Netflix, Warner Bros., and what it means for Theme Parks

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Okay, from our studios back in Los Angeles and Tampa.

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This is green Tag Theme Park and thirty. I'm Philip

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and I'm joined as always by my delightful co host

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Scott Swinson of Scott Swinson Creative Development. On Green Tag,

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we look at the top news each week and explain

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why it matters to industry professionals. We try to ask

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questions and get conversations going. And of course we wanted

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to thank everybody for commenting on last week's episode, which

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was recorded early last week, of course while I was

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in LDI. But there was a lot of great discussion

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in the YouTube comments about travel trends and the idea

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of overcrowding and the tipping point for when stuff is

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worth it or not. This week, we bi Popular Demand

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are going to discuss the Netflix and Warner Brothers deal.

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People even in last week's episode, we're asking about this

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and I've gotten several texts and emails requesting this topic.

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So we're gonna talk about that today and see what

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else we get to.

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Yeah, before we dive into that, I just really want

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to go back just a hot second to all the

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comments that were made and the discussion that is happening,

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you know, online and through messaging. I just want to

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commend everyone for having for sharing different perspectives, sharing different insights,

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reinforcing or disagreeing with what we said in the in

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the shows, because it was all done, at least from

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what I saw, was all done in a very respectful manner,

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and I want to continue to encourage that because, let's

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face it, social media is hard enough to manage and

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get through without somebody saying something starky. So just keep

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keep in mind that we are all here for this

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for a common good, and one of the goals of

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this show has always been to spark insightful and beneficial

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conversation for the industry. So I just want to give

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all of the listeners and everybody who commented an extra

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thank you for not only commenting, but for commenting in

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a way that is constructive and helpful and beneficial to

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all of us. So thank you very much. Now let's

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talk about NETFLI.

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Yes, so I'm kind of glad that we did wait

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a little bit of time to talk about this, even

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though it was mostly because I was out of town,

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but we because.

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It was one hundred percent intentional. We wanted to see

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it all panned out. Ha ha ha ha. That's a lot.

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Okay, yep, it's that one.

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So as everyone is aware, Netflix announced last week that

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it would purchase Warner Brothers Discovery and a deal worth

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over seventy billion dollars. But since then, Paramount has launched

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a hostile takeover bid. So Paramount launched a counter but

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the Warner Brothers team like denied it. So what happened

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is they launched a hostile takeover bid by going directly

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to the Warner Brothers shareholders. And just unlike Netflix, Paramount

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wants to acquire all of Warner Brothers assets, including the

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cable networks like CNN, So they are basically paying offering

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now to pay more for it, and they're going directly

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to the shareholders. So it's This is just to say

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from the outset, this is still very much influx situation.

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So there's so much and I'm not an expert in

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any of this, but I've read an extraordinary amount on

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this topic, and basically no one really knows because there's

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multiple scenarios that could play out, like will the shareholders

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accept that they don't usually accept takeovers like this because

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the shareholders are most of the shareholders are owned by

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larger firms, so they're not really a kin to accepting

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that type of thing. But basically, we'll just say how

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it's supposed to work here in America, how it's supposed

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to work here. The caveat is that whoever brings the

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biggest check it usually is supposed to win, because that's

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what it's about. It's about shareholder return. So whoever brings

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the biggest check, it's supposed to win. Whether or not

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it's a good deal for that company doesn't matter. What

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matters is like, whoever brings the most money usually is

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how it's supposed to win. And then from there, once

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they've done that agreement, then it would go to the government,

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and they have some really smart economists that will look

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at it and they will say, if this consolidation happens,

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is it going to hurt consumers? Is it reasonable to

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think that it's going to reduce choice to the amount

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where it would increase negatively increase prices without increasing demand

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sufficient enough?

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Normally, how's supposed to go?

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Does it?

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And then they would block or not block, or you

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know whatever the government would so that that's normally how

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this is supposed to happen. This one's a little bit

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different because, like I mentioned, there's the there's the takeover

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that's going straight to the shareholders. Then there's the component

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where it's you're not even really comparing apples to apples

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here because the what they're trying to buy is different. Right,

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What what Paramount is is trying to purchase is everything

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because they actually want CNN.

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Right.

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Netflix does not want CNN. They don't want any of

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the news assets, so they would let those go to

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somebody else. So it's you're not even comparing number the

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right numbers because you don't know how much the other

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people would pay for CNN. So if if they found

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a buyer anyway, all that stuff plus then you get

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into how Paramount has said publicly that they believe theirs

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would not be blocked by the government because of their

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ties to the Trump administration. And they believe that, and

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Trump has acknowledged this to some degree that they would

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allow this to go through just because of their relationship.

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But is that the same for Netflix or not? Or

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you know, does Netflix need to buy trump coin, you know,

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in a corner and make it who knows. I don't know,

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So I want to get that complication out of the

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way for us in the theme park space. We also

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really don't care about CNN, so we're really what we're

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looking at is is the impact of the theme park

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stuff and Wonner Brothers licenses its name. Now, just to note,

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Warner Brothers doesn't actually own or like, it doesn't own

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any theme parks, but it does license its name and

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characters to multiple a lot of people. So there's Warner

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Brothers Movie World, there's Warner Brothers Abu Dhabi. It also

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licenses Loney Tune in DC to all the Six Flag

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stuff obviously, then the licensing group that manages everything the

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Warner Brothers Discovery Global Experiences that they just they just

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made that last year. They also do the WB Studio

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Tour in Hollywood, London and Tokyo London. That's an enormous,

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very large experience. So they do have all these experiences happening.

