,andothers),cruises,retailing,andstreaming.<\/p>\n\n\n\n
TheNewCEOwilneedtoimplementmultiplestrategicinitiativesthatwereputinplacebyBobIger, hislarger-than-lifepredecesoratDisney,whospentalmost50yearswiththecompany,andthereof15 yearsasCEO.Disneyclosedits$71.3bilionacquisitionof21stCenturyFox’sentertainmentasets,or itslargestacquisitionever,inMarch2019.2AspartoftheFoxandotherdeals,Disneygained<\/p>\n\n\n\n
controlingownershipofHulu,astreamingservice.Disneyisalsorolingoutitsownnewstreaming servicecaledDisney+inNovember2019,thusmovingintothedirect-to-consumerspace.In September2019,Appleannouncedisnewstreamingservices,AppleTV+.OnthedayoftheApple announcement,Ige resignedfrom Apple’sboardofdirectorsduetoaconflictofinterests.Igeralso announcedthatDisneywilpulmostofitsmoviesfrom Netflixby2020.<\/p>\n\n\n\n
AnotherchalengeismanagingthegrowingportfolioinDisney’sStudioEntertainmentdivision,asit operatesmorethansevenmoviestudios,includingWaltDisneyPictures,WaltDisneyAnimation,Pixar, Marvel,Lucasfilm,21stCenturyFox,Fox,andBlueSky.Asaresult,Disneyhasoutlinedplansfor roughlyadozenmovieseachyearthrough2022.<\/p>\n\n\n\n
DuringIger’stenureasCEO,Disneyhasperformedwelintermsofstockpriceappreciationand financials(Exhibit1andExhibit2).Yet,Igerhasdelayedhisretirementfrom Disneyfivetimes.Each timehehasleverageddelayingretirementintohigherpay,whichin2018was$65milion,makingIger oneofthehighestpaidCEOsincorporateAmerica.Whatsurprisedmany,includingDisneyemployees isthatIger’sannouncemen toindeedstepdownasCEOhappenedwithnopriornotice,andwasmade effectiveimmediately.ThenewCEO,BobChapek,hasbigshoestofil.<\/p>\n\n\n\n
StrategicLeadership<\/p>\n\n\n\n
The phenomenal success of Disney is partly atributed to the leadership of three distinguished individuals :WaltDisney, Michael Eisner, and Rober tIger. The saga of all three leaders is akin to\u00a0 \u00a0 \u00a0 Disney’s epic movies featuring insurmountable challenges ,adventure, and fleeting victories.Each leader is recognized for providing a strong vision and strategic direction that enabled the company to adapt to unprecedented changes in the media and entertainment industry and grow into the colossal company.<\/p>\n\n\n\n
WALTDISNEY<\/p>\n\n\n\n
WaltDisney,theentrepreneur,animator,andfilm producer,isviewedbymanyasthe”iconofAmerican ingenuity”whohadthecorporatevision,values,andperseverancethatledtothecompany’ssuces<\/p>\n\n\n\n
asamediaandentertainmentprovider.In1923,WaltmovedtoLosAngelestoworkasafilm director andwasunabletofindajob.Thus,hejoinedforceswithhisbrotherRoy,andtheyfoundedDisney BrothersCartoonStudios.ThenewentrantproducedAliceinWonderlandandaseriesofAlice comediesthatlostpopularityby1927.WaltworkedwithhisoldfriendUbbeIwerkstocreatem anew characterMortimerMouse,late renamedMickeyMouse,whichrevolutionizedthecartoonindustry.In 1928,MickeymadehisscreendebutinSteamboatWilie.<\/p>\n\n\n\n
In1937,anothermajorturningpointfortheDisneyCompanycamewiththereleaseoftheworld’sfirst ful-lengthanimatedcartooninTechnicolorcaledSnowWhiteandtheSevenDwarfs.Thisfilm made<\/p>\n\n\n\n
$8milion(~$150milionintoday’sinflation-adjusteddolars),anditwoneightOscars.Overthecourse ofWalt’slife,thecompanycontinuedtoproducesucesfulful-lengthanimatedfilmssuchas:<\/p>\n\n\n\n
Pinochio(1940),Fantasia(1940),Dumbo(1941),Bambi(1942),Cinderela(1950),Alicein<\/p>\n\n\n\n
Wonderland(1951),PeterPan(1953),SleepingBeauty(1959),101Dalmatians(1961),andMary Poppins(1964).<\/p>\n\n\n\n
Astheheadofthecompany,Waltwasaninfluentialeaderwithastrongworkethicandloftyvalues.He ranthecompanyasaflat,nonhierarchicalmeritocracy.Heheldemployeestohighprofesional standardsemphasizingcreativity,quality,teamwork,communication,andcooperation.Evenwhen facingfinancialpresure,Waltrefusedtocompromiseonqualityandworkedtoconstantlyreinventhis company.<\/p>\n\n\n\n
Onesuchreinventionwashisideaofbuildinganentertainmen themepark,atestamen tohis commitmen tohavingfun,andwhatappearedtohisinvestorsandhisbrotherRoyasacockamamie “projecthatwouldnotbringinrevenue.”11Waltforgedaheadandpurchased160acresoflandin Anaheim,Californiaand$17miliondolarslater,openedDisneylandonSundayJuly17,1955.Walt designedandbuiltDisneylandunderWEDenterprisesindependentfrom DisneyProductions,toalow his”imagineer”employeestodesigntheparkfreefrom thedemandsofapubliclytradedcompany.<\/p>\n\n\n\n
DisneylandwasbuiltacordingtoWalt’sexactingstandardswithtechnicalyadvancedatractionsfor theentirefamily.DisneylandwaswelreceivedbythepublicandquicklybecameanAmerican landmark.Moreimportantly,Disneyland’ssucesresultedinfinancialstabilityforthe12comp.<\/p>\n\n\n\n
By1957,thecompanywasdiversifiedand”WaltDisneyhimselfproducedthestrategicvisionthat enablesDisneytosustainitscompetitiveadvantageandgrowthuptothisday.”Hisvisionisembodied inExhibit3demonstratinghoweachofthedifferentbusineseswereleveragedtocreatesynergies. ThemapshowshowDisney’sdifferentbusineslines,TV,music,studio,merchandiselicensing, publications,comicstrips,magazines,artcornershops,andDisneylandcreatesynergiesbyleveraging intelectualproperty(IP)acroscomplementarybusinessegments.Themapprovided”aconceptual filterthatcanberepeatedlyusedtoselect,andasemblecomplementarybundlesofasets,activities andresourcestonavigatethesuroundingterainoveranextendedperiod.”Theimageappearstobea preludetothemodelofbuildingsucesfulfranchisesforwhichthecompanyatributesitssucesand long-term viability.<\/p>\n\n\n\n
