????雖然迪士尼的持續(xù)增長前景顯而易見，但其弱點同樣明顯。進入按需點播的互聯(lián)網(wǎng)電視時代后，無線和有線電視觀眾都在流失，迪士尼的媒體網(wǎng)絡(luò)業(yè)務(wù)可能繼續(xù)“慢性失血”。迪士尼已經(jīng)在努力適應(yīng)互聯(lián)網(wǎng)電視的世界，但轉(zhuǎn)型的步伐今年愈發(fā)加快。

????大片策略也可能成為迪士尼的軟肋。評論人士經(jīng)常指責好萊塢大制作缺乏原創(chuàng)性，面對接二連三的大片，也許終有一天觀眾會徹底失去胃口。舉例來說，《明日世界》上周末票房僅有4000萬美元，相比1.90億美元的預(yù)算，這樣的表現(xiàn)令人失望。在美國陣亡將士紀念日首映的所有影片中，其票房成績甚至排在20名開外。

????眼下，只要艾格繼續(xù)執(zhí)掌迪士尼，投資者似乎就信心滿滿。去年秋天，迪士尼第二次和艾格續(xù)約，將其退休時間推后到2018年。對新買入這只股票的投資者來說，迪士尼片場里加緊拍攝的一部部大片固然讓人期待，但他們最想先睹為快的是：艾格帶領(lǐng)迪士尼股票譜寫的成功故事續(xù)集。（財富中文網(wǎng)）

????譯者：Charlie

????審校：夏林

????While it’s easy to imagine Disney’s growth continuing, it’s also easy to see areas of vulnerability. Audiences moving from broadcast TV and cable subscriptions in an era of on-demand Internet TV could slowly bleed Disney’s media-networks business. Disney has made moves to adapt to a world of over-the-top television, but the transition hasstarted to accelerate this year.

????The blockbusters could also become a vulnerability. Critics often chide the lack of originality in Hollywood’s blockbuster machine, and at some point audiences might lose their appetite for a glut of blockbusters.Tomorrowland, for example, drew only $40 million over the weekend, a disappointing take for a film with a $190-million budget. It doesn’t even rank in the top 20 grosses for Memorial Day openers.

????For now, investors seem confident in Disney as long as Iger remains at the helm. Last fall, Disney extended Iger’s contract for the second time, pushing his retirement date back until 2018. More than any movie Disney’s studios may have in the works, the sequel investors are most interested in seeing is the success story Iger has brought to Disney shares.