Huatai Securities Research Report said that on December 11, Walt Disney and OpenAI announced a three-year strategic licensing agreement to systematically introduce Disney's cross-brand IP into the generative AI video platform Sora for the first time. We believe this move is expected to establish an AI copyright cooperation paradigm: 1) For Disney: Relying on Sora's new social+AI innovation to expand IP value and extend its life cycle, and fans UGC Ni Chuang are also expected to feed back Disney+'s ecosystem to boost platform activity and subscription conversion; in addition, IP licensing will reverse the status quo of passive rights protection in the context of AI content generation and incorporate active revenue sharing into the commercial system. Disney will also use AI to revolutionize its own content production process. 2) With the support of Open AI: Disney's top IP resources, the product competitiveness of Sora and ChatGPT Images is expected to increase, and user stickiness is expected to increase; it has also established an industry-leading AI+IP compliance application paradigm to attract cooperation from other IP resource companies.

Huatai Securities Research Report said that on December 11, Walt Disney and OpenAI announced a three-year strategic licensing agreement to systematically introduce Disney's cross-brand IP into the generative AI video platform Sora for the first time. We believe this move is expected to establish an AI copyright cooperation paradigm: 1) For Disney: Relying on Sora's new social+AI innovation to expand IP value and extend its life cycle, and fans UGC Ni Chuang are also expected to feed back Disney+'s ecosystem to boost platform activity and subscription conversion; in addition, IP licensing will reverse the status quo of passive rights protection in the context of AI content generation and incorporate active revenue sharing into the commercial system. Disney will also use AI to revolutionize its own content production process. 2) With the support of Open AI: Disney's top IP resources, the product competitiveness of Sora and ChatGPT Images is expected to increase, and user stickiness is expected to increase; it has also established an industry-leading AI+IP compliance application paradigm to attract cooperation from other IP resource companies.