Core Insights - Disney's streaming business has seen significant growth in subscriber numbers, nearly doubling in the last five years, but its US viewership share remains stagnant at 4.7% [1][2] - Disney+ and Hulu are trailing behind Netflix, which holds an 8.3% share of total US TV viewing, and their watch time has only slightly increased from 4.4% in May 2021, peaking at 5.6% in summer 2023 [2] - The growth in engagement is crucial for reducing subscriber cancellations and increasing ad revenue, especially in light of price hikes [3] Subscriber Growth and Financial Performance - Despite raising the price of Disney+ for five consecutive years, the company has managed to attract subscribers, indicating that Disney remains a desirable service for many [4] - Disney's direct-to-consumer segment generated $1.3 billion in operating income for the 2025 fiscal year, a significant increase from $143 million the previous year [5] - The stagnant viewership share may explain the modest 3% rise in Disney's stock over the past year, compared to a nearly 17% gain for the S&P 500 [5] Strategies for Engagement - Disney plans to fully integrate Hulu into Disney+ by 2026, aiming to create a super app that enhances user engagement across its franchises [6] - The company is adding ESPN content to Disney+ to attract sports fans and encourage subscription bundles [6] - CEO Bob Iger emphasized the goal of making Disney+ a comprehensive portal for all Disney-related content, incorporating AI and commerce features to drive engagement and in-person visits to theme parks [7] Innovation and Future Plans - Disney is exploring AI-generated videos through a partnership with OpenAI, allowing fans to create short clips featuring iconic characters within the Disney+ app [8] - Engaging younger audiences is a key focus of Disney's strategy, leveraging AI to tap into new growth opportunities [8]

AI & Robotics Industry Trends - Physical AI is expected to transact as they carry out real-world errands [1] - The next decade is the timeframe for physical AI transactions, possibly sooner depending on the region [1] - Roba Labs is enabling the use of the x402 protocol for robots [1] Technology & Infrastructure - Traditional infrastructure needs to be feasible to enable robots to cohabit and carry out commerce [1] - x402 allows robots to transact [2] - x402 enables the transfer of real-world skills learned by robots [2]

Industry Outlook - A new era of commerce may arrive if regulators get their rules right [1] Drone Technology - Many Americans may perceive this as drone hype [1]

Core Argument - Commerce is not a backup plan but a vital engine driving the economy and every business transaction [2][3] - Commerce connects various sectors, enabling creativity, innovation, and societal structure [4] - Commerce education is essential for financial literacy and self-protection in the digital age [13][14] Economic Impact - Global e-commerce sales reached $63 trillion, indicating commerce's significant role [8] - The service and commerce sector employs 50% of the global workforce [9] - Digital commerce demonstrated resilience during the COVID-19 pandemic, with companies like Amazon hiring 175 thousand employees in 3 months [9] Skills and Employment - Commerce jobs require human skills like empathy, creativity, and trust, making them resilient to automation [11] - Financial literacy is a growing need, addressed by commerce professionals [7] Societal Perspective - Intelligence should not be solely measured by science-related knowledge; commerce also requires intelligence [5][6] - Society should equally respect science and commerce, as both are crucial for progress [20][25] - Commerce ensures affordability and sustainability, complementing scientific advancements [19] Real-World Examples - Entrepreneurs like Jack Ma and Ratan Tata demonstrate that commerce drives innovation and economic contribution [14][15] - Even startups, non-profits, artists, and doctors rely on commerce skills [16][17] Financial Risks - Americans lost $125 billion to scams due to lack of financial literacy [12] - Investment scams accounted for $6 billion of the total losses [12]

International Relations & Trade - UK Prime Minister Keir Starmer to lead a delegation of over 100 British leaders to India [1] - The delegation aims to deepen commerce between the UK and India [1]

Tariffs & Trade - The Commerce Department aims to shift tariff burden from metal-using manufacturers to smaller businesses like gym clubs and pest-control firms [1] - Ultimately, consumers will bear the tariff pain [1]

Crypto Adoption - Global crypto owners surpassed 700 million [1] - Crypto.com Visa Card saw significant growth in spending [1] Report Focus - The report explores crypto's influence on commerce [1]

Industry Transformation - The internet is transforming various sectors, including commerce, media, and capital markets [1] - Commerce's internet transformation has led to the emergence of companies like Amazon and Shopify [1] - Media's internet transformation has resulted in platforms such as Netflix, X, TikTok/Insta [1] - Capital markets' internet transformation has given rise to platforms like Solana [1]

Overview - Stargate 已处理超过 70 亿美元的交易额 [1] - 主要网络将加密货币转变为实际的商业轨道 [1] Technology & Features - 200 毫秒的闪电区块和可逆的 USDC 支付 [1] - 6 步托管系统已上线 [1] Partnerships & Integrations - Erewhon 和 Shopify 整合正在进行中 [1] Incentives - 在美国支付中提供 1% 的现金返还 [1]