> When Netflix pivoted into content, they needed to get creatives and passionate people in charge rather than the tech-world PMs they ended up putting in charge.

Very, very true. Disney's magic is their strength as a content brand. Not just their core products; with ESPN you know exactly what it's going to be, from live sports to documentaries.

Netflix made an amazing pivot from physical to digital distribution, and that will be studied in business schools forever.

But they failed to pivot from digital distribution to content. They knew they needed to, they spent billions of dollars trying to, but they didn't understand that content has to be the primary brand identity. Distribution is an implementation detail.