INDUSTRY ANALYSIS

The Man Who Told SXSW ‘Disney Was Always a Tech Company’

Now Leads the $94.4 Billion Empire

Josh D’Amaro’s CEO Appointment and What It Means for the Global EnterTech Landscape — Including K-Content

Josh D’Amaro, incoming Disney CEO  |  Photo: Good Morning America / ABC

1. Iger’s Exit, the Rise of an ‘EnterTech CEO’

On Tuesday, Disney’s board of directors voted unanimously to appoint Josh D’Amaro, chairman of Disney Experiences, as the company’s next CEO. D’Amaro will formally assume the role on March 18 at the annual shareholder meeting, where he will also join the board. Bob Iger (74) will transition to senior adviser and board member on the same date, fully retiring on December 31, 2026. D’Amaro becomes Disney’s eighth CEO — and the second consecutive leader drawn from the theme parks division.

‘테크와 콘텐츠는 만나야 한다’ — 디즈니 엔터테크 CEO 조시 다마로 시대의 개막

“디즈니가 테마파크·경험 부문 총괄 조시 다마로를 차기 CEO로 선임. 다마로 스트리밍 수익화·ESPN D2C·OpenAI와의 AI 파트너십·600억달러 테마파크 확장이라는 핵심 과제를 안긴 ‘경험 경제’ 중심의 새 체제를 열어

K-EnterTech HubJung Han

In a parallel announcement, Dana Walden, co-chairman of Disney Entertainment, was promoted to the newly created position of President & Chief Creative Officer. Disney’s official statement called it “a historic first for the enterprise,” charged with ensuring storytelling and creative expression consistently reflect the brand across all audience touchpoints. Per SEC filings, Walden’s contract runs through March 2030; she reports directly to the CEO and oversees Disney Entertainment, Hulu, Disney+, and TWDC Marketing.

Disney’s new leadership team | L to R: James Gorman (Board Chairman), Josh D’Amaro (incoming CEO), Dana Walden (CCO), Bob Iger (outgoing CEO) | Photo: The Walt Disney Company

Notably, SEC disclosures do not list film and sports under Walden’s direct remit. ESPN chairman Jimmy Pitaro and entertainment co-chairman Alan Bergman retain their existing roles and are expected to report directly to D’Amaro. Disney’s press release confirmed that Bergman and Pitaro will “continue to play vital leadership roles.” This establishes a dual-leadership structure: an operations-and-technology CEO (D’Amaro) paired with a creative CCO (Walden).

Executive Compensation Packages (SEC Filing)

* Bob Iger FY2025 total compensation: $45M | Note Walden’s higher base salary | Disney fiscal year ends September | Source: SEC Filing, Deadline (Feb 3, 2026)

2. Why D’Amaro: The ‘EnterTech CEO’ Philosophy and Track Record

2-1. At SXSW, He Declared: ‘Disney Has Always Been a Tech Company’

Before his CEO appointment, D’Amaro had already articulated his ‘EnterTech’ vision across two landmark sessions at SXSW (South by Southwest) — the festival celebrating the convergence of tech, film, music, and culture. His choice of SXSW as the venue to showcase Disney’s innovation pipeline was itself a statement about how he defines the company.

SXSW 2023 — “Creating Happiness: The Art & Science of Disney Parks Storytelling”

In March 2023, D’Amaro took the stage alongside Disney Imagineers to unveil next-generation experience technologies powered by robotics, sensory tech, and AI. The presentation featured a world-first prototype walking robot capable of dynamic maneuvers (falling down and recovering, somersaults), a functioning real lightsaber, and an AI-powered system enabling real-time conversation with a pixie-sized Tinker Bell. These were the tangible outputs of what D’Amaro calls the ‘intersection of technology and storytelling.’ He told the audience: “The more real that we can make our characters feel to you, the deeper the connections become and the happier you all are.”

SXSW 2025 — “The Future of World-Building at Disney”

In March 2025, D’Amaro co-headlined a featured session with Disney Entertainment co-chairman Alan Bergman. The packed ballroom at Austin Convention Center opened with dozens of droids roaming the stage. Robert Downey Jr. (Iron Man / Doctor Doom) made a surprise appearance alongside Marvel Studios president Kevin Feige and Imagineering CCO Bruce Vaughn to detail new Avengers Campus attractions. Pixar’s Pete Docter and The Mandalorian’s Jon Favreau also joined, demonstrating in real time Disney’s ‘flywheel’ — stories moving from film and TV to theme parks and back again. D’Amaro delivered two key messages:

D’Amaro’s SXSW Presentations Compared

Sources: Walt Disney Company (Mar 7, 2025), Deadline (Mar 8, 2025), Disney Geek Blog (Mar 10, 2023), Blooloop (Mar 13, 2023)

These two SXSW sessions reveal that D’Amaro defines Disney not as a ‘content company’ but as an ‘EnterTech company.’ He repeatedly invoked Walt Disney’s legacy of technological firsts — the first synchronized-sound cartoon (Steamboat Willie), the first feature-length animated film (Snow White), Audio-Animatronics, ILM’s digital VFX — positioning next-generation robotics, AI, and immersive tech as the continuation of that DNA. That the board chose the architect of ‘technology-experience convergence’ over a content-and-streaming specialist reflects a clear strategic bet on where Disney’s future growth lies.

