The Walt Disney Company’s theme parks reported another solid quarter fueled by a surge in revenue and increased attendance.
What You Need To Know
- Disney's parks division reported $6.7 billion in revenue in second quarter of 2022
- The domestic parks saw strong demand and attendance
- Disney also said demand at the parks exceeding 2019 levels on some days
Disney’s Parks, Experience and Products division generated a total revenue of $6.7 billion, more than double compared to the same period last year.
The division also reported profits of $1.8 billion, a reversal of the $406 million loss in the same period last year when Disneyland Resort’s parks were still closed and the company’s cruise ships were suspended because of the COVID-19 pandemic.
Disney attributed the growth to increased attendance, hotel bookings and higher guest spending.
During an earning call after results were released, Disney CEO Bob Chapek praised the domestic parks — Disney World and Disneyland — calling them “standouts” in the quarter.
“They continue to fire on all cylinders, powered by strong demand coupled with customized and personalized guest experience enhancements that grew per capita spending by more than 40% versus 2019,” Chapek said.
The enhancements Chapek was referring to include Disney’s Genie+ service, which launched at the domestic parks last year. The service is a paid option to skip the standby lines at certain attractions through Lightning Lanes.
As for demand, Disney said it's pleased with attendance trends at the parks.
“There were many days in the quarter, where we saw demand exceed 2019 levels,” Disney CFO Christine McCarthy said in the earnings call. “However, we are continuing to control attendance through our reservation system.”
Although the parks had strong attendance, the number of international visitors hasn't fully returned to pre-pandemic levels. However, Disney officials said they are starting to see the return of those visitors.
The latest financial results show that Disney’s parks continue to recover from the pandemic.
Overall, Disney reported a companywide total revenue of $19.25 billion, up 23% from the previous quarter in 2021.
“As we look ahead to Disney’s second century, I am confident we will continue to transform entertainment by combining extraordinary storytelling with innovative technology to create an even larger, more connected, and magical Disney universe for families and fans around the world,” Chapek said in a statement.