Six Flags Bets on Travis Kelce as Disney Faces a Cable Crisis

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From our studios this week in Orlando and Tampa. This

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

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I'm joined as always by my co host Scott Swinson

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of Scott Swinson Creativelopment. On green Tag, we look at

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the week's top news and explain why it matters to

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theme park professionals. And this week we're going to do

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a little bit of an update on the six Flag

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saga because at this point of course we have to.

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We're going to go into Disney Earnings and we're going

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to talk about the latest sale and acquisition in the

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theme park world.

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So but before we do.

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That, we're going to turn to all of you because

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our last episode got tons and tons of comments and

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we really appreciate that. I'm hoping that as you comment,

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you go ahead and subscribe so that you can continue

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to comment. Because Philip and I were just talking before

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we started recording that this is the reason we started

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green Tech was to start conversations within the realm of

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the industry professional and it's happening and we're so excited

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about it because, you know, people whether they agree with

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what we said or didn't agree with what we said,

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or they have their own perspective, or they're they're they're

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in agreement, but they're saying taking this into consideration. All

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of these kinds of comments are so incredibly valuable, and

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the fact that they're starting conversations within the comment streams themselves,

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that's what's most exciting to me, because it's not coming

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back necessarily to something that we have to respond to.

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It's letting professionals talk with professionals. It's basically creating a network,

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an online networking environment that is prompted by what we

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do in our weekly shows. So we wanted to kind of,

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first of all, thank you for for those kinds of comments,

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and thank you for becoming subscribers and encouraging you if

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you have not become a subscriber, to become a subscriber.

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But we also wanted to focus on some trends quote

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unquote within our our within the comments from last week,

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and Philip of course tracks these like a professional, like

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the professional that he is. So what are what are

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people saying?

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Philip?

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Yeah, so I do read every comment.

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I may not reply to any of them yet, after IAPA,

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I will, I will get there. But uh, I think

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there was a lot of discussion about all the different

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topics last year, about six Flags, about United Parks, about

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the Bush Gardens Parks, and on the six Flags front.

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It seems like most everybody in the comments are not

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happy with the current operations. However, a lot of people

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did point out that people who knew how mergers works,

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all that's coming a mile away, and that was from

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Projects tom one Night ninety nine, which I think is

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a good point, right. I think when Scott and I

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were talking last week, we didn't really put this in

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the context of mergers. Like, you know, mergers don't always succeed,

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or even if they do, it's not without some friction,

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you know, as all these things happen. So I feel

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like maybe we portrayed it as if it was like,

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you know, not not you know, mergers are I guess

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mergers are relatively common, but they don't always work out,

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and they always is that that friction of figuring out

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the new direction of the company and the assets and

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all this, and yeah, they do always sell off items

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because of the cash the cash impact of merging, right,

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so they always have to sell assets. And a lot

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of people pointed out how they wouldn't be surprised if

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Six Flags did sell some of the Crown Jewels just

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for cash and all this and that, and of course

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we can't comment on that because that's like that's a prediction.

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But you know, some basically this is all part of mergers.

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Like sometimes the mergers they merge together and they sell

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off some higher assets in order to reinvest, and sometimes

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they sell off the lower assets, and it's all. But yeah,

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I would say that comment, and then we also, I.

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Think it's important to recognize too that you know, we

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say that mergers don't work. Generally speaking, mergers don't work.

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I don't necessarily agree with that. I think when mergers happen,

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we have to stop comparing the new company to either

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of the old companies, because when a merger happens, the

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both of the old companies in effect die. They're done,

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they're gone their history. So anybody who is trying to

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compare what six Flags was pre merger and what six

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Flags is becoming post merger, it's not fair. That's the

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six Flags the way it used to be is done.

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It's gone. That's why it merged. So it has formed

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an entity that is completely different, completely unique to either

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the Cedar Fair Company or the Six Flags company. So

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now what they're doing is that all of a sudden,

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the powers that be and the boards et cetera, et cetera,

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et cetera, are looking at well, now we've got all

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these different assets. It doesn't make sense for us. Of course,

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you're going to sell stuff off. It doesn't make sense

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for us to own competing parks in the same market.

