https://www.cnbc.com/2018/05/04/disney-as-a-service-commentary.html

Disney's stock has treaded water for three years now at $100 a share or a $150 billion market capitalization. That's mainly because Wall Street views it as a media stock in secular decline with its highly profitable cable networks disappearing without a clear path to an equally profitable over-the-top (OTT) future.

Disney — like all traditional media companies — is viewed by Wall Street as being worth nine to 14 times its enterprise value (EV) to EBITDA. But that's the wrong way to view it. Disney should correctly position itself as a "Disney as a Service" company. If it did, it would get valued — like other services companies — on a price-to-sales (P/S) basis.