Big tech companies have gone crazy recently, but not all other industries can keep up with the market, even the industry leaders.

Although $NFLX The stock price hit a new high in the year, but its peers $DIS But there is no similar performance. After Q1 financial report, the trend of the two companies obviously showed great differences.

If Netflix can hit the hot spot of "AIGC", so can Disney in theory. If Netflix's advertising business exceeds expectations and the impact of shared accounts is obvious, Disney can do the same thing. More importantly, Disneyland has remained strong since the price increase last year, and the two parks in China are expected to perform well this year, so why are investors still not interested in Disney?

From the company level, the profit rate of the company has not recovered to the level before the epidemic, which is mainly due to the loss of streaming media business. After Bob Iger came back to power, the main goal of streaming media business became "self-reliance", at the cost of declining growth rate and freezing (or declining) market share.

Disney's streaming services, including Disney +, Hulu and ESPN +, have been unable to generate positive cash flow despite the increase in subscriptions. Disney's shareholder structure is not like Netflix, so executives tend to be conservative in the choice of "development or survival".

Disney itself attaches importance to the cost structure and reduces the content cost, and the postponement of some projects may also have a certain impact on future revenue. For example, according to several media reports, the third work of Avatar series was originally scheduled to be released in December 2024, but it has been postponed until December 2025. In addition, the other two sequels of Avatar series have been postponed for three years, and will be released in 2029 and 2031.

Marvel's two upcoming "Avengers" franchises have also been delayed by a year to release in May 2026 and May 2027, according to reports. The release of the next Star Wars movie has also been postponed by one year, and will be in May 2026.

From the market sentiment, they are all entertainment and content service providers, but Disney lacks the attribute of "technology", so it is difficult to win the favor of investors in the technology industry. Because the market's attitude towards optional consumer industries is full of differences, different companies have different business pressures under the environment of high inflation and high interest rates, so it is often difficult for industries to reach a consensus. Investors can only "choose the best".