In1965,Waltpurchasedover27,000acresoflandinOrlando,Floridatocreatem anotherDisneyPark thatwouldbe”anexperimentalprototypecommunityoftomorow,orEPCOT,plannedasaliving showcaseforthecreativityofAmericanindustry.”However,in1966,WaltDisneydiedoflungcancer andwassuceedbyhisbrotherRoyastheCEOofthecompany.Royrealizedhisbrother’sdream and openedDisneyWorldinOrlandoin1971.DisneyWorldbecamethetopselingparkintheworld,with 11milionvisitorsandrevenuesof$139milioninitsfirstyearofoperation(~$900milionintoday’s inflation-adjusteddolars).<\/p>\n\n\n\n
MICHAELEISNER<\/p>\n\n\n\n
In1984,MichaelEisnerwasappointedCEOofDisney.HecontinuedWaltDisney’semphasison creativity,branding,andsynergiesachievedstrongresultsforthecompanyduringhis20-yeartenureas CEO(1984-2005).Themediaconglomerate’srevenuesincreasedfrom lesthan$2biliontomore than$25bilion,16anditsmarketvaluefrom $1.8biliontoahighof$80bilion.<\/p>\n\n\n\n
Eisnerstartedhiscareerin1964workingforNBCasaFederalCommunicationsCommisionlogging clerk,andthenworkedforCBSwhereheplacedcommercialsduringshows.EisnermovedtoABCin 1966andfast-trackedtoanexecutivepositiondevelopingprime-timeshows,movingABCfrom third- placeratingstothefirst-placeposition.In1976,astrugglingParamountPictureshiredEisneras presidentandCEO.Again,Eisnertookthefilm studiofrom lastplacetothetopanddeveloped”a reputationasacreativegenius,anideaman.”<\/p>\n\n\n\n
Eisnerbelievedcreativitywastheresultofcreativeconflictoutofwhichthebestideaswouldemerge. HealsofocusedonstrengtheningtheDisneybrandthroughsynergiesacrosbusinesunits.In1987, heestablishedacentralizedcorporatemarketingfunctiontooverseecorporate-widemarketingand brandingactivities.<\/p>\n\n\n\n
EisnerstartedbyrevitalizingDisney’stelevisionprogrammingandanimatedfilms.InTV,Disney producedpopularnewshowsandmoviesfortheDisneychannel,ABC,NBC,andcreatedsyndication operationstoselDisneyprogrammingtoindependentTVstations.19Inthefilm studiobusines,Eisner raisedDisney’ssharea theboxofficefrom 4percentin1984to19percentby1988,withthereleaseof manyprofitablemovies,makingDisneytheHolywoodmarketleader.Healsoinvested$30milionin computer-animatedproductionsystems(CAPS)technologythatdigitizedtheanimationproces reducingthetimeforproducinganimatedfilms.Soonthereafter,Disneyreleasedsucesfulmovies suchasRogerRabbit(1988),TheLitleMermaid(1989),BeautyandtheBeast(1991),andAladdin (1992).<\/p>\n\n\n\n
Inthe1990s,however,Disney’sanimationstudioalsoreleasedanumberofmoviesthatfloppeda the boxoffice,includingHercules,Lilo&Stitch,andBrotherBear.Disney’sbiggestsucesesduringthis timecamefrom itsaliancewithPixar,acomputer-animationmoviestudio,producingiessuchasToy StoryandTheIncredibles.Yet,SteveJobsdisdainedMichaelEisner,andJobsendedthePixar-Disney aliancein2004.<\/p>\n\n\n\n
Inparksandresorts,EisnerexpandedandimprovedDisneythemeparkstoincreaseprofitability, growth,andsynergieswithotherbusineslines.HeopenednewatractionssuchasCaptainEO(1986) andDisneyMGM Film Studio(1989).In1992,DisneyalsoopenedanewthemeparkoutsideofParis, France\u2014EuroDisney.Disneyhad49percentownershipstakeandreceived10percentfrom ticket salesand5percentfrom merchandisesales.In1999,DisneyformedapartnershipwithHongKong’s governmen tobuildathemeparkthatwasopenedin2005.Disneyhelda43percentownershipstake andtheHongKonggovernmentheldtheremaining57percent,whichcouldlaterbeincreasedto73 percentbyconvertingsubordinateshares.<\/p>\n\n\n\n
Inconsumerproducts,Eisner’sstrategyof”retailasentertainment”doubledtheaveragerateofretail salespersquarefootin1992.AmyriadofbusinesescomprisedthisareasuchasDisneystores, DisneyPresandHyperionBooks,HolywoodRecords,andcatalogmarketing.Disneyalsoenteredthe home-videoindustrybyestablishingBuenaVistaHomeVideowhereAladdin,in1993,becamethe best-selingvideoofaltimewithover30milioncopiessold.<\/p>\n\n\n\n
In1995,Disneyspent$19biliontoacquireCapCitiesABC,makingithesecondbiggestacquisitionin U.S.history.ABCincludedTVnetworksandstations,radionetworksandstations,cableincluding<\/p>\n\n\n\n
sportschannelESPN,inadditiontonewspapersandotherperiodicals.ThedealmadeDisneythe biggestmediaentertainmentcompanyintheUnitedStatesandprovidedworld-widedistributionoutlets.<\/p>\n\n\n\n
However,bythelate1990s,Disneyfinancialsdeteriorated,andthiswaspartlyatributedtoEisner’s heavy-handedmanagementstyle,andstrategicimperativesofcreativity,branding,andsynergy.The increasinglycombativecultureledtopolitickingandhighturnoverofexecutives.Theintensefocuson brandingalsocauseddispleasureamongDisneyfanswhofelthatbrandingiswhatyoudowhenyou lackoriginal,high-qualitycontent.Inthisvein,Eisner’spushforsynergiesthroughcros-seling appearedexcesive,robbingDisneyofitsmagic.<\/p>\n\n\n\n