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That doesn't make sense at all. And as Philip mentioned,

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when you have this kind of merger, all of a sudden,

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you've got tons and tons of things. It's sort of

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like it's sort of like when you begin to cohabitate

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with your spouse and all of a sudden, we don't

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need two gravy boats. Let's sell one of them. You know,

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it's one of those. We all do it, and it

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makes total sense. So I think it's unfair to necessarily

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say all mergers fail or most mergers fail. I think

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it's probably more accurate to say most mergers become a

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company that's unlike either of the two that created that merger.

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Does that make sense? Yeah?

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I think that's also a point.

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We didn't do too much last time, which is really

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thinking about it's not you know, they had to keep

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the six Flags name just because of the brand value

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that is attached to it. But it almost would have

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been more helpful if we think of it as like

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an entirely different company, because I think Scott's point is

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that it is an entirely new company and what they're

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trying to do is rethink their whole value proposition. So

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it's not about like six Flags becoming more like the

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old Bush Gardens or become sorry, it's not about six

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Flags becoming more like the Cedar Parks or vice versa.

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It's about how is this new entity going to survive

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in a competitive market and are they gonna stay in

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markets where they have large a lot of competitors or

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are they gonna go for areas or they not? Or

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are they going to take a more regional approach, or

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are they gonna do Halloween or are they not? Or

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seasonal or blah, but like seasons of what are they

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gonna do? Who are they? It's a whole new company.

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I think it's a better way of thinking.

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About exactly, and they still have to figure out and

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let's I mean, let's be completely honest, and they have it.

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They haven't because they've been using old terms from old

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of their you know, their old six flags terms, and

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and I think that's that's I think to this comment.

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It's about the expectation mismatch that is the problem here.

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Correct, correct, But I think I think there's a logic

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to using the old six flags terms simply because they

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don't want to diss the few six flags uh patrons

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that they have. They also have to keep. They also

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have to keep stockholders happy. They also have to keep

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stockholders engaged, so they can't all of a sudden It's

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it's like turning an aircraft carrier. It's not like turning

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a speedbook, you know, And you got to you gotta

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look at it from that perspective. And let's be completely

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transparent and completely honest. If the two companies were on

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these skyrocketing trajectories to financial to overwhelming financial success, they

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wouldn't have merged.

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Ye.

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The merger took place because the the independent companies thought

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that there would be an advantage for those involved, and

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perhaps those involved at the very highest levels. That's usually

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where those mergers, that's usually who those mergers benefit the most.

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And you know, I have no idea what their what

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their long range game is is it to to to

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sell off everything that's worth everything and then just shut

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down the rest of the company. It doesn't appear that way.

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That hasn't been That's not what they're that's not what

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their actions have shown thus far. Is it to sell off,

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you know, the lower performing parks or the parks that

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are in competition with other parks that they now own. Yeah,

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may be part of it, But I think I think

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we have to recognize just the simplest summation of this

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is we have to recognize that six Flags now is

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neither Six Flags before merger or Cedar Fair. It is

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a completely new company. It has some of the same

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parts that both of them had, but it also and

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some of the same problems, and it has some new

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advantages and some new problems. So you got to take

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into consideration that when these things merge, they become a

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separate entity that is not the sum of two parts.

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You know, it may be there's a lot that's going

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to be similar as far as the parks go. Now,

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do the guests attending the park parks understand this? Probably not,

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but those of us in the industry should.

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Yeah, that's true, that's true. One the other comment we

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just want to call out. Was there some talk about

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United Parks and about people's experiences there and also about

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Bush Gardens, and the one that I thought was insight.

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We was mentioning how bush Gardens Tampa is really leaned

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into school kid group sales and that this is the

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budget crowds that Universal and Disney don't want. And a

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great insight here, which is can you build a brand

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on leftovers? And I thought that was a that's the

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interesting take on that, which we didn't think about it at all,

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but just you know that again, we talked about this

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for Halloween, but we didn't necessarily talk about it written

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large about how there are these you know, again back

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to what six Flags had originally said, and of course

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there's not six Flags in this market, so in this

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market you kind of.

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You do have more room for that.