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Let's not forget a course, that all the stuff with Universal,

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they have all the Harry Potter areas and every Universal

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theme park you know, plus the Scooby Doo and Beatle

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just character meting and Greed's like they have a lot

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of plus all the Halloween Horn Night stuff Like Warner

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Brothers has a lot of like tendrils in all of

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the theme park world with so many different operators and

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not just when they're operating their tours, but also their

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agreements obviously the characters, the leases. So there's a lot

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of tendrils out here. And the thing is nobody knows,

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like nobody knows how this is going to work at all.

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And not only and not only that, they also have

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with the with the Potter franchise. They also have the

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museum pop ups, they have the exhibits and exhibitions, so

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they're they're kind of tendrils, is a great way to

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discuss it. It's like they have tendrils or roots reaching

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out into a bunch of different theme parks and attractions.

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And excuse me. And when I saw.

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The Netflix story, the first thing that I thought of was, oh, well,

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this is a this is perfect timing with you know,

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opening the various Netflix Netflix houses, yeah, anchor stores, yeah,

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the Netflix.

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Yeah.

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So that that's also your right. That's the other complicated

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thing is like you know Netflix, so Warner Brothers aside,

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it's like you also aren't even sure like these different

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people would also use all this differently right, Like Paramount

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doesn't really have any like theme entertainment things that they're

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experimenting with. But Netflix, if you know, Netflix does complete

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the purchase brothers. They have the Netflix Houses that they

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just launched, and Netflix before the Netflix Houses, they were

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experimenting with those pop up experiences that were that were

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traveling around. So Netflix has shown interest and not just

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a little interest. They've already announced. So I went to

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Netflix House Dallas last week so I can talk about

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Netflix House Dallas. I saw it in person. But Netflix

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House Philadelphia opened last month. Netflix House Dallas opened on

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December eleventh, and they announced next year they're going to Vegas.

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So they're they're like expanding and that they're not done.

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I mean, they have a large expansion plan for Netflix Houses,

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so you could easily see where that would wrap all

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into it.

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And then you would even wonder.

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Are they would they want to do a theme park

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or if not, I mean it's just well like to me, or.

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Even if they chose not to do a theme park,

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which I personally feel is the direction they should head into.

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I can't believe I'm saying you shouldn't do a theme park,

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but to keep these, to keep these small attract smaller attractions,

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manageable attractions that you can change out quickly and more

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cost effectively.

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That's right with with the the.

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W B, the Warner Brothers, uh arsenal of of additional ips.

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You know.

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Now now all of a sudden, Netflix house could could

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bring in well, of course Potter, that's the that's the

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low hanging fruit that just prints money for them. But

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Game of Thrones could bring in DC. You know, could

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any of these Yeah, they could just go. It just

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expands their their potential exponentially as too.

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Yeah, and they don't need to worry about long term

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construction like with the Theme Parks. I mean, their model

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is is so fast and easy to switch around. It's

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it's like, so I think when we're looking at the

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three players here, I think from what I've read and

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just even when I think, even talking to people at

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ld I and everything, it feels like everybody I wanted

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Comcast to get it because everyone's like, well, then it

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would safeguard the parks. You know, they would have more control,

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you know, Universe would have more control over.

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The Potter areas all this kind stuff.

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So it seems like Netflix, or it seems like the

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Warner Brothers going to comcasts would have made the most

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people happy. It seems like everyone would have been happy

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with that. But they're not even in the running, it

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seems like to me, so it's like it's like, now

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we're looking at really, is it just going to be

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is it just gonna be blocked entirely, or is it

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going to be Netflix or is it gonna be Paramount.

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It seems like.

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On the Paramount side, there's just a lot of other

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items here on the background. I want to read something

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from Heathercox Richardson which sent out you cover this little bit,

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But she says David Ellison, son of right wing billionaire

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Larry Elson, who co founded software giant Oracle, bought Paramount

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over the summer and appears to be creating a right

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wing media ecosystem dominated by the Trumps. Part of the

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FIANC for this purchase of Warner Brothers Discovery would come

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from the investment company of Trump's son in law, Jared Kushner,

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as well as from Saudi and Katari sovereign wealth funds.

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Paramount told Warner.

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Brothers Discovery shareholders that they should accept his offer because

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Trump would never allow Netflix deal to happen. The Paramount

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merger gave Ellison control of CBS previously, which promptly turned right.

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Word at stake now is CNN, which Netflix doesn't particularly want,

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but Paramount does either de neuter it or turn it

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into another version of Fox News. So it's just it's

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interesting when you think about the backgrounds too, because the para,

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just like Heather is summarizing here, there's been already a

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lot of moves with Paramount because it just got bought

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by the Ellisons and they're trying to turn it in there,

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and it seems like what they really care about is

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the CNN portion, and that it's not really gonna necessarily

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impact our world because they don't really care about theme parks,

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you know, they kind of just they'd probably just cash

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the checks from Universal and just let things go on.

