Last year, streaming and entertainment companies were brought under the spotlight as economic headwinds dragged down shares of the industry's leaders. Companies such as Walt Disney (NYSE: DIS) and Warner Bros. Discovery (NASDAQ: WBD) experienced stock declines of 44% and 63%, respectively, in 2022.

However, these entertainment giants remain the home of hard-hitting franchises with solid positions in theme parks, streaming, and at the box office. Disney and Warner Bros. Discovery may have stumbled last year, but they have positive long-term outlooks thanks to never-ending, perpetual demand for the entertainment industry. 

A diversified portfolio can be the key to consistent gains, with the inclusion of an entertainment stock a step in the right direction. So let's consider whether Disney or Warner Bros. Discovery's stock is the better buy. 

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Source Fool.com