The Walt Disney Company 2007 Annual Report
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LETTER TO SHAREHOLDERS

The strengthening of our creative engines remains a priority. They give Disney its competitive advantage and build brand and shareholder value. I'm proud to say that no entertainment company has as many vibrant creative engines as Disney, or the ability to leverage success across so many businesses and in so many places.

We call this value creation dynamic the Disney Difference. To make the most of our creative content, our portfolio of Disney businesses combine to create a highly effective marketing engine that helps increase revenue while affording numerous efficiencies.

When the Disney name is on a product, it enhances our ability to enter new markets, whether they are technology platforms or geographic territories, while increasing the value-generating lifespan of that product.

The Disney Difference drove our decision to focus more on making Disney-branded movies at our Studios and on developing Disney-branded video games at Consumer Products, and it will continue to drive our creative and strategic focus across numerous other businesses.


Pirates of the Caribbean: At World's End was the year's top-grossing film worldwide.