According to the Wall Street Journal reported on October 11 local time, the one-day ticket price of Disneyland in California increased by 8% to $194 (about 1,416 yuan), and the ticket price rose by nearly 16% to $480 (about 3504 yuan) on the 5th.
In addition to raising ticket prices, Disney has also raised the prices of other add-ons. For example, Disney Genie+ is going up $5 at Disneyland in California, and Disneyland in Florida is raising parking fees and annual passes.
In fact, Disney's price hike is nothing new. According to incomplete statistics, Shanghai Disney has raised prices at least four times in the past seven years, and the ticket price on special peak days once rose to 799 yuan.
In addition, on September 19 this year, Hong Kong Disney released the announcement of the ticket classification system and price adjustment, announcing that the adult ticket price for "peak days" and "specific peak days" was increased to HK $719 and HK $799 respectively. At the same time, Hong Kong Disneyland added a new level 4, "the busiest specific day or season of the year", with a ticket price of HK $879.
Where does Disney come from with frequent price increases? Why the repeated price increases?
Rising prices while losing money
The Wall Street Journal analysis pointed out that Disney is trying to adjust the price to maximize profits without alienating fans. As Disney faces an accelerating cutback in its cable business and a costly transition to streaming, its theme parks have become a key financial engine.
Disney's third fiscal quarter 2023 report shows that the company achieved operating income of about 22.33 billion US dollars during the reporting period, an increase of 3.84%; The net loss attributable to the parent was about $460 million.
Disney third quarter report map Source: Disney official website
Among them, Disney's traditional cable TV business revenue of $6.6 billion, down 7%; The streaming unit lost $512 million, narrowing its loss from a year earlier.
In addition, revenue from operating parks in the United States also declined. Some American families say the cost of going to Disneyland has become ridiculously expensive, and fewer people are going to the park this summer.
Crazy money
Disney continues to expand park business
Although the price increase has made some consumers "prohibitive", the demand for annual passes at Disney theme parks remains strong. Disney has also announced plans to continue expanding its park business.
In September, Disney announced it would invest about $60 billion in its theme parks over the next 10 years, nearly double the amount it spent in the previous decade.
According to the report, Disney's business revenue in theme parks performed well, helping to offset losses in its traditional media and streaming divisions.
Disney says there is plenty of room to further expand its theme parks in the future, with more than 1,000 acres of land available for development. Disney also opened new "Frozen" parks in Hong Kong, Paris and Tokyo, and a "Zootopia" theme park in Shanghai.
So can the "crazy money" Disney attract consumers to pay?
According to Thrill Data, a website that tracks theme park waits, the average wait time for rides and attractions at Disney's Florida park in the US has fallen every month since March, pointing to a decline in its visitor numbers. During the Fourth of July "Independence Day" holiday in the United States, the lines at Disneyland were thinner than in previous years.
Analysts point out that it is too early to say that Disney is "no one", but its high price has become an important factor in deterring consumers from visiting.
On the secondary market, as of the close of the United States Eastern time on October 11, Disney (DIS) fell 0.16% to $84.85 / share.
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