By2005,aconfluenceofeventsledtoEisner’sdeparture.First,ashareholde revoltoremoveEisner wasledbyRoyDisney,thesamepersonwhoinitialyrequestedEisnertojointhecompany.Second, PixarhadendeditsrelationshipwithEisnerinapublicmannerthatwasnotflateringforDisney.Third, Comcastmadeasurprise$66bilionhostilebidtotakeoverDisney.<\/p>\n\n\n\n
ROBERTIGER<\/p>\n\n\n\n
RobertIgerwasappointedTheWaltDisneyCompany’sCEOin2005,afterpreviouslyhavingservedas ChiefOperatingOfficer.AsCEO,IgerestablishedanewvisionandstrategicdirectionforDisney;he articulatedthreepilarsofstrategythathefeltwerealignedwithWaltDisney’soriginalintent,thatis investin:1)creativecontent,2)technologyinnovation,and3)internationalexpansion.27Taken together,IgerenvisionedaDisneythatusesadvancedtechnologytoproducecreativecontentwith globalreach.<\/p>\n\n\n\n
Toimplementhisstrategicpilars,Igerproceededtomakesomemajorchangesinthecompany beginningwithreconciliationwithboardmemberswhohadledtheshareholde revoltagainsthis predecesor,andtoendotherconflicts.Next,IgerworkedtochangetheperceptionwithinDisneyof technologyasathreat,toviewingitasanopportunity.<\/p>\n\n\n\n
Inparksandresorts,EisnerexpandedandimprovedDisneythemeparkstoincreaseprofitability, growth,andsynergieswithotherbusineslines.HeopenednewatractionssuchasCaptainEO(1986) andDisneyMGM Film Studio(1989).In1992,DisneyalsoopenedanewthemeparkoutsideofParis, France\u2014EuroDisney.Disneyhad49percentownershipstakeandreceived10percentfrom ticket salesand5percentfrom merchandisesales.In1999,DisneyformedapartnershipwithHongKong’s governmen tobuildathemeparkthatwasopenedin2005.Disneyhelda43percentownershipstake, andtheHongKonggovernmentheldtheremaining57percent,whichcouldlaterbeincreasedto73 percentbyconvertingsubordinateshares.<\/p>\n\n\n\n
Inconsumerproducts,Eisner’sstrategyof”retailasentertainment”doubledtheaveragerateofretail salespersquarefootin1992.AmyriadofbusinesescomprisedthisareasuchasDisneystores, DisneyPresandHyperionBooks,HolywoodRecords,andcatalogmarketing.Disneyalsoenteredthe home-videoindustrybyestablishingBuenaVistaHomeVideowhereAladdin,in1993,becamethe best-selingvideoofaltimewithover30milioncopiessold.In1995,Disneyspent$19bilionto acquireCapCitiesABC,makingithesecondbiggestacquisitioninU.S.history.ABCincludedTV networksandstations,radionetworksandstations,cableincludingsportschannelESPN,inadditionto newspapersandotherperiodicals.ThedealmadeDisneythebiggestmediaentertainmentcompanyin theUnitedStatesandprovidedworld-widedistributionoutlets.<\/p>\n\n\n\n
However,bythelate1990s,Disneyfinancialsdeteriorated,andthiswaspartlyatributedtoEisner’s heavy-handedmanagementstyle,andstrategicimperativesofcreativity,branding,andsynergy.The<\/p>\n\n\n\n
increasinglycombativecultureledtopolitickingandhighturnoverofexecutives.Theintensefocuson brandingalsocauseddispleasureamongDisneyfanswhofelthatbrandingiswhatyoudowhenyou lackoriginal,high-qualitycontent.24Inthisvein,Eisner’spushforsynergiesthroughcros-seling appearedexcesive,robbingDisneyofitsmagic.By2005,aconfluenceofeventsledtoEisner’s departure.<\/p>\n\n\n\n
First,ashareholde revoltoremoveEisnerwasledbyRoyDisney,thesamepersonwhoinitialy requestedEisnertojointhecompany.Second,PixarhadendeditsrelationshipwithEisnerinapublic mannerthatwasnotflateringforDisney.Third,Comcastmadeasurprise$66bilionhostilebidtotake overDisney.<\/p>\n\n\n\n
ROBERTCHAPEK<\/p>\n\n\n\n
DespitethefacthatIger’scontractrunsuntilDecember2021,Robert”Bob”Chapek,Disney’snew CEOwasputinplaceonFebruary25,2020,withimmedateeffect.IncontrastoBobIger,whowas charismaticandcosmopolitanandenjoyedtheglamorofHolywood,BobChapekisknowntobeano- nonsenseexecutivewithastrengthinexecutionandimplementation.Chapekisviewedaslacking Iger’screativesparkandinsightbutbeingmuchstrongerinrunninganeffectiveoperation.Chapek spent27yearsatDisney,mostrecentlyheadingtheparksandresortsdivision,andachievingdouble- digitgrowthinalbutoneyearhewasonthehelm.<\/p>\n\n\n\n
StrategicBusinessUnits<\/p>\n\n\n\n
TheWaltDisneyCompanyisadiversifiedworldwideentertainmentcompanywithoperationsinfour strategicbusinesunits(SBUs):MediaNetworks,ParksandResorts,StudioEntertainment,Consumer Products&Interactive(Exhibit4).Exhibit5showstherevenueshareofeachsegmentin2018.<\/p>\n\n\n\n
Recently,thecompanycombinedformerConsumerProductsandInteractiveintoasinglesegment. Acrosalitsfourstrategicbusinesunits,thecompanyengagesinavarietyofcorporatestrategy arangementsincludingfulownership,jointventures,aliances,andlong-term contracts.Thefolowing isabriefdescriptionofeachSBU.<\/p>\n\n\n\n
MEDIANETWORKS<\/p>\n\n\n\n
