Walt Disney's plan to livestream Super Bowl LXI on its Disney+ platform might seem like a minor footnote given that it also has the broadcast rights to the big game, but it's more than that.

The move is "an important step" toward integrating Disney's various streaming content -- including ESPN and Hulu -- under one platform, while driving incremental subscriber and advertising growth, MoffettNathanson analyst Robert Fishman said.

It will also help Disney learn more about who's watching their content. "They want to be able to leverage their multiplatform capabilities, and generate user data and insights from that," Seaport Research Partners' analyst David Joyce told Barron's.

"They will also be able to target advertising, which brings them higher pricing," Joyce added. That's important since streaming has lower profit margins than traditional broadcast and cable TV. (Disney secured streaming rights to the game back in 2021 as part of a $27 billion deal with the National Football League back in 2021.)

The streaming platform is looking to continue growing in a competitive landscape that includes market leader Netflix, along with HBO Max, Paramount+, and others. Beefing up its sports offerings, which also include ESPN as part of a bundle, can only help.

The NFL will also be interested in the data on "who watches what and where," Joyce said, as it looks to start renegotiating media rights. While the 10-year media contracts it signed in 2021 run though the 2033 season, the league included an early termination clause it can trigger in 2029.

The Disney+ announcement comes days after The Wall Street Journal reported that parent-company Disney is restructuring its television business with an eye toward reorganizing it around streaming customers instead of TV brands.

Disney stock has underperformed the market over the past decade and it is currently down nearly 8% for the year. The stock was up 0.4% on Wednesday.