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It would merely more be about the CNN property. On

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the flip side, Netflix, it seems like they do care

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about the theme parks and the theme entertainment and that

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whole thing. And also I would argue I talk to

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a lot of people at ELDI, a lot of Universal

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team members, a lot of Disney team members, a lot

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of people, and it seems like nobody really wants it

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to go to Paramount because of the political background, and

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also because it doesn't seem like Paramount cares about theme

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entertainment and they're already word declining, so it's like they

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can't even really manage their studio well and all that stuff. Also,

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Ellison is not a media guy.

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He doesn't.

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He's not a storyteller, right doesn't. He doesn't have any

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background and telling story versus. Netflix has shown repeatedly that

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they can make good series and they have shown interest

244
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in the theme entertainment. So I think the consensus I

245
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spoke to from everybody, it's like Comcast would have been

246
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number one.

247
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But if they're not to be considering.

248
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Then even though it could, it could create a less

249
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competitive market. But Netflix makes more sense for our theme

250
00:12:57.679 --> 00:13:00.799
park world just because the manager sh Meant already knows

251
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how to tell good stories. They hire people and get

252
00:13:03.039 --> 00:13:05.879
out of the way, and they have taken much bigger

253
00:13:05.960 --> 00:13:08.799
bets on crazy stories like squid games that you wouldn't

254
00:13:08.799 --> 00:13:12.440
have fought whatever, have done anything. And then all that

255
00:13:12.559 --> 00:13:17.919
like creative empowerment when given then added to the another studio,

256
00:13:18.080 --> 00:13:21.000
plus the footprint in thing entertainment seems to be.

257
00:13:22.639 --> 00:13:24.960
Yeah, more more interesting for the theme park people.

258
00:13:25.039 --> 00:13:26.240
Well, it's interesting because you say.

259
00:13:26.039 --> 00:13:28.960
That everybody that you talk to from Universal thought Comcast

260
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would be the best, the initial best choice.

261
00:13:31.720 --> 00:13:35.559
So Universal from univers Yes, Disney is like upset they

262
00:13:35.559 --> 00:13:36.960
didn't even bid on it. And I was like, well,

263
00:13:37.000 --> 00:13:39.559
you do realize, Disney that you don't have any money, right.

264
00:13:39.440 --> 00:13:42.679
Any money to bid on it, and you know Comcast.

265
00:13:42.879 --> 00:13:47.080
Comcast is like yeah, because that protects But like you said,

266
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WB has a lot of tendrils that go out into

267
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the rest of the world. And of course there's some

268
00:13:53.120 --> 00:13:55.759
Saudi funding going into it because let's see, where's the

269
00:13:55.799 --> 00:13:59.840
next biggest six Flags park opening. That's right, Saudi, So

270
00:14:00.039 --> 00:14:02.240
they want to protect that interest, So that makes sense.

271
00:14:03.840 --> 00:14:05.440
The thing is, though, I think that that I think

272
00:14:05.519 --> 00:14:09.519
is really interesting is and and going back, I think

273
00:14:09.919 --> 00:14:12.639
Warner Brothers has been really smart in the fact that

274
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they haven't gotten completely in bed with just one attractions company.

275
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But literally everybody has an interest in this.

276
00:14:21.720 --> 00:14:25.759
Yeah, not just the news people like like like all

277
00:14:25.840 --> 00:14:28.480
the political people are interested because of the news section,

278
00:14:28.600 --> 00:14:30.440
but all the theme parks and all the other companies

279
00:14:30.480 --> 00:14:33.600
are interested because of the of of their ties with everybody.

280
00:14:34.320 --> 00:14:36.480
Well, and I think that and I think that, you know,

281
00:14:36.799 --> 00:14:39.480
the reason Heather Cox Richardson put this out there is

282
00:14:40.200 --> 00:14:42.919
it is sort of suggesting that there.

283
00:14:42.759 --> 00:14:47.919
Is an attempt to create a state news agency.

284
00:14:48.879 --> 00:14:51.600
Yeah, and or they a state apparently.

285
00:14:51.360 --> 00:14:52.840
Or state funded news agency.

286
00:14:53.440 --> 00:14:57.840
Apparently the Ellisons did actually say that. They did say

287
00:14:58.159 --> 00:15:00.559
when they met with the White House of they did

288
00:15:00.559 --> 00:15:03.480
say that they would be changing the direction of CNN

289
00:15:03.559 --> 00:15:05.360
to be more in line with the president's wishes, like

290
00:15:05.399 --> 00:15:05.720
they did.

291
00:15:05.759 --> 00:15:09.039
Actually, yeah, so so another yet another Fox News.

292
00:15:09.279 --> 00:15:12.519
So but also I guess for me, like personally, I'm

293
00:15:12.559 --> 00:15:16.279
just kind of like, I understand cable cable news is

294
00:15:16.679 --> 00:15:18.159
important and all that kind of stuff, but I don't know,

295
00:15:18.159 --> 00:15:21.159
but I I just to me, I mean, obviously I'm

296
00:15:21.159 --> 00:15:23.200
the theme park person, so I care more about the

297
00:15:23.200 --> 00:15:23.559
theme park.