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But remember way back when the parks have talked about

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how they're trying to get out of that budget crowd,

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because the budget crowd was the one that was causing

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problems at Halloween. And this is what this comment reminded

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me of, is like, oh, well, you're like, I don't

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know how true that is because I haven't been to

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that park in a long time, But it is interesting

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for them to point out that that is a market

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and whether or not, I mean, and it's I think

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it's fair to argue that Disney you can't because it's

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too expensive. And I think it's also fair that Universal

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probably doesn't hit that because it is edging up there

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also in price. So I would I could see how

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Bush Gardens Tampa would would be the group sale park.

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Well, six Flags was the sales park. I mean, six

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Flags was the budget alternative for many many years.

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Saying yeah, so in that area and there's.

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Not well and to be I'm probably telling you it's

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old news. Now. Six Flags has been trying to buy

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a park or build a park in this area for many, many,

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many years. And if United Parks did decide to start

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selling off stuff, there was there was interest in the

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past from six Flags for Bush Gardens Tampa. There have

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been interest from six Flags in in SeaWorld Orlando, but

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neither of them have ever nine of them have ever

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developed into anything. But I think you know, to that point,

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is it possible to build a brand off of leftover?

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Is probably not, because that's not the sexiest brand. But

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is there a business model that focuses on here's something

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for the people who can't afford Disney and the people

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who can afford Universal. Yeah, there's a business model there. Now.

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Is that the business model that Bush Gardens or United

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Parks wants to follow. That I can't answer because I'm

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not part of the company anymore. But there is a

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market there for delivering lower cost, moderate quality experiences. And

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of course we all know it. You know, we're not

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telling tales out of school when we all say that.

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If you look at the board of United Parks, there

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are some internal challenges and struggles there as well. So

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you know, that's not new news to anybody, whether you're

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in the in the know or not, and so they

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need to make certain that they get that figured out.

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I of course am hoping and praying that the parks

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continue to do well, simply because there's so much a

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part of my early career. But I totally understand your

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comment and there too, as far as my opinion goes,

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there is Yes, there is definitely a business model that

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that can build itself off of leftovers. And if six

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Flags is trying not to be that now or the

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new the new six Flags, the new company is trying

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not to be that now, then maybe United Parks can

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can fill that void. Unfortunately, the hard the hard goods

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of all of these parks kind of precludes that from

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happening because there's a lot of high end operational costs

242
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for especially for the Sea World parks. But Bush Gardens

243
00:12:45.559 --> 00:12:49.120
well because of its its animal component. Yeah, so.

244
00:12:51.039 --> 00:12:54.840
Well yeah, yeah, see, well, Okay, we did actually have

245
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some six Flags Saga news this week. We gotta we

246
00:12:56.759 --> 00:12:58.759
gotta gotta get move in on here. So oh yes,

247
00:12:58.840 --> 00:13:01.039
enough enough, but anyway, thank you guys for your comments.

248
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Keep in coming. Yes, thank you for your comments.

249
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So this week's in this week's edition of What's going

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on with six Flags, Travis Kelcey six Flags they're developing

251
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a branding relationship following the Kelsey investing. So last week

252
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we talked about how Travis kelce and has partnered with

253
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a investment group, so he basically just became the face

254
00:13:21.600 --> 00:13:24.120
of this like investment group and they bought a nine

255
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percent share, and then he was talking about how they

256
00:13:26.320 --> 00:13:28.799
were gonna, you know, interested in helping six Flags and

257
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because he grew up with them and blah blah blah.

258
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And we talked a.

259
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Little bit about how you know, nine percent isn't really much,

260
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and this is kind of a little bit like an

261
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activist play, but it seems like six Flags is trying

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to capitalize it because they were asked about this on

263
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their earnings call and it kind of they So basically,

264
00:13:49.799 --> 00:13:52.159
this is what six Flags ast. Six Flags is engaged

265
00:13:52.200 --> 00:13:55.039
with Kelsey's team to work together on a broader branding relationship,

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capitalizing on Kelsey's long history with our parks and his

267
00:13:57.720 --> 00:13:59.879
desire to help renew and enhance the fund and excite

268
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me and he has enjoyed with us for future generations.

