Core Viewpoint - Disney has established itself as a leader in the global licensing business, achieving an annual retail revenue of $62 billion, significantly surpassing its competitors [3][4]. Group 1: Licensing Business Performance - Disney's licensing revenue of $62 billion is the highest globally, compared to Authentic Brands Group at $32 billion, Hasbro at $16.1 billion, Warner Bros at $15 billion, and Pokémon at $12 billion [3]. - The company continues to benefit from its strong movie IP licensing, despite discussions in the toy industry about the potential for original IPs to thrive independently of content licensing [4]. Group 2: Business Model and Strategy - Disney's business model, established by Walt Disney in 1957, centers around leveraging successful movie IPs to generate a wide range of related products and services [5]. - The company maintains a consistent approach by showcasing new movie trailers followed by related consumer products at events, emphasizing the continuous flow of new films to drive consumer interest [6][7]. Group 3: Consulting Services - Disney positions itself not just as an IP company but as a consulting firm, providing comprehensive support to partners, including product development, marketing, and retail channel strategies [7][9]. - The company offers insights and forecasts to partners, sharing market trends and consumer preferences up to 18 months in advance, which enhances its collaborative efforts [9][11]. Group 4: Market Expansion and Cross-Border Business - Disney's cross-border business in the Asia-Pacific region has seen a year-on-year growth of approximately 45%, with a focus on leveraging local market knowledge for expansion [11][12]. - The company aims to capitalize on the large population base in the Asia-Pacific region, which is crucial for its growth strategy [11]. Group 5: Focus on Emerging Trends - Disney is actively monitoring and investing in popular toy categories in China, such as trading cards, blind boxes, and plush toys, which have seen significant growth [17]. - The trading card market in China has grown from 2.8 billion yuan in 2019 to an estimated 26.3 billion yuan by 2024, with a compound annual growth rate of 56.5% [17]. Group 6: Collaborations and Innovations - Disney has collaborated with various brands, including F1, to create exclusive products, tapping into the growing market of high-net-worth consumers [19]. - The company is committed to innovation in product design, as seen in the development of toys that blend traditional concepts with modern consumer interests [19][21].