298
00:15:23.639 --> 00:15:24.639
I was going to say the same thing.

299
00:15:24.679 --> 00:15:28.360
I think that you know that that battle, that battle

300
00:15:28.440 --> 00:15:30.120
is going to go on and is really outside of

301
00:15:30.159 --> 00:15:34.120
the scope of this particular show. So that's right, And

302
00:15:34.120 --> 00:15:36.960
and you know there is a possibility that you know, say,

303
00:15:37.039 --> 00:15:40.559
say Netflix does go ahead and gets the whole all

304
00:15:40.600 --> 00:15:42.840
the papers are signed and everything goes through, and the

305
00:15:42.840 --> 00:15:44.840
only way that they can convince the government to allow

306
00:15:44.879 --> 00:15:48.840
them to do it is by selling off CNN. So

307
00:15:49.159 --> 00:15:51.519
you know, if that's the if that's the sacrificial lamb

308
00:15:51.600 --> 00:15:54.039
that goes off to Ellison, then great, that's that's the way.

309
00:15:54.279 --> 00:15:56.600
That's sort of personally, that's what I'm rooting for. That

310
00:15:56.679 --> 00:15:58.759
exact scenario is what I'm rooting for, because I do

311
00:15:58.840 --> 00:16:03.240
think that I understand all of the concerns about pricing

312
00:16:03.320 --> 00:16:08.120
and competitiveness and streaming consolidation and all that. I understand

313
00:16:08.120 --> 00:16:11.559
those concerns. I think that they probably would I think

314
00:16:11.639 --> 00:16:13.840
I don't think Netflix would want at all to touch

315
00:16:13.840 --> 00:16:16.000
stand in So I think if the compromises get rid

316
00:16:16.039 --> 00:16:17.919
of all the cable when they take streaming, I think

317
00:16:17.960 --> 00:16:21.159
it would ultimately be better for themed entertainment. I know

318
00:16:21.200 --> 00:16:23.320
people are gonna at me in the comments because everyone's

319
00:16:23.399 --> 00:16:26.639
even when I was saying this at like talking to

320
00:16:26.679 --> 00:16:29.039
people offline about this, people were like, I can't believe

321
00:16:29.519 --> 00:16:33.200
that you're for consolidation. Here's the thing, Like, I don't

322
00:16:33.240 --> 00:16:36.200
think that Warner Brothers is not doing well, Paramount is

323
00:16:36.200 --> 00:16:39.440
not doing well. It's really just now become something that

324
00:16:40.440 --> 00:16:44.320
is being funded by money. Like basically you know, a

325
00:16:44.320 --> 00:16:46.320
good company needs a good operator, and I think the

326
00:16:46.360 --> 00:16:49.440
Netflix operating team has shown has proven it's just like

327
00:16:49.559 --> 00:16:51.919
with Eiger or you know, previously the Disney stuff. Like

328
00:16:52.519 --> 00:16:55.200
you know, good operators make or break companies. As we know,

329
00:16:55.240 --> 00:16:58.159
look at the Six Flags nonsense, right, And And like

330
00:16:59.000 --> 00:17:01.159
I think Netflix knows it entertainment. That's like the one

331
00:17:01.159 --> 00:17:02.919
thing they know, and they know how to how to

332
00:17:03.000 --> 00:17:05.880
innovate and keep going. And I think they're actually interested

333
00:17:05.880 --> 00:17:09.720
in themed entertainment, which I think for us is beneficial

334
00:17:09.759 --> 00:17:12.000
because it means jobs for us, Like I know it, and.

335
00:17:11.960 --> 00:17:13.960
They have deep pockets so they can continue to fund it.

336
00:17:14.400 --> 00:17:16.799
That's not only just fund it by throwing money at it,

337
00:17:16.880 --> 00:17:23.359
but also it's a situation where they can fund it

338
00:17:23.440 --> 00:17:26.720
not only with money, but also with support also you know,

339
00:17:27.640 --> 00:17:28.960
as you say, good operators.

340
00:17:29.319 --> 00:17:30.759
So it's right, and.

341
00:17:32.279 --> 00:17:35.799
It's it's a I know so many people that worked

342
00:17:35.799 --> 00:17:38.480
on the Netflix house Dallas, so many companies that we

343
00:17:38.519 --> 00:17:40.480
all know that worked on them. And I think that

344
00:17:40.480 --> 00:17:42.880
that kind of like you're saying that that kind of

345
00:17:43.039 --> 00:17:45.920
investment I think would be important for us.

346
00:17:46.519 --> 00:17:48.359
But also.

