On the surface, there doesn’t appear to be much profit for Disney in a new bundle with Max and Hulu.

As anyone who has been following the streaming world in 2024 knows, bundling is the wave of the present, and likely the future. Providers are searching for ways to keep customers engaged with their platforms as prices rise, and bundles can offer meaningful discounts on services that viewers were likely to stack anyway. Disney+ and Hulu are already available together for $9.99 in the Disney Duo Basic bundle, but the two services will join a new streaming product this summer when they combine with Max in a new offering. But is that a wise move on Disney’s part? New data from Ampere Analysis suggests perhaps not, as Warner Bros. Discovery seemingly has a lot more to gain from the arrangement than Disney does.

Key Details: Upsell opportunities for the new bundle will greatly favor Wbd,...