Walt Disney Co. raised ticket prices as much as 10% for its Disneyland resort in California and Walt Disney World in Florida, weeks after the entertainment giant unveiled a $60 billion spending plan for its parks business over the next decade.
Disneyland tickets were raised by 8.9% Wednesday, effective immediately, with the price per ticket on busy days such as holidays increasing by 8.4% to $194. Yearly pass prices at Walt Disney World in Orlando are rising by up to 10%, with the most expensive Incredi-Pass now selling for $1,449, up $50.
Financial Woes
Walt Disney CEO Bob Iger has reportedly been overwhelmed and exhausted since returning to the Mouse House last November. People in Iger’s inner circle say he has “joked” with confidantes, “Why did I come back?”, Bloomberg reports.
Disney is facing falling profits and economic difficulties as it has sought to embrace the woke agenda.
In August, Iger announced dramatic increases for its online streaming subscription services Disney+ and Hulu.
Disney+ subscribers will see their monthly bill grow by $3 to almost $14 monthly – close to a staggering 27% increase.
Similarly Hulu, Disney's virtual pay TV service, will grow by $3 to $18 a month — representing a 20% hike. On top of this, Disney has been cracking down on password-sharing.
Separately, in February, Iger laid out plans for a $5.5 billion cost-cutting spree that included axing 7,000 employees.
Political Positions
On the political front, customers and investors have been punishing Disney for taking increasingly woke positions.
Conservatives and Christian groups have been boycotting Disney for its political activism and earlier this year Disney reported Disney+ and Hulu had lost over 4 million subscribers.
Disney's cinema results have seen similar declines. In June, box office analyst Valliant Renegade reported that Disney had lost nearly $900 million on its past eight studio releases, including "The Little Mermaid" and "Guardians of the Galaxy."
Disney's new live-action "Snow White," expected to be released next year, could ruin the company, a branding expert warned after videos of the film's lead actress surfaced of her depicting the role in the remake as a symbol of feminist iconography.
Stock Hit
Disney stock (DIS) is taking a major hit amid the chaos, falling more than 50% to $84.85 at Wednesday’s market close from its all-time high of $191 a share in March 2021.
At that time, Disney — along with other major media and entertainment companies — were reaping the benefits of millions of Americans being locked down during the pandemic.
In line with this, Disney’s market capitalization has tumbled by $51.71 billion, from $106.81 billion at its peak on Feb. 2, 2023 to $155.10 billion on Oct. 12, 2023.
Major investors are losing confidence in Iger’s ability to turn the company around, according to The Wall Street Journal.
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