347
00:17:50.279 --> 00:17:52.720
I don't know, I mean, just me personally, I'm sure

348
00:17:52.720 --> 00:17:54.640
this is probably wrong. People are going to correct me

349
00:17:54.680 --> 00:17:56.880
in the comments, but I kind of like, didn't it

350
00:17:57.000 --> 00:17:59.519
used to be a monopoly because it used to be

351
00:17:59.599 --> 00:18:02.400
all cable. You had to buy a cable package and

352
00:18:02.599 --> 00:18:05.000
we paid a crazy amount for cable, like when I

353
00:18:05.079 --> 00:18:08.960
was growing up, and now then then everything unbundled and

354
00:18:08.960 --> 00:18:12.240
now things are just rebundling. And also all the people,

355
00:18:12.480 --> 00:18:14.559
especially where I live, are like, oh, this is a

356
00:18:14.599 --> 00:18:16.359
death of Hollywood and blah blah blah, and I was like, well,

357
00:18:16.440 --> 00:18:19.440
cable kind of built Hollywood, and the reason that it's

358
00:18:19.440 --> 00:18:21.640
not working now, the reason we're all gout of jobs

359
00:18:21.680 --> 00:18:25.599
now is because everything is so distributed that like there's

360
00:18:25.640 --> 00:18:29.079
not enough of funding and anyone like everything's too distributed, right,

361
00:18:29.079 --> 00:18:33.799
nobody has leverage. And then I also do think like

362
00:18:33.839 --> 00:18:36.680
the argument that that Netflix attorneys or Netflix people have

363
00:18:36.720 --> 00:18:40.160
been saying is that it's not actually market consolidation because

364
00:18:41.279 --> 00:18:44.480
streaming it's not about the like paid subscription streaming. It's

365
00:18:44.480 --> 00:18:47.920
about streaming large and still the biggest the biggest person

366
00:18:48.000 --> 00:18:50.200
is YouTube. That's where most people are spending their time

367
00:18:50.519 --> 00:18:52.440
and YouTube and TikTok, and so if you look at

368
00:18:52.440 --> 00:18:54.480
it in that context, they would only have like eight

369
00:18:54.559 --> 00:18:57.680
percent of the market or whatever. So, like, I think

370
00:18:57.839 --> 00:18:59.680
I don't one hundred percent agree with that argument. But

371
00:18:59.680 --> 00:19:03.279
I see, especially as someone who like is a content creator,

372
00:19:03.640 --> 00:19:06.839
I see that, like, especially with the younger generation, they

373
00:19:06.920 --> 00:19:10.119
spend way more time watching YouTube than they do watching

374
00:19:10.240 --> 00:19:13.160
like anything that they're gonna pay for. So I do,

375
00:19:14.640 --> 00:19:16.240
I do see all these arguments.

376
00:19:15.839 --> 00:19:17.920
But I don't know well and and you know, going

377
00:19:17.920 --> 00:19:20.279
back to your you're wasn't it a monopoly before? I

378
00:19:20.279 --> 00:19:21.680
think part of the way, part of the way they

379
00:19:21.680 --> 00:19:25.000
got around that was they had different different cable operators

380
00:19:25.000 --> 00:19:27.599
that handled things, different things regionally, so it wasn't an

381
00:19:27.759 --> 00:19:32.240
it wasn't a federal monopoly. If you were in uh,

382
00:19:32.640 --> 00:19:35.039
if you were in Florida, it was you know, I

383
00:19:35.079 --> 00:19:37.680
don't know, Spectrum or whatever. And then if you were

384
00:19:37.759 --> 00:19:40.400
up in up in the Midwest there was Cox Cable,

385
00:19:40.440 --> 00:19:42.559
there was you know, different different cable companies. I think

386
00:19:42.559 --> 00:19:45.880
that's how they got around that monopoly thing. But yeah,

387
00:19:45.960 --> 00:19:50.000
I I agree with you for the sake of this show.

388
00:19:50.039 --> 00:19:51.960
I mean, yes, I have my own my own personal

389
00:19:52.039 --> 00:19:56.039
views on on the trying to to control all the

390
00:19:56.079 --> 00:19:58.799
news media. That's that's a that's a greater issue that

391
00:19:58.920 --> 00:20:01.319
we're not going to talk about on this show, but

392
00:20:01.720 --> 00:20:06.839
the the idea of this going to the right hands

393
00:20:06.920 --> 00:20:09.759
that's going to keep everybody in the theme park industry,

394
00:20:09.759 --> 00:20:12.039
because let's face it, if it went to Comcast, it

395
00:20:12.119 --> 00:20:16.799
is quite possible that Six Flags and uh and even

396
00:20:16.880 --> 00:20:19.720
you know Morale who runs WB in in Abu Dhabi,

397
00:20:20.920 --> 00:20:23.880
would all of a sudden be bent over a barrel

398
00:20:23.920 --> 00:20:24.480
because they.

399
00:20:24.400 --> 00:20:26.880
Did you know, Contcast would want to want to control

400
00:20:26.920 --> 00:20:27.200
it all.

401
00:20:27.880 --> 00:20:31.799
I'm sure there are I'm sure there are clauses in

402
00:20:31.839 --> 00:20:36.319
the contracts because i mean, let's face it, even well

403
00:20:36.920 --> 00:20:41.599
Warner Brothers World has a huge investment in physical assets

404
00:20:41.960 --> 00:20:44.599
and are in the process of expanding right now in

405
00:20:44.640 --> 00:20:46.319
the in the Potter franchise.

406
00:20:46.160 --> 00:20:46.319
So.

407
00:20:48.000 --> 00:20:51.880
There it's that there's got to be some.