2-2. The Numbers Behind the Selection

D’Amaro joined Disney in 1998 and has spent 28 years rising through finance, marketing, strategy, creative development, and operations. A Georgetown University business administration graduate, he served as CFO of Disney Consumer Products Global Licensing, president of Disneyland Resort, and president of Walt Disney World Resort before becoming chairman of Disney Experiences in May 2020. According to CNBC, division revenue grew approximately 40% under his tenure, from $26.2B in FY2019 to $36.2B in FY2025, while operating income jumped nearly 50%, from $6.8B to $10B.

Key Performance Metrics

In Q4, 72% of Disney’s total profits came from D’Amaro’s Experiences division, while Entertainment saw a 35% year-over-year profit decline. Disney shares dropped 9% the day before the CEO announcement on concerns about Q1 Experiences guidance (declining foreign visitor numbers) — an ironic underscoring of just how central the division has become.

D’Amaro’s portfolio extends well beyond theme parks. He oversees Disney Cruise Line, Disney Vacation Club, Walt Disney Imagineering (R&D), Disney Consumer Products, and the Epic Games partnership building a persistent Disney universe within Fortnite. Upcoming projects include Cars and Disney Villains themed areas (the largest-ever Magic Kingdom expansion), a Monsters Inc. themed land, a new Avatar experience at Disneyland, and a landmark new theme park in Abu Dhabi.

3. Learning from Chapek: The Succession Context

This CEO transition draws outsized scrutiny because of the spectacular failure of the Chapek succession in 2020. Bob Chapek, also a theme parks veteran, was ousted in November 2022 after clashing with creatives, mismanaging political controversies, and losing board confidence — triggering Iger’s unprecedented return. Board chairman James Gorman told CNBC: “We won’t have the same drama we had last time, that I can assure you.”

This time, the process was fundamentally different. A dedicated succession planning committee was formed in January 2023, spending roughly two years evaluating candidates systematically. According to Gorman, over 100 names appeared on the initial list. The committee was led by Gorman (from 2024) and included directors with Fortune 500 CEO succession experience — GM CEO Mary Barra, Jeremy Darroch, and Calvin McDonald among them. Both D’Amaro and Walden received direct mentoring from Iger, external executive coaching, and one-on-one engagements with all 15 board members.

Iger’s return (November 2022) also established four strategic priorities that now serve as D’Amaro’s inherited roadmap: (1) strengthen film studio quality and economics, (2) achieve sustainable streaming profitability, (3) position ESPN as a premium digital sports platform, and (4) accelerate Disney Experiences growth.

4. The D’Amaro To-Do List: Core Challenges

4-1. Sustainable Streaming Profitability

Disney’s streaming business (Disney+, Hulu, ESPN+) turned profitable in the past year, but margins remain thin relative to Netflix. The Hulu-into-Disney+ integration is still underway, and completing that convergence is a shared mandate for D’Amaro and Walden. Iger emphasized in his final earnings call that unifying the technology stack into a single platform remains a top priority.

4-2. ESPN’s D2C Transition and the NFL Equity Deal

The ESPN standalone streaming launch is just the beginning. The real test comes in Q4 2026 when year-one promotional pricing expires and ‘real’ subscription rates take effect. ESPN has been valued at approximately $30 billion, with the NFL acquiring a 10% stake (~$3B). The current ownership structure: Disney 72%, Hearst 18%, NFL 10%. ESPN pays the NFL $2.7B annually — the largest rights fee of any broadcaster. The NFL also holds an option to acquire an additional 4% stake after July 2034; the 2030 contract renewal will be a critical negotiation for D’Amaro.

4-3. AI and Innovation: The $1B OpenAI Partnership

One of Iger’s final moves was the $1 billion partnership with OpenAI, which will fully operationalize under D’Amaro. For the man who declared at SXSW that Disney ‘uses and invents new technology,’ this deal is the centerpiece of his EnterTech vision:

4-4. $60B Theme Park Expansion and Political Headwinds

The projects previewed at SXSW 2025 — Cars attraction, Monsters Inc. land, Avatar experience — are now entering construction phases. A Frozen experience at Disneyland Paris (2026) and new cruise ships (2027) are on the near-term calendar, but Abu Dhabi’s theme park won’t open until the early 2030s and the Avatar experience until the late 2020s. The commercial performance of The Mandalorian & Grogu and Avengers: Doomsday will be D’Amaro’s first box-office tests as CEO, while Trump administration pressure on ABC/Kimmel and potential guild negotiations (large-scale strike risks) add political complexity.

