Franchise overexploitation risk: sequelitis and streaming volume dilute the 'scarce greatness' brand moat
Disney's competitive advantage is 'scarce content that's always great' — the flywheel requires theatrical events that become cultural moments. Streaming demands constant volume (fire hose), forcing Marvel/Pixar/Lucasfilm to increase output 50%+, resulting in quality dilution (Ant-Man 3, Eternals, Obi-Wan) that damages the brand's compounding value. No new franchise since Frozen (2013) has achieved mega-hit status. The algorithm-driven discovery of Netflix/YouTube further commoditizes IP.