408
00:20:51.759 --> 00:20:55.240
Sort of of of caveat there to protect them. But

409
00:20:55.319 --> 00:20:58.319
I'm not sure how powerful that could be if all

410
00:20:58.359 --> 00:21:01.640
of a sudden Comcasts said Okay, yeah, we're we're we're

411
00:21:01.640 --> 00:21:06.240
gonna shut you down. Netflix is less likely to do

412
00:21:06.279 --> 00:21:08.839
that with any of the with any of the theme parks,

413
00:21:09.079 --> 00:21:12.319
because again, it sounds to me, and I could be wrong,

414
00:21:12.359 --> 00:21:15.119
but it sounds to me like they are looking at

415
00:21:16.279 --> 00:21:20.599
the ability to continue to allow Netflix to allow WB

416
00:21:20.720 --> 00:21:22.759
to operate the way they're operating, which is to kind

417
00:21:22.759 --> 00:21:25.400
of have fingers in all kinds of pies, and they'll

418
00:21:25.680 --> 00:21:31.559
just add their slice to the attraction's realm, and the

419
00:21:31.839 --> 00:21:34.200
Netflix houses will then again have all these new ips

420
00:21:34.200 --> 00:21:34.640
to play with.

421
00:21:35.319 --> 00:21:39.039
I do think to everything you're saying, I think that

422
00:21:39.839 --> 00:21:45.160
it this does put comcasts over all in a worse position,

423
00:21:45.519 --> 00:21:46.720
is what I was thinking.

424
00:21:48.279 --> 00:21:49.519
Just because.

425
00:21:52.200 --> 00:21:54.079
Yeah, just just because of all that, but because like,

426
00:21:55.400 --> 00:21:56.839
no matter how you slice it, this is gonna take

427
00:21:56.880 --> 00:21:59.400
a long time, you know, like the the Disney Wanter

428
00:21:59.519 --> 00:22:02.160
all the ones. Obviously they take usually fifteen months plus

429
00:22:02.200 --> 00:22:06.000
even if things go well, And so we're talking like

430
00:22:06.119 --> 00:22:09.319
two years where this kind of pool has been frozen.

431
00:22:09.680 --> 00:22:12.039
I think I think for me, what I'm thinking is

432
00:22:12.079 --> 00:22:17.200
like Universal is so dependent on Potter as their big

433
00:22:17.319 --> 00:22:18.279
like flagship thing.

434
00:22:19.319 --> 00:22:23.400
Yeah, it's a huge piggy Universal Park, and where most

435
00:22:23.440 --> 00:22:24.640
of their money is made is Potter.

436
00:22:25.279 --> 00:22:25.720
That's right.

437
00:22:25.759 --> 00:22:28.279
And I think that that almost in this scenario almost

438
00:22:28.279 --> 00:22:31.640
turns into a liability no matter what, because if this

439
00:22:31.759 --> 00:22:36.000
is frozen for two years, that leaves like markets don't

440
00:22:36.039 --> 00:22:39.160
like uncertainty, businesses don't like it. Nobody likes uncertainty. And

441
00:22:39.240 --> 00:22:41.680
if you have this uncertainty element where the biggest part

442
00:22:41.680 --> 00:22:44.920
of all of your best performing part of your portfolio

443
00:22:45.240 --> 00:22:47.160
is frozen because they don't know who's going to be

444
00:22:47.240 --> 00:22:49.480
the new owner. That's even if they have a ten

445
00:22:49.559 --> 00:22:52.759
year agreement with them. That uncertainty I think is not good.

446
00:22:52.799 --> 00:22:57.640
I also think that just having experienced Netflix House, it's

447
00:22:57.680 --> 00:23:01.240
a better model than Horror Unleashed. And arguably they could

448
00:23:01.279 --> 00:23:03.839
do the same thing as Horrorunleashed, but just better because

449
00:23:03.880 --> 00:23:06.559
it's a better model because they can rotate it and

450
00:23:06.640 --> 00:23:10.119
they have better ips. Universal doesn't have any ips, Like,

451
00:23:10.240 --> 00:23:13.000
they don't have anything that people want. Warner Brothers has

452
00:23:13.039 --> 00:23:14.440
a bunch of stuff, as we just talked about, but

453
00:23:14.519 --> 00:23:17.480
Netflix also has stuff, So, like, I think that's the

454
00:23:17.559 --> 00:23:21.079
other problem here is, like we've been saying acknowledging about

455
00:23:21.119 --> 00:23:25.359
how Comcast is trying to expand their themed entertainment and

456
00:23:25.440 --> 00:23:28.319
experience this division, because that's that's where they need to

457
00:23:28.359 --> 00:23:31.640
jump over to. But if suddenly Netflix is now like

458
00:23:31.720 --> 00:23:35.119
outflanking them from two sides, Like one side is that

459
00:23:35.359 --> 00:23:39.960
they're potentially causing disruption with the main part of their

460
00:23:40.000 --> 00:23:42.519
parks that's already been built. But the other side is

461
00:23:42.960 --> 00:23:46.400
they start expanding their Netflix houses faster, then they can

462
00:23:46.440 --> 00:23:49.240
build their whole unleashed things. That means they're going to

463
00:23:49.279 --> 00:23:51.680
outflank them and all those markets. Like if they're going

464
00:23:51.720 --> 00:23:54.680
to Vegas next year, now they're going to be in

465
00:23:54.720 --> 00:23:57.839
the same market and potentially competing with them on that.