Disney’slargestsegmentbyrevenuesearned$24.5bilionin2018from cablenetworks,broadcasting, radiobusineses,originalprogramming,andequityinvestmentsinotherentitiesthatoperate programming,distribution,andcontentmanagementservices.Revenuesinthissegmentarefrom cable,satelite,andtelecom serviceproviders(Multi-channelVideoProgrammingDistributors”MVPD”), broadbandserviceproviders(digitalMVPDs)andaffiliatefesfrom otherTVstationsdeliveringDisney programs,advertisementssales,andprogram salesfortherigh touseDisneyprogramming.Thecable networkincludesESPN,theDisneyChannelsandFreeform,whichproducetheirownprograms,and deriverevenuesfrom affiliatefeesandadsales(ESPNandFreeform).Broadcastbusinesesinclude theABCTVNetwork,eightownedtelevisionstations,televisionproductionanddistribution.The majorityoftherevenuescomefrom adsalesandsomefrom affiliatefees.Radiobusinesesconsistof theESPNRadioNetwork,whichincludesfourESPNradiostationsandtheRadioDisneynetwork.<\/p>\n\n\n\n
Disneyproducesanddistributesliveactionandanimatedtelevisionprogrammingwhichmaybesoldin network,first-runsyndicationandothertelevisionmarkets,tosubscriptionservicesandformatssuchas DVD,Blu-Ray,andiTunes.DisneyhasequityinvestmentsinexternalmediabusinesesincludingA&E TelevisionNetworkLLC,BAMTechLLC,andCTVSpecialtyTelevisionInc.<\/p>\n\n\n\n
In2019,Disney’sacquisitionof21stCenturyFoxalsoincludedseveraltelevisionnetworks,including megamoviehits(Titanic,Avatar)andTVseries(TheSimpsons),plussomeofitskeynetworks(FX, Hulu,NationalGeographicChannel).<\/p>\n\n\n\n
PARKSANDRESORTS<\/p>\n\n\n\n
ThisisDisney’snextlargestbusinessegmentwith$20.3bilioninrevenuewith10percentofgrowth from 2017.35ThecompanyownsandoperatesDisneylandinCalifornia,DisneyWorldinFlorida,<\/p>\n\n\n\n
AulaniDisneyResort&SpainHawai,DisneyCruiseLine,AdventuresbyDisney,and<\/p>\n\n\n\n
theDisneyVacationClub.Internationaly,thecompanyowns47percentofHongKongDisneyland Resortand43percentoftheShanghaiDisneythatopenedin2016.In2015,thecompanyalso completeda$1bilionrecapitalizationofDisneylandParis,increasingitssharesfrom 51percen to81 percent.Thecompanychargesroyalties,licensing,andconsultingfeestoDisneylandTokyo.TheWalt DisneyImagineeringbusinesdesignsanddevelopsresortpropertiesandthemeparkatractions.<\/p>\n\n\n\n
Revenuesaregeneratedfrom avarietyofsourcesincludingadmisionstothemeparks,food,<\/p>\n\n\n\n
merchandise,hotelroom nights,cruiseandvacationpackages,rentalsofvacationproperties,and royalties.In2018,Disneyintroducedvariableticketpricesthatincreasedforhigherdemandtime periods(“dynamicpricing”).In2019,aDisneyParkexecutiveCatherinePoweldepartedfolowing<\/p>\n\n\n\n
concernsaboutDisneylandatendancewiththeroloutofitsnewGalaxyEdgeatractionbased38on<\/p>\n\n\n\n
StarWars.<\/p>\n\n\n\n
STUDIOSENTERTAINMENT<\/p>\n\n\n\n
Thissegmentgenerated$10bilionand19percentgrowthovertheprioryearin2018,which,inpart, reflectscontributionsfrom acquisitions.TheoldestbusinessegmentinTheWaltDisneyCompany,this segmentproducesandacquireslive-actionandanimatedmovies,inadditiontomusicalrecordings, andlivestageplays.ThecompanydistributesfilmsundertheWaltDisneyPictures,Pixar,Marvel, Lucasfilm,andTouchstonebanners.In2016,Disneyendedthe2009agreementwithDreamWorksto distributeitslive-actionmotionpicturesandacquiredalrightstitlesandintereststo13DreamWorks films.ThestudioentertainmentdistributesitscreationsinthetheatricalmarketintheUnitedStatesand internationaly,italsoservesthehomeentertainmentmarketbyselingDVDsonline,anditdistributes tothetelevisionmarket.TheDisneyMusicGroup,whichincludesWaltDisneyRecords,Holywood Records,DisneyMusicPublishing,andBuenaVistaConcerts,developsanddistributesrecordedmusic intheUnitedStatesandmanagesthelicensingoftheDisneysongcatalogue.Italsoproduceslive musicalconcertsthroughtheBuenaVistaConcerts.TheDisneyTheatricalGroupdevelops,and licensesliveentertainmenteventsonBroadwayandaroundtheworld.Revenuesareprimarilyderived from distributionoffilmstotheatre,homeentertainmentandtelevisionmarkets,aswelasstageplay tickets,distributionofmusic,andlicensingofintelectualproperty.<\/p>\n\n\n\n
In2009,DisneyacquiredMarvelEntertainmentfor$4bilionaddedSpiderman,IronMan,The IncredibleHulk,andCaptainAmericatoitslineupofcharacters.Asucesfulinvestmentbyany measure\u2014Marvel’ssuperheromovieshavegrosedover$18biliona theboxoffice.In2012,Disney acquiredLucasflim forjustover$4bilionfrom StarWarscreatorGeorgeLucas,addingDarthVader,<\/p>\n\n\n\n
Obi-WanKenobi,PrincesLeia,LukeSkywalker,andothercharacterstoDisney,andby2018 asociatedrevenuessurpased4.8bilion.<\/p>\n\n\n\n
In2019,Disneyalsocompleteditslargestacquisitioneverwiththetakeoverof21stCenturyFox, addingtheSimpsons,Deadpool,andtheFox-ownedMarvelcharacterssuchasX-Menandthe FantasticFourtoitsline-upofcharacters,aswelascontrolofHulu.However,expectationsof21st CenturyFoxemployeesweregrim astheybracedforlay-offs,42suggestingDisneymayloseimportant creativetalent.Withtheadditionof20thCenturyFoxandBlueSky,Disneynowhassevenmovie studioswithplanstoreleaseroughlyadozenmoviesayear.<\/p>\n\n\n\n
DISNEYCONSUMERPRODUCTS&INTERACTIVEMEDIA<\/p>\n\n\n\n
Thisbusinessegmenthad$4.65bilioninrevenuein2018\u2014a4percentdeclinefrom 2017.This segmentgeneratesrevenuesthroughlicensingDisney’scharacterstothirdpartiesforuseinconsumer<\/p>\n\n\n\n
