In an announcement today, Disney has promised to nearly double its spending on parks to $60 billion over the next 10 years.
Disney CEO Bob Iger and Disney Parks, Experiences and Products Chairman Josh D’Amaro revealed their plans to analysts and investors today, highlighting the parks section of the company as a major area of growth.
The announcement notes that Disney has over 1,000 acres of land that it could use for possible theme park expansion and development – or, as it puts it, “the equivalent of about seven new Disneyland Parks.” Disney has already announced ambitious growth plans for parks around the world, including Frozen-themed lands in Hong Kong Disneyland, Walt Disney Studios Park in Paris, and Tokyo Disney Resort, and a Zootopia-themed land at Shanghai Disney Resort.
In today’s announcement, D’Amaro teased additional property the parks could explore elsewhere, noting that “Wakanda has yet to be brought to life. The world of Coco is just waiting to be explored.” Disney unveiled a number of new park experiences at Destination D23 earlier this month.
The investment comes as Disney faces uncertainty elsewhere, suffering losses in their film and TV divisions, especially within streaming platform Disney+. Iger announced a plan this past February to cut 7,000 jobs in an effort to save $5.5 billion in costs, and Disney+ and Hulu are both raising in price next month, with Disney+ planning to crack down on password-sharing next year. Iger has said that he expects Disney+ to become profitable by the end of 2024.
Iger also admitted at last month’s earnings call that the performances of recent theatrical releases, like Indiana Jones and the Dial of Destiny and Haunted Mansion, have been “disappointing,” saying he’s “personally committed” to turning that around.
Parks, meanwhile, have remained a reliable business for Disney, and in today’s announcement, Iger said the company’s “created enormous growth by investing the right amount of capital into the right projects at the right moment.”
“We are planning to turbocharge our growth yet again with a robust amount of strategic investment in this business,” he promised.
Thumbnail credit: Joe Burbank/Orlando Sentinel/Tribune News Service via Getty Images
Alex Stedman is a Senior News Editor with IGN, overseeing entertainment reporting. When she’s not writing or editing, you can find her reading fantasy novels or playing Dungeons & Dragons.
Author: Alex Stedman. [Source Link (*), IGN All]