269
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These discussions come at an ideal time as we continue

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to invest across our business to modernize our brands, reinforce

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their long standing cultural relevance, and build stronger connections with guests.

272
00:14:13.279 --> 00:14:15.960
And then they went on to kind of say some

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00:14:16.440 --> 00:14:21.879
interesting stuff about Travis Kelcey. Influencers of that ILK have

274
00:14:22.039 --> 00:14:25.080
tremendous followings, and I think part of where all of

275
00:14:25.159 --> 00:14:27.320
society is going is figuring out what does the new

276
00:14:27.399 --> 00:14:34.720
world look like? Anyway, and then they go back to, oh,

277
00:14:34.759 --> 00:14:38.799
we have we've had dialogues and concepts of a plan basically,

278
00:14:39.919 --> 00:14:44.720
and then what is it okay We're going to work

279
00:14:44.759 --> 00:14:46.399
very closely with him and his team to make sure

280
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that we optimize the opportunity. As you said, the interest

281
00:14:50.240 --> 00:14:52.600
is not only the stock pressuring up, but it speaks

282
00:14:53.080 --> 00:14:55.120
to how we live in a different world.

283
00:14:55.159 --> 00:14:57.360
Now, I've got trust in our team and in his team.

284
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We know how to work this.

285
00:14:58.279 --> 00:15:01.360
So I was a lot of yammering by them, but

286
00:15:01.399 --> 00:15:04.559
basically I feel like they were six Flags was like, well,

287
00:15:04.600 --> 00:15:06.159
he's kind of an influencer and we do want to

288
00:15:06.200 --> 00:15:08.799
work with him, But it almost seemed like they were

289
00:15:09.159 --> 00:15:12.480
a little bit like, maybe we can use his celebrity

290
00:15:12.519 --> 00:15:15.200
to help invigorate the parks by doing some sort of

291
00:15:15.240 --> 00:15:17.279
like branding deal that we don't have to pay for

292
00:15:17.399 --> 00:15:21.639
now because he has a vested interest right where like

293
00:15:21.639 --> 00:15:23.840
you know, instead of having to pay him probably more

294
00:15:23.879 --> 00:15:26.919
than nine percent of what the company is worth, then

295
00:15:27.360 --> 00:15:30.200
he is just gonna like help them out or they'll

296
00:15:30.240 --> 00:15:31.840
work with him, or I don't know.

297
00:15:32.080 --> 00:15:32.759
It was really weird.

298
00:15:32.799 --> 00:15:34.519
And then they went on social media and they posted

299
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like a picture of a roller coaster with like Travis

300
00:15:37.159 --> 00:15:40.440
Kelcey like paste it onto it, like clearly photoshop like him,

301
00:15:40.480 --> 00:15:42.039
like in a six Flags coaster.

302
00:15:44.679 --> 00:15:51.759
Yeah, I you know, I I think that you're absolutely right.

303
00:15:51.840 --> 00:15:55.799
I think that his name affiliated with six Flags is

304
00:15:55.799 --> 00:15:57.200
worth far more than the nine percent.

305
00:15:57.679 --> 00:15:58.679
Yeah, a hundred percent.

306
00:15:59.200 --> 00:16:04.240
I think that to I think I don't know whether

307
00:16:04.320 --> 00:16:10.039
these these new uh, these new plans will progress in

308
00:16:10.080 --> 00:16:14.360
a swift manner or not, but I'm sure they'll be

309
00:16:14.399 --> 00:16:22.879
tailored to their new business model just saying we'll just saying, well,

310
00:16:22.879 --> 00:16:25.360
but we're talking. I mean, so let's let's not. You

311
00:16:25.360 --> 00:16:28.240
can't ignore it. You can't ignore it. Taylor Swift concerts

312
00:16:28.399 --> 00:16:32.200
actually have a plate tectonic effect on the cities that

313
00:16:32.240 --> 00:16:34.799
they go up in. So if you have control, if

314
00:16:34.840 --> 00:16:40.840
one one branded human being has the control of that

315
00:16:41.039 --> 00:16:45.080
many fans, yeah, you want to be affiliated or associated

316
00:16:45.080 --> 00:16:47.879
with them in any way you possibly can. And they

