Good morning. Who’s the biggest media company of them all? Disney’s incoming CEO Josh D’Amaro may not like the answer his magic mirror provides when he takes the reins from Bob Iger next week. According to a new report by MoffettNathanson, YouTube has dethroned Disney as the world’s top media company by revenue.
It’s a big achievement for YouTube, the Google-owned video streaming site, and for its CEO Neal Mohan. It’s also interesting when you consider that Disney built its empire through the power of sterling intellectual property like Mickey Mouse, Ariel, and Dumbo, whereas the stars of YouTube—MrBeast, PewdiePie, and the Brothers Paul (Jake and Logan)—are all free agents made of flesh and blood.
It’s tempting to conclude that eyeballs are more valuable than owned-and-operated hit franchises in the modern media landscape. YouTube doesn’t need its own cast of homegrown characters—so long it has the biggest audience, the stars will continue to flock to its platform. Can that ever create a media company with real staying power and a Disney-like legacy though? Just two years from now, in 2028, Mickey Mouse will turn 100. Will anyone be wearing a MrBeast T-shirt in 100 years? (I probably won’t be around to tell you…)