merchandises,publishedmaterials,andinmulti-platform games.Revenuesarealsoobtainedfrom selingmerchandise,games,children’sbooks,EnglishlanguagelearningcentersinChina,and advertising.Thesegmentoperationsincluderetail,online,andwholesaledistributionthroughthe DisneyStore,DisneyStore.com andMarvelStore.com,anddirectoretailers.Forexample,Disneyis partneringwithTarge tocreatestoreswithinstores.Thisdivisionalsolicensesitstradename, characters,andpropertiestomanufacturers,gamedevelopers,publishers,andretailersthroughou the world.<\/p>\n\n\n\n
ThisdivisionisalsohometooneofDisney’snewstrategicinitiativesintoconsumerstreamingwith Disney+,ESPN+,andHulu.In2018,DisneylaunchedESPN+,asportsstreamingservicethatalready hasover2milionsubscribersinlesthanayear.InNovember2019,DisneywilaunchDisney+athalf thepriceofNetflix’smonthlysubscriptionfee,andApple+streamingislaunchinga thesametimewith anevenlowerprice.Disney+adirect-to-consumerstreamingserviceisbuiltaroundsomeofitsmost popularfranchisesfrom StarWarstoHighSchoolMusical.DisneywilalsobundleDisney+,ESPN+ andHulufor$12.99amonth,makingthiscontentsimilarincostoNetflix.<\/p>\n\n\n\n
Technologicalchangeiscontinuingtoreshapethemediaindustry.Consumersareswitchingfrom watchingcableTVtoviewingcontentonlineviastreamingservicessuchasNetflix,andother interactivemedia.Forexample,theDisneyChannelandDisney’sESPNhavedecliningviewership.In 2018,ESPN\u2014themostexpensivechannelinanycableTVsubscription\u2014lost2milionsubscribers. However,Disneyalsoadded2milionsubscriberstoESPN+,itsnewstreamingservicesdedicatedto sportscoverage,events,andoriginalsportsprogramming.Yet,Disneycontinuestolosemoneyonits streamingservicesasitatemptstogrowitssubscriberbase.<\/p>\n\n\n\n
Competition<\/p>\n\n\n\n
Disney’straditionalrivalsincludeComcast,AT&T(TimeWarnerandHBO+),NationalAmusements (CBSandViacom)andSony,bu thislistisgrowingtoincludeAmazon,Apple,andNetflix.Relativeto itstraditionalcompetitors,Disneyhasalargemarketcapitalization(over230bilion).However,new competitorsarelargerintermsofmarketcapitalization(Amazon$850bilionandApple$1trilion),and Applehasover$210bilionincashonhand.Tocomplicatematers,Disney’snewstream services, Disney+,reliesonAmazonWebServicesforcloudservices.<\/p>\n\n\n\n
Disney’sMediaNetworksegmentcompetesforviewers,saleofadvertisingtime,andacquisitionsof sportsandotherprogramming.Itsprimarycompetitorsforanaudienceareothertelevisionandcable networks,TVstations,DVDandBlu-rayformats,andtheInternet.Foradvertisers,competitionisfrom TVnetworks,radioandTVstations,MVPDs,advertisingmediasuchasnewspapers,magazines, bilboards,andtheInternet.Competitionforacquisitionofsportsandotherprogrammingisintense, especialyforDisney’sESPNwhichfacesincreasingcompetitionfrom thesportschannelsof21st CenturyFox,CBS,andComcast’sNBCUniversalsegment.<\/p>\n\n\n\n
TheParksandResortssegmentcompetesforconsumers’leisuretime.Primarycompetitorsinclude otherformsofentertainment,lodging,tourism,andrecreationalactivities.Specificcompetitorsfor themeparksandresortsincludeSixFlagsEntertainment,Comcast,CedarFair,SeaWorld Entertainment,andUniversalStudios.<\/p>\n\n\n\n
TheStudiosEntertainmentsegmentcompeteswithalformsofentertainmentincludingcompaniesthat providefilms,homeentertainmentproducts,payTV,music,andlivetheatre.Thereisalsoconsumer merchandises,publishedmaterials,andinmulti-platform games.Revenuesarealsoobtainedfrom<\/p>\n\n\n\n
selingmerchandise,games,children’sbooks,EnglishlanguagelearningcentersinChina,and advertising.Thesegmentoperationsincluderetail,online,andwholesaledistributionthroughthe DisneyStore,DisneyStore.com andMarvelStore.com,anddirectoretailers.Forexample,Disneyis<\/p>\n\n\n\n
partneringwithTarge tocreatestoreswithinstores.Thisdivisionalsolicensesitstradename, characters,andpropertiestomanufacturers,gamedevelopers,publishers,andretailersthroughou the world.ThisdivisionisalsohometooneofDisney’snewstrategicinitiativesintoconsumerstreaming withDisney+,ESPN+,andHulu.In2018,DisneylaunchedESPN+,asportsstreamingservicethat alreadyhasover2milionsubscribersinlesthanayear.<\/p>\n\n\n\n
InNovember2019,DisneywilaunchDisney+athalfthepriceofNetflix’smonthlysubscriptionfee, andApple+streamingislaunchinga thesametimewithanevenlowerprice.Disney+adirect-to- consumerstreamingserviceisbuiltaroundsomeofitsmostpopularfranchisesfrom StarWarstoHigh SchoolMusical.DisneywilalsobundleDisney+,ESPN+andHulufor$12.99amonth,makingthis contentsimilarincostoNetflix.<\/p>\n\n\n\n
STREAMINGWARS<\/p>\n\n\n\n
Increasingdisruptionandconvergenceinthemediaandentertainmentindustryisproducingawhole newsetofcompetitorsforDisney.Entryintostreamingserviceisgeneratingcuthroatcompetitionwith establishedplayerssuchasNetflixandHulu(nowfulycontroledbyDisney),butalsonewentrants suchasAppleTV+,AT&T’sHBOMAX,NBCUniversal’sPeacock(ownedbyComcast),YouTube Premium,aswelasDisney’snewstreamingservicesDisney+andESPN+.Eachofthesecompanies aredevelopingtheirownoriginalprogrammingtoactasanadvertisementfortheirstreamingservices toobtainsubscriptions.ShowssuchasNetflix’s13Reason’sWhy,Amazon’sTransparent,andHulu’s DifficultPeoplehavegainedconsiderablepopularity.<\/p>\n\n\n\n
