Over the past six weeks, Disney stock has dropped more than 30% to trade at just 20-times forward earnings, its lowest multiple during the Disney+ era (which has caused some natural value inflation, thanks to potential streaming upside). Much like a cable box did in the linear TV world, Roku organizes all that supply and demand, and seamlessly connects consumers to streaming services through a centralized access point. Spotify has leveraged a broader content library, a better app experience, and consistent product innovations like song recommendations to thwart competitive risks, and sustain huge growth and industry leadership.