Disney World celebrated its 50th anniversary in April 2022.
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Disney announced on Tuesday that it is planning to nearly double its investment in the company’s parks and cruises business.
In a securities filing, Disney stated that its planned investment will now amount to around $60 billion over a span of 10 years.
Although the company is facing challenges in the ever-changing media and entertainment landscape, and is trying to make its streaming business profitable while also considering selling its traditional TV networks, the theme parks, experiences, and products division has remained a strong performer.
However, attendance and hotel room purchases have slowed down at domestic parks, especially at Walt Disney World in Florida. On the other hand, the international parks have shown positive growth. In the third quarter, the division’s revenue increased by 13% to $8.3 billion.
More details about the investment plan will be unveiled at Disney’s investor day on Tuesday.
Disney emphasized the successful results that the parks and experiences business has achieved since 2017, thanks to increased investment. Like its competitors, Disney’s parks were affected by the pandemic lockdowns.
Other industry players, such as Comcast’s Universal parks in Florida, also experienced a similar slowdown.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.
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