Disney’s largest overseas expansion project has encountered some setbacks recently。

Walt Disney on Q4 earnings call CEO Bob Iger said，The company has taken measures to solve the problem of lagging business growth in Shanghai Disney Resort。

"To solve the problem of declining tourist volume，We have launched depreciation processing，But this is just a temporary measure，Won’t last long。”Iger said，The company will reduce the discount intensity later，The overall effect is good。"Currently，China’s consumer confidence slightly decreased，This will have a certain impact on Shanghai Disney’s performance，But we are not only optimistic about the business that has been carried out，Also confident in the prospects of continued investment projects。”

Shanghai Disney this year6New Toy Story Land added every month，Eiger said，The company also has expansion plans to add more attractions and build new hotels。

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Despite the poor performance of Shanghai Disney Resort，But Disney’s theme park resort business continued to grow strongly in the past quarter。After the financial report is released，Disney’s overall revenue and earnings per share in the fourth quarter were both higher than Wall Street expectations，The closing stock price rose that day3.2%。

In the fourth quarter，Disney theme park and resort business achieves revenue50.9USD billion, year-on-year growth9%; Operating profit increased year-on-year11%To8.29$100 million. The company’s overall revenue for the fourth quarter143USD billion, year-on-year growth12%, mainly driven by the theme park business and film and television entertainment business.

Main financial indicators for the fourth quarter and full year

The number of visitors to major domestic theme parks increased year-on-year4%, consumption per visitor increased year-on-year9%，Mainly because tourists use cash to purchase tickets、Increased consumption of food and promotional merchandise。However，Operating costs have also increased，where5500Ten thousand dollars were used to pay bonuses to employees.

International business，Disney said，Both Disneyland Paris and Hong Kong Disneyland achieved growth，Mainly caused by the increase in tourist consumption and the increase in the number of tourists。

From to9month30日的2018For the fiscal year, the theme park and resort business achieved revenue203USD billion, year-on-year growth10%; Operating profit up to44.60USD billion, year-on-year growth18%. Overall revenue growth for The Walt Disney Company8%To590billion US dollars, and net profit increased significantly year-on-year40%To126$100 million.

Financial report shows that Disney’s full-year capital expenditure increased to45USD, compared with the same period last year36100 million US dollars growth25%，Mainly due to the addition or construction of new attractions in domestic theme parks in the United States。For example，This year6Toy Story Land opens at Disney’s Hollywood Studios in Orlando，Star Wars lands are under construction in two theme parks in California and Florida，Expected to be2019.

Eiger said，Star Wars Land is the home of Disneyland Resort in California1955The largest investment project since its completion。“We think，Star Wars Land will bring a large number of tourists after its completion and opening，Companies even face some challenges when receiving tourists，But we are happy to solve such problems。”He said.

Iger also said，New Star Wars Land in Florida will greatly boost the performance of Disney's Hollywood Studios theme park，This is the park’s follow up year6Another major project after the opening of Toy Story Land in October.

“Our goal is to increase attendance at Hollywood Studios theme park，The park has lagged behind several other parks in attendance over the past few years，Because we have hardly invested in any other projects of similar scale。So，In both cases，The new Star Wars Land will bring positive promotion to the two major theme parks。” He said.

Film, television and theme park business supports streaming media platform

The most interesting thing on the earnings call was the information released by Disney about the streaming platform。

CEO Bob Iger is planning at least three online platforms for Disney。One is this year4Sports online service launched in MarchESPN+, the second one is acquired by Disney21Streaming video platform that gained controlling stake after Century FoxHulu。Disney is currently completing the largest merger and acquisition transaction in the company’s history，Estimated value is up to713$100 million deal as early as next year4Month completed.

In addition to announcing the launch of Disney’s streaming service at the end of next yearDisney+Outside，Iger also introduced more information about the film and television programs on the platform。These programs include a reimagined 188bet online sports betting version of Lady and the Tramp、Many "Star Wars" TV series versions including the "Rogue One" prequel。Also，The TV series starring Marvel animated character Loki will also be available on the streaming platform。

Disney+is characterized by “convenient experience、High-quality content based on personalization and Disney’s core brand”，Iger said on the conference call，The purpose is to allow users to quickly find Marvel、Pixar and Fox’s National Geographic magazines and other brand content。

Iger said, the futureDisney+The platform mainly provides family entertainment programs, andHuluThe platform will cooperate with Fox Television Studios, a subsidiary of Fox, to produce more TV programs。Iger previously said in an interview with Bloomberg，ifHulu's other shareholders Comcast and TelecomAT&TIf you want to sell your stake, Disney will be happy to acquire it.

Iger also said，The launch of the company’s streaming video media platform will not change the practice of showing new Disney movies in theaters for several months before showing them on TV。

The film and television entertainment business has made a great contribution to Disney’s performance。The operating profits of movies such as "Ant-Man and the Wasp" and "Big Bucks" in the fourth quarter were more than double those in the same period last year，Among them, "The Incredibles" produced by Pixar is named12.4The US$100 million box office ranks first in the global box office.

Also，Since this summer peak season attracts more ordinary tourists，The theme park business also performed well。

The good performance of film, television and theme parks undoubtedly plays an important role in Disney's provision of streaming services。Disney is currently building its own online streaming video service，Acquired 188bet sports betting app download most of Fox’s assets to consolidate content production capabilities，To cope withNetflix's huge challenge. Financial reports show that Disney has invested in the company1.57News Group built with US$100 million and mainly focused on young peopleVice MediaRecorded as asset impairment loss.

In fact，Disney’s four major businesses complement each other，Inseparable。Film and television entertainment business is the foundation，Able to provide large amounts both for theme park construction of new attractions and consumer product business licensingIPResource，It can also provide high-quality content for the streaming media platform launched at the end of next year，The development and growth of streaming media business can in turn promote the transformation and upgrading of traditional cable TV network business，Further expand the scope of user services and user base。

Disney said its film and television entertainment business has grown in the fourth quarter50%, with713The billion-dollar deal will be completed next year, and the "Star Wars" prequels and "Star Wars" will be completed next year.X-Men", "Rise of the Planet of the Apes" and other movies are officially included in Disney，The media and entertainment empire that builds its own online streaming platform to dominate huge and high-quality content will go further and further on the road to becoming a "super giant"。