On the occasion of celebrating the company’s centenary history，The current CEO was “Dismissal”，And announced the return of the former CEO on the same day，I have to say188bet login is currently in a very critical trough transformation period。

In fact，The author published it one day before Iger retired (December 30, 2021)《188bet login former CEO proposed“Unfriendly advice”，Is the new CEO’s throne stable?？》，Analyzed some conflicts and different leadership styles between the two Bob CEOs，Iger 188bet login publicly asked the new CEO to ";Advice”，There was speculation that Chapek might not be able to sit still。

As some businesses continue to improve in each financial quarter this year，Even the performance has repeatedly set records，The board of directors extends Chapek’s contract for three years，A vote of confidence for his leadership over the past two years，It 188bet login serves to eliminate doubts from the outside world、The role of stabilizing internal people's hearts。Unexpectedly，Less than a year after officially taking over，Sudden change in situation，Chapek is out。

Iger succeeded Chapek as 188bet login CEO. Source: Internet

Disney’s performance growth is mainly driven by theme parks、Experience、Consumer products and three major streaming media platforms are two core 188bet login drivers，A representative of the current offline 188bet login，A consumption trend that represents future consumers。The former contributes most of the company’s profits，And the latter since188bet login+ has been losing money three years since its launch, and the losses are increasing.

where，Streaming media 188bet login lost 14 in the fourth quarter.USD 700 million，More than double the same period last fiscal quarter，Loss for the entire fiscal year 2022 exceeds US billion。Since the launch of Disney+ in November 2019，itsThe cumulative losses of the streaming media 188bet login have exceeded US billion。

Although the poor performance of the streaming media 188bet login’s continued losses is one of the main reasons for Iger’s rapid return，But this field is more complicated，Big investment, long cycle, fierce competition(Extended reading:"Five giants gather to compete 188bet login trillion-dollar streaming media market，Who will laugh last？》）。iQIYI 12 years old、On the market for more than 4 years，Last year’s revenue exceeded 30 billion yuan，Operating loss 3 billion yuan，Operating profit will not be profitable until 2022；It took 20 years after Netflix was founded to achieve profitability in the international market for the first time。188bet login has lost more than 55 billion yuan in only its third year，The most important task now is how to increase 188bet login and reduce losses while reducing costs。

The author’s main analysis of this articleKey challenges currently facing Disney’s theme park 188bet login，Why there are still many risks when the performance reaches record highs for several consecutive quarters, investors still have many concerns about its growth prospects.

188bet login four major businesses are formed“Flywheel Effect”

It can be said,The theme park 188bet login has recovered strongly and achieved sustained rapid growthIt was Chapek who gained the trust of the board of directors in June this year，The most important&ldquo unanimously agreed to extend its contract for three years;Weight”。

Since taking over as CEO in February 2020，Chapek has made many changes to Disneyland’s 188bet login，Including the launch of online reservation system、Mobile online skip-the-line booking App Genie+。Under his leadership，The company alsoTicket to the 188bet login、Annual membership card、The prices of hotel rooms and other in-188bet login consumption will be adjusted and increased，Following this, the performance of this segment of 188bet login continues to improve，Record-breaking。

As of December 31, 2021，Disney Disney Parks、The first quarter revenue of the experience and consumer goods 188bet login segment exceeded US.2 billion，Operating profit close to .3 billion，Both indicators are more than double the same period last year。

As of March 31st，Disney Park、Experience and consumer products 188bet login segment revenue reached US.7 billion in the second quarter，More than doubled compared to the same period last year。where，U.S. domestic theme park revenue reaches .9 billion，Almost equal to the best performance before the epidemic。

As of June 30，Disney Park、Experience and product 188bet login revenue surged 70% to US.4 billion in the third quarter，Operating profit increased by US.8 billion to US.2 billion，Increase up to 450%。

As ​​of September 30，Disney Theme Park、Experience and consumer goods 188bet login grew 36% year-on-year to US.5 billion in the fourth quarter，Operating profit reaches .5 billion，YoY increase of more than 100%。

Looking at the entire fiscal year,188bet login United States，As the epidemic improves，Reduced requirements for prevention and control measures，People are more willing to go out freely to participate in leisure entertainment or vacation activities，Hotel and cruise bookings up，Significant increase in tourists。In addition，Ticket prices increased，Tourists dining、The increase in secondary consumption of goods is 188bet login a guarantee for a substantial improvement in performance。

