Last year was challenging for entertainment and streaming companies as some of the industry's most prominent players watched their stocks plunge. Macroeconomic headwinds and increased competition led multiple companies to report disappointing quarterly earnings as they went to war over streaming subscribers.

However, 2023 has been a different story. Walt Disney (NYSE: DIS) and Warner Bros. Discovery (NASDAQ: WBD) shares have risen 23% and 57%, respectively, since the start of the year as investors grow bullish over the companies' 2023 outlooks. Yet, despite the swift rise, these companies' stocks remain down considerably year over year, illustrating just how far they fell over the last year. 

If the market is beginning to recover, now might be an investing opportunity. So is Disney or Warner Bros. Discovery stock the better buy? Let's assess. 

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Source Fool.com