waltz disney (SAY) – Get The Walt Disney Company Report steadily increases prices as higher prices never seem to dampen demand for tickets to its theme parks.
At Walt Disney World, the Burbank, Calif. company has found ways to raise ticket prices while cutting services like its Magical Express, which once offered free transportation from the airport to company hotels.
The theme park company has also reduced live entertainment at Disney World during the pandemic (reportedly for social distancing reasons) and some live shows have been slow to return. Plus, nighttime fireworks only recently returned — a move that both kept people from gathering and saved Disney money.
None of these reductions have stopped Disney from raising prices at its Florida parks. The company revised its annual rates, which made most of them more expensive. Disney also replaced its FastPass+ system with the paid Genie program and raised prices for its separate after-hours events. More.
Disney used a combination of smaller portions and higher prices to make its food more expensive.
He does it largely because he can. Visitors seem to ignore price increases and see once-free perks become additional expenses.
But while the Mouse House has raised its prices, it has also invested heavily in its parks, and a number of new attractions and restaurants are on the way.
Disney World continues to add rides and attractions
Everything changed for Walt Disney when Comcast (CMCSA) – Get the Class A report from Comcast Corporation Universal Studios opened “The Wizarding World of Harry Potter” in 2010 at its Florida theme park. This new theme land raised the standard for theme parks, and it was a wake-up call for Disney.
The launch of Harry Potter sparked an arms race between the two companies that continues to this day. Universal added a second Harry Potter land, opened about one major new ride each year, and opened the Volcano Bay water park.
The Disney rival has also started work on a fourth gate, “Epic Universe”, which will likely contain an area themed around popular Nintendo NTDOY characters and, possibly, a third Harry Potter land.
To counter, Disney built land based on the “Avatar” movies at its Animal Kingdom park while raising the standards for theme parks around the world with “Star Wars: Galaxy’s Edge” at Disney Studios Hollywood.
The company also continued its mission to give guests an entire day at Hollywood Studios Park by adding a “Toy Story” movie-themed lot.
This move happened before “Star Wars: Galaxy’s Edge” opened, and Toy Story Land never felt quite complete. Now, as part of its next phase of expansion, Disney plans to add a new restaurant and store to the theme park grounds.
What’s New at Walt Disney World
Disney has been adding attractions at a breakneck pace to keep up with what Universal Studios has been doing. The company opened a new “Ratatouille”-based attraction in Epcot’s France pavilion, which also added a casual crepe restaurant. Epcot has also added a new restaurant in Japan and a Space:220 themed restaurant.
In addition to these additions, Epcot plans to overhaul Spaceship: Earth (the park’s signature giant golf ball) and features a massive new roller coaster themed around Marvel’s “Guardian’s of the Galaxy,” Cosmic Rewind, whose opening is scheduled for 2022.
Epcot is also planning an interactive play pavilion and a water-themed attraction, Moana: Journey of Water.
While Epcot is undergoing the biggest overhaul, Magic Kingdom will not be left behind. Florida’s iconic Florida theme park has a new roller coaster, Tron Lightcycle Run, which is due sometime in 2022. Magic Kingdom also has a castle revamp as well as Jungle Cruise and Splash Mountain rides.
Animal Kingdom doesn’t have anything major on the immediate horizon, but Disney hasn’t stopped its efforts to grow Hollywood Studios’ audience. With “Star Wars: Galaxy’s Edge” sparking interest in this park, the company chose to finally round out Toy Story Land’s offerings by adding a new store as well as a restaurant, Roundup Rodeo BBQ.
“In this unique, fun, family-friendly dining experience, guests will enjoy a delicious barbecue while surrounded by a kaleidoscope of toys, games and playsets that Andy put together to create his unique rodeo in his genre.” the company wrote on its theme park blog.
“Entering the lobby and waiting room, guests experience what it’s like to be one of Andy’s honorary playthings, before progressing through two larger dining rooms where the rodeo takes place dandy.”
Basically, Disney decided that its theme park patrons would essentially pay any price as long as the company gave them new reasons to visit. This has been true in the past, but the pandemic has muddied the waters a bit as would-be visitors have delayed or canceled Disney World trips because of the pandemic.
Walt Disney is aimed at an audience in search of family experiences and memories. This allowed him to regularly raise prices and add fees.
Over the next year, as the impact of the pandemic on travel fades, the company will put this strategy to the test. But history suggests that consumers will continue to ignore any price increases as long as Disney delivers the expected experiences.