5. Implications for K-Content: How an ‘EnterTech CEO’ Changes the Game

5-0. Why a ‘Theme Park CEO’ Matters for the K-Content Industry

Disney’s CEO appointment is typically consumed as corporate governance news. But this particular selection carries direct strategic implications for the Korean content and EnterTech industry, for three reasons.

First, D’Amaro’s ‘story-to-experience’ philosophy — articulated repeatedly at SXSW — maps the future growth path for K-content. In D’Amaro’s Disney, a story doesn’t end on screen. It extends into theme park attractions, cruise experiences, a Fortnite digital universe, and consumer products. If Korean content IP — particularly webtoon, web novel, and K-drama properties — can enter this ‘experience economy’ pipeline, their value could expand exponentially.

Second, Disney has locked in its largest-ever Korean original slate just as an ‘experience economy’ CEO takes the helm. This means the utilization of K-content may extend beyond streaming. The ‘film → theme park → film’ flywheel that D’Amaro and Bergman demonstrated at SXSW 2025 could, in principle, apply to K-content franchises with sufficient global traction.

Third, D’Amaro’s portfolio — Imagineering, robotics, digital ventures (Epic Games) — opens new B2B partnership opportunities for Korean EnterTech startups. The walking robots and AI character interaction systems unveiled at SXSW are concrete technological touchpoints where Korean Physical AI, XR, and interactive storytelling companies could enter Disney’s supply chain.

5-1. Disney+’s K-Content Strategy: ‘The Most Ambitious Korean Slate Ever’

At the ‘Disney+ Originals Preview 2025’ held at the Hong Kong Disneyland Hotel in November 2025, Luke Kang, President of The Walt Disney Company Asia Pacific, addressed approximately 400 journalists from 14 countries:

Kang described the APAC content approach as “selective and strategic,” with the goal of transforming successful APAC original series into global franchises by leveraging the vast Disney ecosystem. This ‘global franchise transformation’ is precisely where D’Amaro’s EnterTech vision connects: IP that can extend into theme parks, cruises, consumer products, and digital ventures creates value across the entire Disney ecosystem, far beyond streaming viewership metrics.

Key 2026 Korean originals: IU & Byeon Woo-seok in Perfect Crown (April; constitutional monarchy romance); Park Bo-young in Gold Land; Lee Dong-wook & Kim Hye-jun in A Shop for Killers S2 (adding Japanese actors Hyunri & Okada Masaki); Battle of Fates (from the Culinary Class Wars team; 49 fortune tellers survival reality); Namgoong Min in The Husband; Shin Min-ah, Ju Ji-hoon & Lee Jong-suk in The Remarried Empress (webtoon adaptation); Suzy & Kim Seon-ho in Portraits of Delusion (dir. Han Jae-rim; 1935 Gyeongseong); Hyun Bin & Jung Woo-sung in Made in Korea S2; Chae Jong-hyeop & Lee Sung-kyung in In Your Radiant Season; and Sung Dong-il in Bloody Flower.

Notably, Battle of Fates transposes distinctly Korean cultural elements — shamanism, fortune-telling, face reading — into a global reality format, directly challenging Netflix’s dominance in survival entertainment.

5-2. The CJ ENM-TVING Bundle: A Structure Ready for the ‘Experience Economy’

The Disney+–TVING–Wavve bundle partnership, launched November 18, 2025, represents the first-ever tri-platform bundle between a global streamer and local OTT services. Under D’Amaro’s leadership, this partnership’s significance goes well beyond subscriber acquisition.

Kim So-yeon, CEO of Disney Korea, stated that the partnership would be a “game changer for the Korean streaming market,” expanding value for domestic consumers while “strengthening the bridge connecting local content’s creative capabilities with global audiences.” Tony Zameczkowski, SVP of DTC for Walt Disney APAC, said he hoped “this partnership can set new standards for cross-border collaboration within the streaming industry.”

From D’Amaro’s perspective, the strategic value of this partnership extends far beyond the content pipeline. His portfolio includes theme parks, cruises, consumer products, and digital ventures. Should a K-content IP demonstrate global franchise potential, the path to Disney’s experience business — theme park attractions, cruise-themed dining, consumer product licensing, Fortnite digital experiences — becomes a realistic medium-to-long-term scenario. This represents a structural shift in how K-content IP value is captured: from ‘per-episode licensing fees’ to ‘experience ecosystem revenue.’

