As a cultural and tourism industry operator，We all look forward to moving forward on this、Every major event in the ever-changing cultural and tourism era、Every key node，Have more understanding，Know its transformation、Hot and cold and trends。

here，Zhihui coordinates and analyzes the latest trends in cultural tourism during the week，Trying to find from these living elements the latest events or information in each field that are worth recording，Based on a certain framework、Perspective or Dimension，Let’s explore what they bring to the development of the cultural tourism industry，The value points brought to us。

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Quotes of cultural and tourism giants

This week’s giant market trends focus on the two major Hollywood media and entertainment giants。

Both Walt Disney and Warner Bros. Discovery have poor performance this year，Disappoint investors。

The former’s stock price fell nearly 40%，Inflation and other factors hinder the recovery of the media and theme park businesses in the post-epidemic era，The expansion of losses in the streaming business and the global strength of the US dollar have made the current situation even worse。

In contrast, since April this year from communications giant AT&Warner Bros. Discovery (WBD), which was established with Discovery after T divested its business, is in an even worse situation，The stock price dropped nearly 60%。Same as Disney，WBD’s film and media businesses are seriously affected by inflation and other factors，The high operating costs of streaming media further drag down its operating profits。What’s different from Disney，WBD has no theme park or resort business“Blood transfusion”Reduce operational pressure caused by losses。

The similarities between the two companies are，The CEO who leads the company is quite controversial in the industry。

Disney’s CEO Bob·Chapek takes office in 2020，Due to too much emphasis on implementing cost reduction measures、Put the growth of Disney’s streaming business first、The company has been criticized many times for getting involved in political controversies and angering consumers。188bet online sports betting Chapek was forced to leave the CEO position last month，By former CEO Bob·Iger takes over。And Warner Bros. Discovery CEO David·David Zaslav ordered layoffs and canceled multiple film and television content production projects，Company executives and many people in the industry are dissatisfied with this。

Facing these challenges，With rising interest rates and other macroeconomic adverse factors affecting the market，Both giants are unlikely to be favored by investors。However，Disney legendary CEO Iger returns quickly，Take a series of decisive measures，Coping with streaming media losses and low morale within the company，And WBD has gradually recognized its own problems，Announcement of measures to address today’s more pressing challenges，Both hope that the stock market will respond positively next year。

From an investment perspective，Disney’s recent growth momentum still appears to be quite strong。

FY2021，Disney’s revenue and adjusted earnings per share (EPS) increased 3% and 13% year-on-year respectively，Theme park and resort business was recovering slowly at that time，And the media business revenue achieved rapid growth。

By fiscal year 2022 (ending October 1, 2022)，Disney’s revenue and adjusted EPS increased by 23% and 54% year-on-year respectively，Because all core businesses have achieved rapid growth。But，The operating performance of the direct-to-consumer DTC business, which the company has always attached great importance to, suffered huge losses，Streaming media business is also under DTC business，Loss expanded from US$1.7 billion to US$4 billion。Result，The company’s operating profit margin increased from 14.3% dropped to 7.7%。

Look on the positive side，As of October 1, 2022，Disney on Disney+、The three major platforms of Hulu and ESPN+ have more than 2.3.5 billion paid streaming subscribers，An increase of 31% compared with the same period last year，And as“The King of Streaming Media”Netflix’s latest quarterly financial report shows，Total subscribers are 2.2.3 billion，Only 5% year-on-year growth。

As business in many aspects continues to improve in fiscal year 2023，For example，The theme park will attract more tourists，The company will release more new movies ("Avatar 2" will be released soon)，And Disney+’s transformation from scale effect to profit effect，Analysts expect Disney’s revenue and adjusted EPS to grow 8% and 17% respectively in the new fiscal year。Bob·Iger’s return will also help eliminate Disney’s overemphasis on ticket price increases among investors and consumers、Cost cutting concerns。

Since AT&Since T stripped，WBD submitted two quarterly financial reports，Only the two most recent quarterly reports can reflect the company’s true financial position after the merger。Calculated at constant exchange rate，WBD revenue in the second quarter fell 1% year-on-year，In the third quarter, revenue fell 8% year-on-year。Company name，The reason for the decline in revenue，It is because there will be income related to the Summer Olympics and two NBA playoffs in the same period in 2021，None this year，There are no movies this year that were released at the same time last year that had a better box office，Other reasons include，Affected by factors such as inflation，Advertising revenue and movie ticket revenue both declined。

The revenue decline in this area offset the only some revenue growth in the DTC business。As of the third quarter，Warner Bros. Discovery has a total of 94.9 million paying subscribers on streaming and cable platforms，But the year-on-year growth is only 19%，This explains，Not only is it much smaller than Disneyland，There is a big gap between the growth rate and Disney’s 31%。

DTC business is not profitable，Adjusted EBITDA continues to be in the red，has been dragging down positive EBITDA from media networks and film and television businesses，The company as a whole is also in a state of loss。This is also the reason why the company’s CEO resolutely canceled major projects such as “Batgirl” that were not expected to be profitable last year。

Traditional media networks and film and television、Theme parks and new streaming businesses are Disney’s three core businesses，For Disney，The first two profits，The last one to burn money，With the support of the first two, it can also make“Burning money”’s streaming media operation continues，But in the long run，Disney must find ways to turn the scale effect of its streaming business into a profit effect。