466
00:23:58.240 --> 00:24:01.119
So like they're taking they would be potentially taking checks

467
00:24:01.119 --> 00:24:05.319
from them and maybe raising the prices for Harry Potter

468
00:24:05.519 --> 00:24:08.079
and then using that money to put it into places

469
00:24:08.119 --> 00:24:11.359
to outcompete them on the on their other models. So like,

470
00:24:11.880 --> 00:24:14.480
I think the biggest loser from all this is actually

471
00:24:14.559 --> 00:24:17.640
Comcasts come and I understand that they don't have a

472
00:24:18.160 --> 00:24:20.599
When I was talking to the people at at LDI like,

473
00:24:21.680 --> 00:24:24.759
I just want to put in perspective, like the reason

474
00:24:24.839 --> 00:24:27.319
that Comcasts couldn't bid on this is because they can't

475
00:24:27.319 --> 00:24:31.920
afford it. That's the reason, because Comcast is one fourth

476
00:24:32.079 --> 00:24:36.359
the size of Netflix. So like they did, they literally

477
00:24:36.440 --> 00:24:39.599
do not have that they just can't. And then if

478
00:24:39.599 --> 00:24:41.759
you're in the middle of a bidding war, there's also

479
00:24:43.400 --> 00:24:45.759
it also becomes to come into plays like are you

480
00:24:45.839 --> 00:24:48.279
paying too much then for these assets? Is then what

481
00:24:48.400 --> 00:24:51.920
it comes into so like especially for like Comcasts, who

482
00:24:51.920 --> 00:24:53.839
doesn't have money, like if they were going to if

483
00:24:53.880 --> 00:24:56.119
they paid say they paid one hundred billion, or they

484
00:24:56.400 --> 00:24:58.079
pay like the entire worth of their company, like one

485
00:24:58.119 --> 00:25:01.759
hundred billion, So it basically is like a merger then

486
00:25:01.920 --> 00:25:04.599
to get these assets, where's then the money to build

487
00:25:04.640 --> 00:25:07.559
out the stuff to even get money from them? So

488
00:25:07.599 --> 00:25:10.200
like at least Netflix has the houses, they have these

489
00:25:10.240 --> 00:25:14.119
things where they can immediately monetize these ips like immediately.

490
00:25:14.640 --> 00:25:19.240
And the interesting thing is, I am sure that the

491
00:25:19.279 --> 00:25:25.079
contracts for things like the Universal installations are all very

492
00:25:25.160 --> 00:25:28.960
specific to you have the in the United States, you

493
00:25:29.000 --> 00:25:32.079
can build this in a permanent theme park. But that

494
00:25:32.119 --> 00:25:36.000
doesn't preclude us from taking these same ips obviously and

495
00:25:36.039 --> 00:25:42.799
doing them as touring experiences, studio studio tours in other parts,

496
00:25:43.119 --> 00:25:45.880
you know, investing in parks and other parts of the world,

497
00:25:46.000 --> 00:25:49.440
because you know, w B. Warner Brothers World is going

498
00:25:49.480 --> 00:25:53.799
to have a Harry Potter realm, an indoor Harry Potter realm.

499
00:25:54.240 --> 00:25:57.000
That is from what I have heard because I have

500
00:25:57.039 --> 00:25:59.640
a few friends working on the project. It's going to

501
00:25:59.680 --> 00:26:03.200
be pretty impressive. It'll be awfully cool. Now you have

502
00:26:03.200 --> 00:26:04.279
to go to the other side of the world to

503
00:26:04.279 --> 00:26:07.960
experience it. But again, I think what I'm seeing and

504
00:26:08.000 --> 00:26:09.799
I'm kind of reading between the lines here, but what

505
00:26:09.839 --> 00:26:17.559
I'm seeing is with the Netflix, with the Netflix purchase, hopefully,

506
00:26:19.319 --> 00:26:21.079
what it's going to do is this is not just

507
00:26:21.960 --> 00:26:26.000
an American centric decision. This is a global decision. And

508
00:26:26.039 --> 00:26:28.519
this is a decision that you know, they can continue

509
00:26:28.519 --> 00:26:32.759
to generate revenue from the six Flags in Saudi Arabia,

510
00:26:33.160 --> 00:26:37.880
Warner Brothers World in Abu Dhabi, the studio tours in London,

511
00:26:37.880 --> 00:26:42.720
which is, as Philip said, a huge installation, and then51200:26:43.240 --> 00:26:46.279



not only that, but also continue to get the money51300:26:46.279 --> 00:26:50.759



from the tours and have access to and in essence51400:26:50.759 --> 00:26:57.079



writing them selves checks for any sort of WB inclusion51500:26:57.279 --> 00:26:59.000



in any of the Netflix houses.51600:26:59.440 --> 00:27:02.599



And those probably also, like you said, like if they51700:27:02.599 --> 00:27:05.920



put a Netflix house onto to buy them all perfect Yeah,51800:27:05.960 --> 00:27:09.160



Like I mean all those all the expansion opportunity to51900:27:09.200 --> 00:27:11.240



be able to do like a Game of Thrones experience,52000:27:11.279 --> 00:27:12.680



and the do buy them all, I mean, like, oh52100:27:12.720 --> 00:27:15.160



my god, like and they already have the experience. So52200:27:15.200 --> 00:27:17.920



