It’s no secret that the Walt Disney Company has been hit hard due to the ongoing pandemic. On the Disney Parks side alone, we have reported that in the first-quarter earnings for Fiscal 2021, Disney Parks dropped 50% in revenue. And in Q2, we reported that the Disney Parks’ revenue continued to drop.
However, Disney is being optimistic about the future and the Disney CEO even stated that they will “be able to emerge strongly from this pandemic”. But how?
Disney CEO Bob Chapek recently sat down for a Q&A at the J.P. Morgan Global Technology, Media And Communications Conference, where he talked all things Disney. From the success of Disney+ to normalizing theme park operations, Chapek answered several questions that gave listeners new information.
One question in particular that Chapek was asked related to the future of the company, and the Disney Parks which Chapek felt very optimistic about.
The Disney CEO was asked what he was looking forward to most in the next few years, especially with Disneyland celebrating its 100th anniversary and Disney World celebrating its 50th this fall:
Looking forward, Disney would be celebrating the 100th birthday in a couple of years and Walt Disney World is going to celebrate its 50th anniversary I believe this fall. I guess, what are you most excited about for the next few years with the company?
Chapek had a lot to say after being asked this question. For starters, the Disney CEO expressed how they continue to reach new audiences through storytelling, just like Walt aspired to do:
Well, there’s a lot I’m excited about. We continue to reach new audiences through storytelling and experiences just like Walt sort of aspire to do back in his day. I think the future for us is really bright and as bright as it’s been in the past 100 years because we’ve got a tremendous brand, we’ve got powerhouse franchises that I think are the envy of the industry. We’ve got powerful distribution platforms, we’ve got a robust cadence of content, we’ve got new markets that we’re releasing across the world.
When speaking to the Parks side of things, Chapek explained that they have a one-of-a-kind business and experiences that they know their consumers look for. He stated:
And importantly, on our Parks businesses, we’ve got those one of a kind experiences that our consumers look for. And I mentioned our enthusiasm about our Parks business. We’ve got low double-digit growth, as I mentioned earlier, that we’re striving for and that we – what we see in capacity in a month-by-month basis.
But to tie it all together, the Disney CEO brought up the ongoing pandemic. We all know that Disney is just one of the many companies to struggle with the repercussions of COVID-19, but what the company has been through is only going to help them emerge stronger. Chapek said:
And if nothing else tells us that we’re going to be able to emerge strong from this pandemic, I think that’s it. So you’ve sort of got the next 100 years, and to some extent, we’re looking at the next 100 days, but we’d like to make sure that we’re managing for today, but we’re also managing for the long-term and we’ve got some optimism for both of those. But I think the second 100 years will be as successful as the first 100 years, and if that’s not a cause for optimism, then nothing is.
Chapek seems to be extremely optimistic for the future, which he has every right to be. As the pandemic is slowly coming to an end, with more and more people getting vaccinated, the Disney Parks — specifically Walt Disney World — have already begun modifying their safety and health protocols. The result of this will allow and encourage more visitors to the theme parks, bringing in more revenue.
Additionally, on the streaming side of things, Disney+ has been extremely successful for the company and it’s safe to say, it will continue that way as more and more Disney channels shut down due to Disney+.
What are your predictions for the future of Disney? Let us know in the comments below.