Theme Parks Give Walt Disney Co a Financial Lift in Q4 Earnings Report
If you’ve been following along with MickeyBlog you’ll know that today was the Walt Disney Company’s Q4 earnings report for 2022. Though the Disney+ streaming network continues to show subscriber gains, they segment isn’t expected to be profitable until 2024. Thankfully the streaming costs are offset by an increase in profits for Disney Parks, Experiences and Products.
A major talking point of the Q4 Call was that Disney Parks, Experience and Products saw a revenue increase to $7.4 million. Q4 of 2021 was only at $5.5 billion. Operating income in the segment increased from $0.9 billion to $1.5 billion. Q4 of 2021 was only $0.6 billion by comparison.
Some of the factors that contributed to an increase in revenue are increased attendance as well as an increase in per capita ticket revenue. This is largely due to Genie+ and Lightning Lane add-ons. Replacing the Disney Fastpass system, Genie+ is a paid-for add-on that theme park guests can opt into for front-of-the-line access to rides and attractions.
Though COVID-19 has still had an impact on the theme parks particularly Shanghai Disney which had to shutdown again recently due pandemic protocols, the loss is offset by an increase in profits at other parks including Disneyland Paris. The European theme park had a boost in attendance over the last quarter.
Disney Cruise Line profits also on the up, with an increase in ship occupancy being a contributing factor. In addition, Disney Cruise Line has a new ship, the Disney Wish, which means an increase in capacity and sailings. There are now five ships operating in the Disney Cruise Line fleet.
Those interested in finding out more about the Walt Disney Company’s Q4 Earnings can find the report as well as a stream of the earnings call here.
Readers are encouraged to keep following along with MickeyBlog for further Walt Disney World news and updates. We’ll be coming to you LIVE from the theme parks each and every week.
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