I think I think for all of us in the52300:27:17.920 --> 00:27:20.599



theme park world, this is why it's more exciting with this,52400:27:21.160 --> 00:27:25.480



with this vein, and on the pricing, I don't know.52500:27:25.599 --> 00:27:29.839



Like I got some research here that Professor Galloway put52600:27:29.839 --> 00:27:32.559



out that he says the average subscription price for the52700:27:32.559 --> 00:27:35.160



top ten US platform sas versan twelve percent this year,52800:27:35.400 --> 00:27:38.880



far out pacing inflation following double digit increases in twenty52900:27:38.920 --> 00:27:42.000



twenty two. US households spend on average seventy dollars a53000:27:42.000 --> 00:27:45.039



month on streaming services, a significant sum for people whose53100:27:45.039 --> 00:27:47.799



grocery bills have climbed thirty percent over the past five years.53200:27:47.960 --> 00:27:50.359



If Netflix wins, the most critical question will be whether53300:27:50.400 --> 00:27:54.440



it's competing with premium streaming platforms or virtually all digital53400:27:54.480 --> 00:27:57.880



video content buying for attention. Netflix isn't nearly as dominant53500:27:57.920 --> 00:28:01.720



if you factor in YouTube and tiktoks. So like that's53600:28:01.759 --> 00:28:05.480



the argument. But like so I think for US theme53700:28:05.519 --> 00:28:08.000



park people, I think the Netflix thing makes more sense.53800:28:08.000 --> 00:28:10.200



It's more exciting for us because of the job opportunities53900:28:10.240 --> 00:28:12.880



and expansions and all that stuff. But I think there's54000:28:12.920 --> 00:28:16.759



kind of no denying it probably is going to raise54100:28:16.759 --> 00:28:20.440



stream prices that have already been going up, as Galloway54200:28:20.480 --> 00:28:26.799



has cited here, And I don't know I guess we54300:28:26.880 --> 00:28:28.880



just have to accept these two things.54400:28:28.519 --> 00:28:29.359



I guess. I guess.54500:28:29.359 --> 00:28:32.000



My point though, is, yes, it could. It could raise54600:28:32.000 --> 00:28:35.279



streaming prices. Yes, However, it's going to get to a54700:28:35.279 --> 00:28:37.599



point where people either aren't going to be able to54800:28:37.759 --> 00:28:39.559



or are going to choose not to pay it, and54900:28:39.759 --> 00:28:44.279



they will rely solely on YouTube, TikTok et cetera. So55000:28:44.640 --> 00:28:49.160



you know, there's there are there are long term planning55100:28:49.160 --> 00:28:51.240



people who are looking at that. I know that, I55200:28:51.279 --> 00:28:54.799



know that for a fact, and recognizing that, you know,55300:28:54.839 --> 00:29:00.039



the the free media content is something that is a55400:29:00.119 --> 00:29:03.279



huge competitor because you know, just like just like us,55500:29:03.319 --> 00:29:06.759



you know, we keep talking about subscribing to us on55600:29:06.799 --> 00:29:10.720



YouTube so that we can become monetized and we're you know,55700:29:10.759 --> 00:29:12.720



struggling with that too, but we still want you to55800:29:12.759 --> 00:29:17.480



do it. So you know, it's it's interesting, It's it's55900:29:17.519 --> 00:29:20.880



not the old game. It's a new game, and it's56000:29:20.880 --> 00:29:21.759



going to continue.56100:29:21.480 --> 00:29:22.160



To be a new game.56200:29:22.279 --> 00:29:24.480



But I will say that I have a couple of56300:29:24.480 --> 00:29:29.440



friends who do work for Warner Brothers, and without telling56400:29:29.480 --> 00:29:31.359



tales out of school, I will say that they will56500:29:31.359 --> 00:29:37.720



not be upset about this particular situation. So we will56600:29:37.720 --> 00:29:40.519



see where it goes. We will keep tracking it, but56700:29:40.599 --> 00:29:43.240



we won't keep tracking it in this show because we56800:29:43.440 --> 00:29:46.000



are out of time. So once again, yes I did56900:29:46.000 --> 00:29:48.640



put my plug in. Please, if you're watching us on57000:29:48.640 --> 00:29:52.759



on YouTube, please subscribe so that we can continue to maintain.57100:29:53.039 --> 00:29:58.200



Please continue to have great discussions with fellow listeners because57200:29:58.200 --> 00:30:01.039



we really appreciate all of that, and and that's again57300:30:01.079 --> 00:30:04.839



why we're here and just keep enjoying the shows because57400:30:04.839 --> 00:30:06.279



that's you know, let us know how we can be better,57500:30:06.319 --> 00:30:09.119



because that's we're doing this for you. Because it takes57600:30:09.160 --> 00:30:11.559



time out of our day, I'll be honest, but we57700:30:11.640 --> 00:30:13.359



love doing it. We love doing it, so on behalf57800:30:13.359 --> 00:30:15.359



of Philip and myself Scott Swinson. This is a green57900:30:15.359 --> 00:30:17.559



Tag theme park in thirty and we will see you58000:30:17.559 --> 00:30:18.039



next week