The news: Despite a surge in sports advertising and streaming, Walt Disney Co. failed to surpass last year’s upfront volume, citing a result that was “consistent with last year,” per a press release.

Streaming accounted for over 40% of the company’s total upfront volume, on par with 2024, while sports advertising commitments across digital and linear were worth around $4 billion.

Zooming out: Disney’s upfront result comes after Fox and NBCUniversal increased upfront volume from advertisers, with Fox seeing double-digit growth YoY across its sports properties and NBCU breaking records with sports volume rising 45% YoY.

So why was growth flat for Disney?

• While the company maintains majority ownership of ESPN, its sports inventory is largely siloed in the network—giving fewer opportunities to bundle premium sports offerings with general entertainment. Companies like NBCU, in contrast, can use offerings like NBC + Peacock to pair sports with broader content categories.
• Disney’s connected TV (CTV) strategy with Disney+ and Hulu hasn’t effectively scaled sports streaming as aggressively as Peacock or Fox via Tubi, both of which have leaned into sports to drive digital growth.
• A lack of tentpole events is stalling notable growth. NBCU maintains strength with offerings like the Olympics, Super Bowl LX, the FIFA World Cup, and the addition of the NBA, while Fox is strengthening its sports portfolio through partnerships like NFL and MLB on Fox.

Yes, but: It’s also possible that Disney isn’t necessarily failing with its sports offerings, but that it’s simply hit a ceiling. With stable demand for properties like ESPN and ABC, Disney may have maximized the value of its linear and digital ad inventory, leaving less room for incremental revenues without significant innovation—especially as, Variety notes, TV companies continue struggling to win greater advertising support without more premium content offerings.