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In the latest Disney update, Disney stock plummets amid a massive failure.
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The last few years will go down as some of the most important years for The Walt Disney Company. Between 2020 and 2023, Disney itself has changed significantly, both in terms of its structure and its approach to business in general. During this time, we saw multiple executives step down and get replaced, most notably Disney’s former CEO, Bob Chapek.
Bob Chapek is a figure that most likely needs no introduction, but we will briefly recap. Bob Chapek became CEO of The Walt Disney Company in early 2020 and quickly became one of, if not the most controversial and divisive figure in the company’s history. Chapek made a lot of decisions that rubbed fans the wrong way, especially if they were fans of the Disney theme parks. Chapek sent the theme park division into overdrive, making profit the top priority.
Guests saw ticket prices get raised exponentially but also saw a lot of theme park offerings shrink significantly. Guests were faced with smaller portion sizes, certain ride and attraction closures, and bewildering decisions.
It’s important to mention that Bob Chapek took over The Walt Disney Company at the start of the COVID-19 pandemic, arguably the worst time in history to take control of the reigns of one of the largest companies in the world. Chapek was faced with an uphill battle almost instantly, dealing with demands from shareholders and fans alike.
Eventually, Disney announced that Chapek was out at the company, with former CEO Bob Iger stepping back into the role he left just a few years earlier. Chapek left quite a legacy at Disney in the few short years he served as head of the company, some good and a lot bad.
Perhaps the largest misstep under Chapek was Disney’s response to Florida’s controversial “Don’t Say Gay” bill. Shortly after Florida Gov. Ron DeSantis revealed this new legislation, Disney, under the guidance of Bob Chapek, publicly denounced the bill, causing a whole lot of future headaches for the company and the state of Florida. As a result of disagreeing with the bill, Gov. DeSantis made it his top priority to punish Disney.
DeSantis was eventually successful, stripping away Disney’s Reedy Creek Improvement District, a special ruling that allowed the Walt Disney World Resort in Orlando, Florida, to operate as its own form of a city and government. As a result of all of these controversies, The Walt Disney Company has been getting absolutely demolished on Wall Street.
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The last few months have been brutal for Disney, with September 27, 2023, being no different. The Walt Disney Company hovered around $79 per share, a new 52-week low for the company. We’ve seen Disney hit record-low prices, but the lows keep getting lower.
This comes as Disney faces one of its largest and most expensive failures to date: Star Wars: Galactic Starcruiser. This immersive Star Wars-themed hotel/cruise experience looked to be a promising yet ultra-expensive attraction for fans of Star Wars. Guests could book a two-night, three-day experience aboard the fictional Halcyon starcruiser ship as they enjoy a variety of events and attractions during their voyage. This experience was one of Disney’s most ambitious projects to date and actually connected directly to Disney’s Hollywood Studios, a first for any hotel at the Walt Disney World Resort. As you can imagine, the price of this experience was out of this world, costing a family of four thousands upon thousands of dollars.
Disney eventually announced that it would be closing the Galactic Starcruiser permanently in September, which is coincidentally right when the company saw a new record low on Wall Street. While the future is still uncertain, it’s safe to say Disney has found itself in quite a whole.
Things are looking bright, however, with brand new theme park additions on the way. The biggest project Disney has cooking is Tiana’s Bayou Adventure. This new ride will replace Splash Mountain, which closed earlier this year at both Disneyland and Walt Disney World. Despite the somewhat large amount of backlash, so many Disney theme park fans are super excited about this new take on a legendary Disney ride.
Taina’s Bayou Adventure is set to open sometime in 2024.
Are you excited about Taina’s Bayou Adventure? What do you think about Star Wars: Galactic Starcruiser?