In2019,theclearmarketleaderinstreamingservicesisNetflixwithover150milionsubscribers worldwide,thereof,61milionintheUnitedStates.Therevenuesforthemediaservicesproviderin 2019were$16bilion,anditsmarketcapstoodat$150bilion.Overthepastdecade,Netflix’sstock appreciatedbysome2,600percent,whilethetech-heavyNASDAQ-100indexgrewby”only”310 percentinthesameperiod.Yet,NetflixsubscribergrowthintheUnitedStateshasbeenslowing,and newentrantssuchasAppleTV+arepricingtheirservicesaggresively($4.99amonthvs.$12.9a monthforbasicNetflixsubscription).<\/p>\n\n\n\n
AmazonoffersitsInstantVideoservicetoitsestimated100milionPrimesubscribers($119ayearor roughly$10amonth),withselectedtitlesfree.Inaddition,Primemembersreceivefreetwoday shippingonAmazonpurchases(withone-dayshippingannouncedin2019).HuluPlus($7.99a month),avideo-on-demandservice,hassome25milionsubscribers.OneadvantageHuluPlushas overNetflixandAmazonisthatitypicalymakesthelatestepisodesofpopularTVshowsavailablethe dayfolowingthebroadcast;theshowsareoftendelayedbyseveralmonthsbeforebeingofferedby NetflixorAmazon.AjointventureofDisney(67percentownership,but100percentvotingrights)and NBCUniversal(33percent),HuluPlususesadvertisementsalongwithitssubscriptionfesasrevenue sources.Google’sYouTubewithitsmorethan1bilionusersisevolvingintoaTVecosystem,benefiting notonlyfrom freecontentuploadedbyitsusersbutalsocreatingoriginalprogramming.Googleoffers itsad-freeserviceYouTubePremium for$12permonth,whichalowsuserstodownloadcontentsuch asvideosandmusicforlater,off-lineuse(e.g.,whiletravelinginanairplane).AndApplehasover1<\/p>\n\n\n\n
biliondevicesworldwidesuchasiPhonesandiPadsasaninstaledbasewhereuserscanenjoyits servicessuchasAppleTV+andAppleMusic.<\/p>\n\n\n\n
IGER’SSTRATEGICVISION<\/p>\n\n\n\n
Iger’sstrategicvisionwasbasedonbilion-dolarfranchises,whichgeneralybeginwithabigmoviehit folowedbyderivativeTVshows,themeparkrides,videogames,toys,clothing,amongmanyother posiblespin-offs.Asaresult,IgerfocusedDisneyonhisthreepilarsofstrategy:1)generatethebest creativecontentposible,2)fosterinnovationandutilizethelatestechnologies,and3)expandinto newmarketsaroundtheglobe.<\/p>\n\n\n\n
CreativeContent<\/p>\n\n\n\n
WhenIgertookthehelm in2005,Disneywasexperiencingabysmalperformancewithitsownreleases atributedtolacklustercreativecontentandearliercost-cutingefforts.A thistime,Disneywasina strategicaliancewithPixarledbySteveJobs.Disney’sdistributionnetworkandstela reputationin animatedmovieswerecriticalcomplementaryasetsthatPixarneededtocommercializeitsnewly createdcomputer-animatedmovies.Inturn,Disneywasabletorejuvenateitsflounderingproduct lineup,retainingtherightstothenewlycreatedPixarcharactersandsequels.Pixarbecamesucesful beyondimaginationasitroledoutoneblockbusterafteranother.ToyStory(1,2,and3),ABug’sLife, Monsters,Inc.,FindingNemo,TheIncredibles,andCars,grosingseveralbiliondolars.In2004, renegotiationsofthePixar-DisneyaliancebrokedownatributedtoconflictsbetweenSteveJobsand then-DisneyChairmanandCEOEisner.<\/p>\n\n\n\n
In2005,Ige reinitiatednegotiationswithPixaranddevelopedalong-standingfriendshipwithSteve Jobs.In2006,DisneyacquiredPixarandgainedacestoblockbusterhitsandturnedsomeintobilion dolarsfranchisessuchasToyStory(over$2bilion),Monsters,Inc.(closeto$2bilion),Cars(over$1 bilion),andFrozen($1.5Bilion).Frozenisthemostsucesfulanimatedmovieeverandhasasequel scheduledfo releaseinlate2019.<\/p>\n\n\n\n
In2009,DisneyacquiredMarvelEntertainmentaddingalineupofsuperherocharacters.Marvel superheroesmoviesgrosedacumulative$15biliona theboxoffice,withTheAvengersbringingin some$2bilion.<\/p>\n\n\n\n
In2012,DisneyacquiredLucasfilm.TheStarWarsfranchisehasbecomethecrownjewelinDisney’s line-upofbilion-dolarfranchises.The2015StarWarssequel,TheForceAwakens,grosedover$2 biliona theboxofficeonabudgetof$260milion,makingithethirdbest-selingmovieafterAvatar andTitanic.Moreimportantly,theStarWarsfranchisewithadd-onrevenuesfrom suchareasas streaming,merchandise,books,gaming,andTVshowsisestimatedtobeworthover$10bilion.<\/p>\n\n\n\n
In2014,DisneyacquiredMakerStudios,aYouTube-basedmultichannelnetwork,for$675milion. UnderDisney,MakerStudiosnolongerprovidessome60,000YouTubecreatorswithsupportby promotingtheirchannelsandselingads.Instead,Makerfocusesonnomorethanthetop250YouTube contentcreatorswithalargefolowinginordertobuildbilion-dolarfranchisesinthenewon-demand TVspace.OneMakerStudios’earlysucesstorywasYouTubemegastarPewDiePie,whowith100 milionsubscribershasthelargestfolowing.In2017,however,Disneycu tieswithPewDiePiefolowing hispublicationofvideosinwhichhemadeinflammatoryremarksthatwerenotinlinewithDisney’s values.<\/p>\n\n\n\n
In2019,Disneymadebyfarthelargestacquisitioninitshistoryinitspurchaseof21stCenturyFoxfor<\/p>\n\n\n\n
$71bilion,addingmoviesstudios,characters,andnetworkasets,aswelascontrolofHulu.Fox’s largelibraryofentertainmenthitscombinedwithDisney’sshouldprovidesynergies,butitisye tobe seenifthisforwardintegrationstrategywilpayoffinthelongterm.Forexample,ithasrealcostsfrom investinginnewresources,aswelaslostrevenuefrom Netflixlicensingfees,cablefees,andposibly evenmovietickets,asitsevenstudioscannibalizeeachother’ssales.<\/p>\n\n\n\n