In addition, the same period last year was affected by the epidemic，The base is relatively small，This can 188bet login explain the growth that often exceeds 100%，But more importantly，Other reasons that the company has always mentioned are，App Genie+ has brought considerable additional 188bet login after its launch，Visitors can enjoy skip-the-line service at popular attractions and specific items in the 188bet login after purchasing。

188bet login launches App Genie+ Source: Internet

Looking at the whole year,188bet login、Experience and consumer product revenue .7 billion，73% year-on-year increase，Contributes two-thirds of the company's operating profit with one-third of its revenue。From a regional perspective，2021、Three years in 2020 and 2019，This 188bet login segment in the Americas contributes two-thirds of revenue。From two domestic and international perspectives，Disney’s domestic theme park 188bet login accounts for approximately 57% and 60% of the entire park experience and consumer goods revenue in fiscal years 2021 and 2020。

Film and Television Entertainment、Theme parks and consumer products are called Disney“Flywheel Effect”16721_16728，They complement and reinforce 188bet login global brand influence、An inseparable whole。

After the film and television works of Film and Television Entertainment are screened around the world，Continuously turning the classic characters and scenes into attractions、Performance show、Moving rides and other facilities to Disney theme parks around the world，The movie before the screening has been based on Marvel、The demand for IPs such as Star Wars must be prepared in advance for the authorization and production of consumer products，After the movie becomes a worldwide hit, the products will be fully launched into the market。The success of the 188bet login (and IP peripheral products in the park) and the sales of global licensed products will help Disney produce new movies or movie sequels。

188bet login Streaming Media IP Matrix Source: Internet

For example，Theme parks have been severely affected in the past two years，Theme parks and experiences lost more than .1 billion and more than 0 million，Consumer products 188bet login, mainly global licensed products, offsets losses，That is why Disney achieved profitability in the entire sector。Same，Consumers in film and television and theme parks cannot go out due to the epidemic，The demand for online streaming media 188bet login appears“Blowout”Growth，Brings strong cash flow to Disney operations。

Although the streaming media 188bet login is currently losing money，It also has strategic significance，Not only represents the online consumption trend of future consumers，It also plays a very important role in special periods such as the epidemic。To some extent，The flywheel effect will be more obvious after 188bet login+ joins，Formed online and offlineDirect traffic to each other and strengthen each other’s brands17705_17708，Just talking about 188bet login+’s global online consumer base，When the scale reaches a certain level, it will definitely form a network effect and achieve profitability，Greatly expand existing film and television、Potential customer base coverage of theme parks and consumer products，At that timeAsia Pacific and Europe 188bet login is likely to increase significantly。

“Cash Cow”Potential risks in the theme park 188bet login

Disney’s streaming 188bet login losses continue to expand，Chapek may even be“Resignation”，But on the other hand，Wall Street investment banks and securities analysts alsoExpressed concerns about the future growth prospects of its core 188bet login of theme parks。

What they are worried about，The future economic recovery is not particularly clear，The operating profit margins of several 188bet login parks that contribute the most profits are declining，Not sure if these theme parks can sustain profitability，To make up for the streaming media 188bet login that will continue to lose money for a considerable period of time in the future。

Although some of the measures taken by Chapek after taking office have brought record revenue and profits to the theme park 188bet login segment，But it also caused great controversy among tourists，They complained about being DisneyThrough continuous small price increases“Gathering wool”, 188bet login called newly launchedThe reservation system has too many restrictions，Significantly reduced flexibility，The complicated process 188bet login makes the entire gaming experience lose a lot of fun。

Former 188bet login CEO Bob·Chapek Source: Internet

In addition，What dissatisfies many Disneyland fans，Selling annual cards at low prices as usual、Different parks attract new traffic，188bet login Just WantsSell tickets to non-annual card members who are willing to pay more，And more and more game restriction dates are introduced for annual card users。

For example，Stop selling the cheapest annual card to new users、Only renew the expired annual card users，Others only sell annual travel passes on weekdays during off-peak periods，Walt 188bet login World and evenOnly sell the cheapest annual cards to local residents，These measures may be to stimulate more tourists to buy single-day tickets、Double-day tickets and other more profitable tickets。

For Chapek，These initiatives have contributed more 188bet login to the company，stillLimit the passenger flow in peak seasons or peak periods through price adjustment，Improving the overall visitor experience。However，According to Wall Street Insights，The returning Iger was also surprised by 188bet login price increase。

He thinks, ChapekToo focused on streaming media 188bet login，Using theme park price increases as a means to make up for the growing losses of streaming media，This will hurt the theme park and TV 188bet login a lot。In the eyes of many tourists and fans，At Disneyland，Compared with before the epidemic，Ticket prices are high，The quality of catering has declined，The portion becomes smaller，The overall experience has deteriorated。

