Disney announced in a securities filing Tuesday that it is allocating about $60 billion to its parks division over the next decade. This marks a substantial increase in their initial investment plans.
The company’s strategy for expanding its theme parks revolves around leveraging its well-known brands and intellectual property. More details about this substantial investment will be revealed during the Investor Day event to be held on Tuesday.
Disney is grappling with the emerging landscape of media and entertainment. The company is trying to ensure profitability in its streaming business. The company considers the sale of its traditional TV networks, theme parks, experiences and products division as a shining success story.
Disney highlighted the remarkable performance of its parks and experiences business from 2017, and attributed the success to increased investment. Like other players in the industry, Disney’s parks also faced serious challenges during the lockdown.
Disney’s decision to increase its investment coincides with Disney’s involvement in a legal dispute with Republican Florida Governor Ron DeSantis. Shortly thereafter, Disney took the important step of doubling its investment in its Florida-based parks. In a previous announcement made in May, Disney had revealed its readiness to allocate $17 billion for the Florida hub, a move that could potentially result in the creation of 13,000 jobs.
The Disney parks is one of the company of Walt Disney founded in April 1, 1971. Walt Disney has three divisions – Disney Entertainment, ESPN, and Disney Parks, Experiences and Products. There are total 12 Disney parks around the world.