InovationandTechnology<\/p>\n\n\n\n
SoonafterIgertookoffice,hefirmlybelievedthatmediacompanieslikeDisneyneededtostarthinking moreliketechnologycompanies.Forexample,hemadeadeliberatedecisionno tohaveacorporate- levelCTOandasignedthispositiontohimselfandappointedaCTOforeachofthefoursegments.<\/p>\n\n\n\n
IgeralsoincludedmoretechnologyexpertiseonDisney’sboardofdirectors.HeinvitedTwiterand Squareco-founderJackDorsey,BlackBeryCEOJohnChen,FacebookCOOSherylSandberg,and<\/p>\n\n\n\n
SteveJobswhojoinedtheboardwhenDisneyacquiredPixarin2005andbecameDisney’slargest shareholder.<\/p>\n\n\n\n
In2016,Igermadeanotherboldtechnologymovebyacquiring 3percentinterestfor$1.1bilionin BamTech,aplatform thatalowedMajorLeagueBasebaltostream conten toconsumersdirectlyvia theInternet.Inparticular,BamTechisacontentmanagementanddistributionbusineswitha streamingplatform thatalowsfordirect-to-consumerprogramming.In2017,Disneyagreedtoinvest<\/p>\n\n\n\n
$1.58bilionforanadditional42percentshareinBamTechbringingitsownershipstakeupto75 percent.TherelativelysmalacquisitionforDisneyalowedIgertobuilditsin-housestreamingservices, Disney+andESPN+,andthustocompetedirectlywithotherstreamingcontentdistributorssuchas NetflixandAmazonPrimeVideo.Withit,Disneyisafulyverticalyintegratedmediacompanythat<\/p>\n\n\n\n
producesanddistributesitsowncontent,inaddition,tousingcontentselectivelicensingdeals.<\/p>\n\n\n\n
InternationalExpansion<\/p>\n\n\n\n
Disney’sglobalpresenceintheform ofproducts,services,andbrandrecognitionwasanotherpriority forIger.WaltDisneyInternationalisresponsibleforDisney’sbusinesesoutsidetheUnitedStates.<\/p>\n\n\n\n
DisneyInternationalhasover13,500employeeswithoperationsin45countriesthroughou theworld. Thecompanyhasasubstantialglobalfootprintacrossixregions(Asia,Australia,andNewZealand, EMEA[Europe,MiddleEast,Africa],India,LatinAmerica,andRusia).Yet,Disneyremainsdependent onNorthAmericaformostofitsrevenues(Exhibit6).SinceitsopeninginApril1992,DisneylandParis hasstruggledwithsocio-culturaldifferencesandbariersthatlimitedprofitability.Thedismal performancewaspartlyatributedtoresistancebytheFrenchtowha theyconsidered”American<\/p>\n\n\n\n
culturalimperialism”andstatedpubliclytheyhopedtheDisneyParkwouldbeafailure.In2017,Disney boughtoutotherinvestorstomakeEuroDisney(theFrenchparentcompany)awholyowned subsidiary.58DuringIger’sreign,WaltDisneyInternationalhasimplementedintegratedstructuresin foreignmarketsthathave”greatlyaceleratedrevenueinChina,producedgrowthacrosJapanand EuropeandprovidedunparaleledacestoemergingmarketsthroughoutLatinAmericaandSouth EastAsia.”<\/p>\n\n\n\n
MaoandMickey-DisneyinChina<\/p>\n\n\n\n
CEORobertIgerexpendedsignificanteffortinthepastenyearstoestablishShanghaiDisneyResort inChina.Ige relatedtheimportanceofChinaforDisney’sinternationalexpansionefforts.<\/p>\n\n\n\n
Wel,thenegotiationsandtheprocestoputashovelinthegroundofShanghaiDisneylandwasmore thanadecadelong.Itredefinestheword”patience”inmanyrespects.Bu thereasonwewereso patient,ortenacious,orintentongetingsomethingdone,isthatwebelievethisisafantastic opportunity\u2014perhapsthecompany’sbiggestinthelongterm.<\/p>\n\n\n\n
IntheprocesofbuildingShanghaiDisney,Igerstresedhowimportantitwastoadjustolocalculture tastesandpreferences,”prideinlocalculture,particularlyinaplacelikeChina,hasneverbeen greater…thatneedstobereflectedatShanghaiDisneyland.”Asaresult,theParkwasbuiltwithunique ridesandfeaturesthatincorporatedChineseelementssuchasthe”Tron”lightcyclerolercoaster,vast centralgardenforoldervisitors,andtheWanderingMoonTeahouse.<\/p>\n\n\n\n
ShanghaiParkopenedinthesummerof2016togreatfanfare.IgerhopedthatShanghaiDisneyland<\/p>\n\n\n\n
wilcreatem anecosystem ofdemandinChinaformovies,merchandise,apps,andvideogames.Inits firstyearofoperations,ShanghaiDisneylandhadover11milionvisitors,exceedingthecompany’s mostoptimisticexpectations.However,Disneyloweredticketpricesin2018toboostparkatendance. CompetitionintheChinesemarketforentertainmentparksisalsoheatingupasComcast’sUniversal StudiosisbuildingathemeparkinBeijing,andDreamworksAnimationisopeningafilm studioand<\/p>\n\n\n\n
entertainmentcomplexinShanghai.Inaddition,therearelocalcompetitorssuchasSongchengParkin HangzhouandChimelongOceanKingdom inHengqin.<\/p>\n\n\n\n
Moreover,Disney\u2014asaquintesentialAmericancompany\u2014mayalsobenegativelyaffectedbythe largerU.S.\u2014Chinatradewar.<\/p>\n\n\n\n
Challenges<\/p>\n\n\n\n
ManyofDisney’sgreatestfranchises,suchasPixar,MarvelandStarWars,wereexternalacquisitions. However,anacquisition-ledgrowthstrategymaynotbesustainable.Thisisbecauseofthelimited numberofmediacompaniesthatDisneycanacquire,aswelasincreasedconflictsacrosbusines unitsanddivisions.Anincreasedrelianceonbilion-dolarfranchisesalsoreducesoriginality.For example,Disneyreliesonaformulaicrecipeofsuces:ablockbusterhitfolowedbyderivativeshows, merchandise,andotherspin-offs.<\/p>\n\n\n\n