Financial report data display，Fourth quarter revenue of the three major streaming media businesses increased 8% to US.9 188bet login，Full-year revenue increased 20% to US.6 188bet login，ButOperating losses have been increasing，From loss of US.5 188bet login in the fourth quarter to loss of over US 188bet login for the full year，Both are more than double the same period last year。In comparison，Theme Park、Experience and consumer goods 188bet login grew at a high rate of 36% and 73%，Operating profit reaches US.5 billion and US.9 billion。

188bet login streaming media losses have intensified in the past three years. Source: Internet

Even if the streaming media 188bet login is regarded as ";Strategic loss”Process，There are also two major problems。First，Can the rapid growth of operating profits of theme parks be sustained for a long time to come？Second，Will the losses in the streaming media 188bet login continue to increase？

After all，Investors want to get more dividends，Following the current trend，188bet login not only has no hope of stopping losses，It is also possible to distribute the only dividends“Eat”。Once 188bet login growth slows，Or all future profits will be offset by streaming losses，Investors will be forced to accept reality at that time，Pay for the loss with real money，It is reasonable for them to worry about the development prospects of the theme park 188bet login at this time。

Currently，Park、The experience and consumer products businesses contribute approximately two-thirds of Disney’s operating profits，The other one-third comes from the media network 188bet login。And the two fiscal years before the launch of Disney+，The 188bet login segment contributed 38% and 45% of the company’s operating profit respectively。

188bet login main revenue composition Source: Longbridge Dolphin

With fourth quarter revenue and operating profit falling short of expectations，Streaming media 188bet login losses increase，There are also some bad signs in the park and experience 188bet login。

For example，Operating profit reaches US.5 188bet login，But with JP Morgan’s expected 18.18% lower than US0 million。The 188bet login segment’s revenue increased，However, operating profit declined compared with the same period in 2019。On the other hand，Although 188bet login revenue per visitor increased by 6% in the quarter，40% increase compared to the same period in 2019，But the corresponding marketing and event-related costs are also increasing，This undoubtedly greatly reduces the company's profitability。

What is particularly outstanding is，U.S. domestic parks and experiences 188bet login operating profit fell nearly 16% to 14% compared with the previous quarter.8%，There is still a big gap from the approximately 20% expected by analysts。

An analyst pointed out,188bet login growth forecast for next fiscal year dashes hopes for revenue and operating profit gains，Based on the continued losses of streaming media and lower-than-expected operating profit growth of 188bet login companies，Reduces its price target from 5 to 5。

Generally speaking，After the end of the summer holiday tourist season，Many families return to normal work，Children start going back to school，The decline in operating profit of 188bet login Parks and Experiences between the third quarter and the fourth quarter is also a normal change，But the decline in this indicator this year is particularly obvious。2018 and 2019 before the epidemic，Two financial quarters that are closer to fiscal year 2022，U.S. domestic 188bet login operating margins fell 13% and 9% between third and fourth quarters respectively。

As Disney’s trump card 188bet login，Disney’s profitability this year was lower than expected, which surprised the industry。The likely reason is，As the recovery from the epidemic accelerates，The opening of the park is also accelerating，ButWhile bringing more tourists and 188bet login，Operation costs have also increased sharply。

Tokyo 188bet login Resort Source: Internet

Conceivable，Demand for 188bet login parks will remain strong even next year，What happens today may happen next year，In other words，188bet login margin is likely to decline，Profitability is lower than expected。What’s more，It is still unknown whether the economy will experience a recession next year，Uncertainty remains in the 188bet login market。

Iger returns，Formulate the company’s new development strategy，Reorganize the organization and core 188bet login，Reduce huge content production and operation costs as soon as possible，Stop the losses in streaming media 188bet login，This is his first priority。For the theme park 188bet login，Find out problems in current operations and improve operational efficiency and employee morale，Resolve tourists and fans’ concerns about price increase、Problems such as poor experience，It is also crucial to maintain the current rapid and healthy growth。

It will take another five years for 188bet login to build a roller coaster or ride，Iger in just two years，It is necessary to avoid increasing losses in streaming media 188bet login，We need to improve the sustainable profitability of theme parks，We still need to find a successor for the company、Reducing huge debt and other issues。As a &ldquo in 188bet login history;Legendary CEO”，At a critical time as 188bet login celebrates its 100th anniversary，Can Iger continue to write another part of his 188bet login“Legendary”Worth the expectations of the global themed entertainment industry。