Disney has previewed a number of new attractions at a California media event designed to prove its muscle after coming under recent criticism for not keeping pace with other entertainment giants.
Background
With pressure on its streaming revenues, Disney announced last year that it would focus on “expanding and enhancing” its US and international theme parks, as well as tapping further into the cruise industry which is seeing a strong post-Covid recovery.
However, Wall Street did not react favourably to the announcement at the time, with stock values falling 3% afterwards. Critics noted that Disney had raised its prices twice in two years at some parks and said the company’s 10-year-plan seemed vague and uninspiring compared with other offers in the pipeline, such as Universal’s Epic Universe, due in 2025 and its third new park at its Orlando Resort.
“Especially here in Orlando, I think a lot of theme park fans are excited for the new Universal park”, theme park blogger, Alicia Stella, said, adding that Disney fans are wondering, “when will we see something new? Will it be five years, six years from now?”
Probably the largest expansion ever
Disney’s riposte at last week’s media briefing trumpeted “probably the largest expansion ever”, according to Michael Hundgen, a Disney executive, coming in the shape of 14 acres of new attractions and technology-driven storytelling at the World’s Magic Kingdom Park – the most visited theme park not only in Disney’s portfolio but in the world. This includes a new Big Thunder Mountain Railroad attraction.
The company has over 1,000 acres for development and, over the next decade, is set to spend $42 billion on new attractions, brand ambassador cruises and experiences, and $18 billion on the supporting infrastructure and technology.
That means not just overhauls, but completely new attractions, which take about six years from concept to implementation and are usually driven by symbiotic relationships with Disney’s film and home entertainment arms – attractions so new, in fact, they are yet to be confirmed, as the company’s CEO Robert Iger pointed out the company wants to be able to respond to its most successful content and tailor its offers accordingly.
Iger also noted that a legal settlement with Florida now enables the company to further develop there. A pending legal decision in Anaheim, home to Disney’s original California park, will decide the fate of a possible new Avatar-based attraction.
Shares down despite media showcase
Disney shares have fallen 3.99% in the week followig the media event, which included a round up of research and development projects and tech at the firm’s so-called Imagineering division. These include the “HoloTile”, which allows users to move objects with the wave of an arm and to walk or run in a “never-ending” virtual environment.
“Star Wars” BD-X droids, which use machine learning to simulate uncannily human interactions and can be operated by engineers with video game-like controllers, are now reappearing at Disneyland after a trial run last year. Other advanced Audio-Animatronics are also in the pipeline.
