It hasn't been a fun ride for shareholders of Walt Disney (NYSE: DIS). As of this writing, the stock is down 59% from its peak price, and it's down 6% in 2023. That's a disappointing performance compared to the 13% gain of the S 500 this year.

At a forward price-to-earnings ratio of 22, investors might be eyeing the House of Mouse as a potential buying opportunity. But I think it's important to understand a key development before making that decision. In fact, it might just lead you to completely avoid this top media stock. 

In November 2019, the business launched Disney+, its flagship streaming service that houses content that competes with the likes of Netflix, Warner Bros Discovery, Amazon Prime Video, and others. Many had wondered why it took the company so long to release this offering. It's easy to see that it's been a success, now with 105.7 million subscribers (excluding Hotstar). If we count all of the members in Disney's direct-to-consumer (DTC) segment, which includes Disney+ Core, Hotstar, ESPN+, and Hulu, there are 219.6 million customers. 

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Source Fool.com