WhilenearlyhalfofDisneyprofitscomefrom itsTVnetworksESPN,ABC,andothers,themedia industryisbeingdisrupted,asconsumerpreferencestostreamingcontentviaover-the-topservices suchYouTube,Netflix,AppleTV+,SlingTV,andotherservices.WhileESPNcontinuestodowel,the costofrightstoshowthebigsportingeventslivehasescalateddramaticalyinrecentyears.Asa consequence,ESPSislosingsubscribersasmanyconsumers”cu thecord”(thatiscanceltheircable subscription),orneversubscribetocableinthefirstplace.ThistrendalsoaffectsDisney’sotherTV properties,includingABC.<\/p>\n\n\n\n
Although,Disneyisintheprocesoflaunchingitsownstreamingservices,Disney+andESPN+,there appearstoberoom foronlyafew,ifnotjustoneortwowinnersinacompetitivelandscapewhere Apple,Netflix,Comcast,AT&T,andAmazonarealchasingafterthesamecostumer.Thequestionis forhowmanydifferentserviceswiltheaverageconsumerintheUnitedStatesandelsewherepayfor?<\/p>\n\n\n\n
Chapek’sTeslaModelXstoppedgentlyinfrontoftheelevatorbanksintheparkinggarageofDisney’s Burbankheadquarters.Chapekhoppedou thecarandle theTeslaParkitself.Ashepushedthe elevatorbuton,hethough tohimself”Isurehopetha theforceiswithme,andIcancreatesome moremagicforDisneygoingforward .<\/p>\n\n\n\n
Questions<\/p>\n\n\n\n
Read and analyze the above case carefully. With extensive research on Disney Walt, Analyze two (2) strategic tools Disney Company has utilized. (ie. use Porter\u2019s Five forces <\/strong>and SWOT<\/strong>). <\/strong>Answers must be brief and in bullet forms. Must NOT exceed 250 words.<\/p>\n","protected":false},"excerpt":{"rendered":" February25,2020,4:15am.BobChapek’salarm goesoffand10minuteslaterheisridingonhis Pelotonbicycle,whilewatchinganew3Dcomputer-animatedvideowithvirtualrealityheadsets.Aftera quickshower,BobChapeksummonshiswhiteTeslaModelXwithdarktintedwindowsfrom thegarage tole thecardrivehim onhis30-minutecommutetoDisney’sBurbank,CA,office.Whilerelaxingduring theca ride,histhoughtsturntothebigannouncementlaterthisafternoon,withhim beingnamed Disney’snewCEO,effectiveimmediately.Employees,investors,andaltheotherDisneystakeholders wilhavealotofquestionsabouthisfuturevisionforDisney . With$60bilioninannualrevenuesin2019,TheWaltDisneyCompanyisoneoftheworld’slargest mediacompanies.Asadiversifiedmediacompany,Disneyisactiveinawidearayofbusines activities,from moviestoamusementparksaswelascableandbroadcastelevisionnetworks(ABC, ESPN,andothers),cruises,retailing,andstreaming. TheNewCEOwilneedtoimplementmultiplestrategicinitiativesthatwereputinplacebyBobIger, hislarger-than-lifepredecesoratDisney,whospentalmost50yearswiththecompany,andthereof15 yearsasCEO.Disneyclosedits$71.3bilionacquisitionof21stCenturyFox’sentertainmentasets,or itslargestacquisitionever,inMarch2019.2AspartoftheFoxandotherdeals,Disneygained controlingownershipofHulu,astreamingservice.Disneyisalsorolingoutitsownnewstreaming servicecaledDisney+inNovember2019,thusmovingintothedirect-to-consumerspace.In September2019,Appleannouncedisnewstreamingservices,AppleTV+.OnthedayoftheApple announcement,Ige resignedfrom Apple’sboardofdirectorsduetoaconflictofinterests.Igeralso announcedthatDisneywilpulmostofitsmoviesfrom Netflixby2020. AnotherchalengeismanagingthegrowingportfolioinDisney’sStudioEntertainmentdivision,asit operatesmorethansevenmoviestudios,includingWaltDisneyPictures,WaltDisneyAnimation,Pixar, Marvel,Lucasfilm,21stCenturyFox,Fox,andBlueSky.Asaresult,Disneyhasoutlinedplansfor roughlyadozenmovieseachyearthrough2022. DuringIger’stenureasCEO,Disneyhasperformedwelintermsofstockpriceappreciationand financials(Exhibit1andExhibit2).Yet,Igerhasdelayedhisretirementfrom Disneyfivetimes.Each timehehasleverageddelayingretirementintohigherpay,whichin2018was$65milion,makingIger oneofthehighestpaidCEOsincorporateAmerica.Whatsurprisedmany,includingDisneyemployees isthatIger’sannouncemen toindeedstepdownasCEOhappenedwithnopriornotice,andwasmade…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-5759","post","type-post","status-publish","format-standard","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/writezilas.com\/essays\/wp-json\/wp\/v2\/posts\/5759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/writezilas.com\/essays\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/writezilas.com\/essays\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/writezilas.com\/essays\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/writezilas.com\/essays\/wp-json\/wp\/v2\/comments?post=5759"}],"version-history":[{"count":0,"href":"https:\/\/writezilas.com\/essays\/wp-json\/wp\/v2\/posts\/5759\/revisions"}],"wp:attachment":[{"href":"https:\/\/writezilas.com\/essays\/wp-json\/wp\/v2\/media?parent=5759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/writezilas.com\/essays\/wp-json\/wp\/v2\/categories?post=5759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/writezilas.com\/essays\/wp-json\/wp\/v2\/tags?post=5759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}