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This is the first of a two-case series (308-056-1 and 308-057-1). With little opportunities left in its domestic media and entertainment market, Walt Disney began looking outside for new growth avenues. After Robert Iger became CEO in 2005, Disney''s global focus increased. The plan is now to derive half of its profits from overseas markets. For this, Iger has been emphasising mostly on emerging markets particularly China and India. There are equal opportunities and challenges in emerging markets for the global players. Understanding and overcoming the challenges would help players to extract most from the opportunities. Even Disney, which initially stumbled, is now making the most of the opportunities that exist in the emerging markets like China, Russia and India by adopting various strategies. The case study helps to analyse and understand: (1) the importance of emerging markets; (2) opportunities and challenges for the players in emerging markets; (3) Disney''s market entry strategies; and (4) lessons from Disney''s success and failures.