5-3. AI-EnterTech Convergence: What the Disney-OpenAI Precedent Means for K-EnterTech

The Disney-OpenAI partnership is the first large-scale case of a legacy media company formally integrating with generative AI. The fact that D’Amaro — who declared at SXSW that Disney ‘uses and invents new technology’ — will execute this partnership as CEO carries two implications for the Korean EnterTech industry.

First, AI licensing models for K-content IP could materialize at scale. Disney’s licensing of 200+ characters to OpenAI’s Sora sets a precedent for Korean webtoon, web novel, and drama IP holders to pursue structured licensing agreements with AI platforms. Korean webtoons and web novels, with their rich world-building, are particularly well-suited assets for AI-based interactive content generation.

Second, Imagineering’s robotics, AI, and XR technologies represent concrete B2B partnership opportunities for Korean EnterTech startups. The walking robots and AI character interaction systems showcased at SXSW 2023, and the attraction technologies revealed at SXSW 2025, are specific entry points for Korean Physical AI, XR, and interactive storytelling companies into Disney’s supply chain. D’Amaro said at SXSW that ‘only Disney can bring this caliber of artists together under one roof,’ but technology partners can come from outside.

6. Outlook: The ‘EnterTech CEO’ Era and K-Content’s Strategic Crossroads

Josh D’Amaro’s appointment is not merely a management reshuffle. The man who twice stood on the SXSW stage to declare that ‘Disney has been an EnterTech company for over a century’ will now execute that vision as head of a $94.4 billion enterprise. This marks a definitive inflection point: the global entertainment industry is pivoting from ‘content creation and distribution’ to a ‘content-driven experience economy.’

The $60B theme park expansion, OpenAI partnership, Epic Games/Fortnite universe, global cruise growth, and NFL’s ESPN equity investment all point in the same direction: transforming IP from something you ‘watch’ into something you ‘experience.’

In conclusion, 2026 will be the inaugural year of D’Amaro’s Disney fully activating the convergence of content, experience, and technology. For the Korean EnterTech industry, this raises three strategic questions:

As D’Amaro said at SXSW: “A Disney story doesn’t end when the credits roll.” Likewise, the Hallyu story should not end on a streaming platform. In the era of the EnterTech CEO, whether K-content can become a protagonist in the ‘experience economy’ — that is the question 2026 will begin to answer.

Sources

Official Announcements & Filings

• The Walt Disney Company, “Josh D’Amaro Named Next CEO” press release (Feb 3, 2026)

• SEC Filing — D’Amaro & Walden compensation packages (Feb 3, 2026)

• Disney Investor Relations, FY2025 Q4 Earnings Report

• The Walt Disney Company, “Josh D’Amaro and Alan Bergman Preview Exciting Session at SXSW” (Mar 7, 2025)

International Media Coverage

• Deadline, “Disney’s Alan Bergman, Josh D’Amaro On World Building...Robert Downey Jr. – SXSW” (Mar 8, 2025)

• Deadline, “Disney Sets Pay For New CEO Josh D’Amaro” (Feb 3, 2026)

• The Ankler, “Disney CEO Josh D’Amaro’s To-Do List, Mandates & Messes” (Feb 3, 2026)

• CNBC, “Who is Josh D’Amaro, Disney’s next CEO?” (Feb 3, 2026)

• Variety, The Hollywood Reporter, The Wrap — CEO succession coverage (Feb 3, 2026)

• Disney Geek Blog, “Josh D’Amaro Presentation @ SXSW 2023” (Mar 10, 2023)

• Blooloop, “Disney showcases Star Wars Lightsaber and new robot at SXSW” (Mar 13, 2023)

K-Content Strategy

• Korea Herald, “Korean dramas get spotlight as Disney+ unveils 2026 APAC power slate” (Nov 13, 2025)

• Kpopmap, “Disney Plus Unveils 2026 Korean Drama Slate & APAC Strategy” (Nov 13, 2025)

• K-POP NEWSWIRE, “Disney+ Unveils Blockbuster Korean Lineup for 2026” (Nov 2025)

• SBS News, “Disney+ joins hands with TVING & Wavve” (Nov 18, 2025)

• Digital Daily, “Disney+–TVING bundle pricing launched” (Nov 18, 2025)

• Money Today, “TVING partners with Disney+ Japan” (Nov 4, 2025)

• Bloter, “Why Disney+ partnered with TVING” (Nov 9, 2025)

• TechM, “TVING chasing Netflix: MAU 14.5M united front with Wavve & Disney+” (Nov 18, 2025)

• Mobile Index — Korean OTT platform MAU data (Dec 2025)