In comparison，WBD is not so lucky，The company does not have the support of Disney theme parks with more than 20 billion US dollars in revenue and billions of dollars in operating profits，It is also quite different from Disney in terms of IP resource library，How to stop losses in streaming media and how to launch movies with global box office appeal like Disney's "Avatar 2" and "Star Wars" are still two difficult challenges facing WBD CEO Zaslav。

Destination Investment Barometer

This week’s destination investment barometer focuses on the recovery of international tourism in Asian countries。

Recently，Many countries in Asia announced good progress in the recovery of international tourists。

December 10,Thailand will have more than 10 million inbound international tourists in 2022，And hold a celebration event to celebrate this milestone at Chiang Mai Airport，Also marks the completion of the Tourism Authority of Thailand’s annual inbound tourist target。

The Japan Tourism Agency also announced not long ago，Inbound tourism will return to 2019 levels in 2025，Plan to attract 60 million international tourists in 2030。Data display，Japan will only receive 250,000 inbound tourists in 2021，Received 1.5 million international tourists from January to October this year。

December 9，Announced by Maldives National Tourism Administration，From January 1 to December 7, 2022，Maldives received more than 1.5 million inbound tourists，The total number reaches 1528841，Only one step away from the annual target of 1.6 million。

The latest data released by the Philippine National Tourism Administration，2-11 months，The Philippines received a total of 2,137,250 international tourists，554,564 overseas Filipino tourists among them，1,582,686 other international tourists。

The report released by the United Nations World Tourism Organization shows that,By the end of 2022，Global tourism is expected to recover to 65% of pre-epidemic levels。The third quarter of 2022，Received 3 in total from all over the world.400 million international tourists，Almost 50% of the first nine months。September 2022，The number of international tourists accounted for 73% of the total international tourists in 2019。

With Europe、North America、The strong tourism recovery in Latin America and other regions is different，While the Asia-Pacific region welcomed more than three times the number of international tourists in the first nine months than the same period last year，But overall，Asia-Pacific received only 17% of international tourists in 2019，The number of international tourists is less than the average number of international tourists in January this year and has reached 36% of the average level in 2019，With Europe recovering 90% of tourists in the third quarter of 2019，America、There are still many gaps in the recovery rate of more than 80% in major regions such as the Middle East。

The Asia-Pacific region is the main engine driving the global economy，The population accounts for more than 60% of the global population，Travel、Humanity and other population movements have a great impact on global tourism。The slow recovery of Asia-Pacific tourism is also one of 188bet app the important reasons for the slow recovery of global tourism。But，Since the latest quarter，Asia-Pacific countries are increasing their efforts to open borders，The number of overseas tourists entering the country has also increased sharply。

For example, as of October 26,Thailand’s international tourism inbound tourists will reach 7.35 million in 2022，Visitors increased by 2.65 million in one and a half months；Zairu，Japan announced on October 11 that it would no longer impose restrictions on the number of foreign tourists entering the country，Since the border has been completely opened to welcome tourists to Japan，The number of inbound tourists is increasing rapidly。Data display，January to October 2022，Japan received a total of 1.5 million international tourists，Among them，International tourists in October were 2 from last month.4 times，reached 49.860,000 people。

The Philippines has a more obvious increase in overseas tourists.Official data released by the Philippines，September、October、Inbound tourists reached 246,898 in November、274803 and 242226，Average more than 250,000 visitors per month。

Different from other Asian countries，Maldives inbound tourism began a strong recovery last year，Achieved excellent results this year as well as last year。

Especially since December，The number of international tourists in the first 9 days increased by 5 year-on-year.1%，An increase of 12 compared to the same period in 2019.6%，December 3 receives the most tourists，More than 6,000 international tourists arrived in Maldives for vacation。

February this yearThe President of the Maldives announced the goal of attracting 1.6 million international tourists，August 13 this year，Inbound tourists exceeded 1 million，December 7，Over 1.52 million，Calculated based on an average of more than 150,000 tourists per month in the past two months，There is no doubt that the target will be exceeded by the end of the year。

Last year,Even after almost losing nearly a quarter of Chinese tourists before the epidemic，The Maldives received more than 1.3 million tourists from around the world，This is double compared to 2020。According to the current momentum，The Maldives may even catch up with the 1.7 million international tourist arrivals in 2019 in 2022。

Start from the source countries of international tourists announced by various countries，More and more countries around the world are opening up their travel restrictions，The top ten tourists entering the Philippines are from the United States、South Korea、Australia、Canada、UK、Japan、India、Singapore、Malaysia and Vietnam。The top ten tourist source countries of the Maldives are India、Russia、UK、Germany、Italy、United States、France、Spain、South Korea、Switzerland。Thailand receives the most tourists from Malaysia、India、Singapore、Vietnam、South Korea、United States, etc.，Malaysian inbound tourists mainly come from Singapore、Japan、South Korea、India、Iran、Australia and other countries。

China is the main source market driving the number of tourists in the Asia-Pacific and even the world，The policies for outbound and inbound travel have not yet been fully opened, which will have a considerable impact on inbound travel in these areas，ButVarious regions and countries are also looking for ways to fill the gap left by Chinese tourists。Perhaps it indicates that global tourism recovery will accelerate again in the next few years and Chinese tourists will be welcomed，Many countries have also begun to announce ambitious international tourist target numbers。

For example，Thailand plans to attract 20 million international tourists in 2023，Japan announced that it will return to at least 31.88 million tourists in 2025 in 2019，Realized revenue of 5 trillion yen，Malaysia only had 130,000 tourists last year，Also raise the target from 2 million this year to 5 million next year。