317
00:16:47.879 --> 00:16:53.960
can't afford to buy her, to to lease her, and

318
00:16:53.960 --> 00:16:56.159
and I don't don't misunderstanding. I'm not saying that Kelsey

319
00:16:56.159 --> 00:16:58.799
has is like a shlub on the side there. He's

320
00:16:58.799 --> 00:17:02.240
got some pretty pretty hefty following as well. But the

321
00:17:02.320 --> 00:17:06.240
two of them together, could you just imagine, if you know,

322
00:17:06.480 --> 00:17:11.759
all of a sudden, they did a they did a

323
00:17:12.000 --> 00:17:15.240
song and dance show in all of the parks that

324
00:17:15.400 --> 00:17:17.759
had exclusive tailor Swift video.

325
00:17:18.359 --> 00:17:18.640
Yeah.

326
00:17:18.720 --> 00:17:20.720
Could you just imagine what that would do for their attendance?

327
00:17:21.119 --> 00:17:23.519
Yeah, yeah, yeah, See, I think there is a lot

328
00:17:23.559 --> 00:17:25.359
of potential there. So I think they are right about it.

329
00:17:25.440 --> 00:17:28.480
Let's just make sure, let's I just thought it was

330
00:17:28.559 --> 00:17:32.960
interesting how that's his line about like, you know, influences

331
00:17:33.000 --> 00:17:33.640
in the ILK and.

332
00:17:33.599 --> 00:17:35.720
The New World Order or whatever nonsense.

333
00:17:35.759 --> 00:17:38.960
I was like, okay, that's I think it's okay just

334
00:17:39.000 --> 00:17:41.480
say like we want to work with him, but then

335
00:17:41.559 --> 00:17:45.119
also just be honest about it, like yes, like, yeah,

336
00:17:45.799 --> 00:17:49.200
they have a large audience, and we think that we

337
00:17:49.240 --> 00:17:52.599
could potentially tap into that audience in some mutually beneficial

338
00:17:52.640 --> 00:17:54.440
way that will help our attendants.

339
00:17:54.559 --> 00:17:56.680
That's it. Why you got to be so weird about

340
00:17:56.680 --> 00:17:57.119
it when you.

341
00:17:57.079 --> 00:17:59.279
Get well, because again, they don't want to say we're

342
00:17:59.279 --> 00:18:01.160
going to write on his we'ren run on the coatails

343
00:18:01.160 --> 00:18:04.880
of his success, and they can't. They don't want to

344
00:18:04.960 --> 00:18:07.960
lead with that because that's going to have some negative backlash.

345
00:18:08.000 --> 00:18:12.240
Well that's a very negative backlash. But you know, I

346
00:18:12.279 --> 00:18:13.640
just thought it was funny as you even as you

347
00:18:13.640 --> 00:18:16.839
were reading it, I kept thinking, wow, how how twenty

348
00:18:16.880 --> 00:18:21.240
ten of you you know, yes, yes, yeah, yeah, yeah,

349
00:18:21.519 --> 00:18:25.759
fair fairness. Though parks are finally finally starting to catch

350
00:18:25.759 --> 00:18:29.440
on to the power of influencers, finally, there are some

351
00:18:29.480 --> 00:18:33.359
parks that still their marketing plans are all about how

352
00:18:33.440 --> 00:18:35.839
much ad time are we purchasing, how many billboards, how

353
00:18:35.880 --> 00:18:41.000
many commercials. They they don't get it. It's they don't

354
00:18:41.079 --> 00:18:42.759
understand their market in many cases.

355
00:18:43.400 --> 00:18:46.039
So yeah, it's badly especially if you are if they

356
00:18:46.039 --> 00:18:48.079
are like you, like we just talked about, if that's

357
00:18:48.079 --> 00:18:48.680
a need to move on.

358
00:18:49.160 --> 00:18:51.359
I just last it's like, especially if they.

359
00:18:51.240 --> 00:18:55.240
Are like targeting like that budget or any any one

360
00:18:55.319 --> 00:18:58.000
younger in that age range. You're like, this is literally

361
00:18:58.079 --> 00:19:00.480
the market that you're that you know, you're targeting with

362
00:19:00.519 --> 00:19:07.160
your parks, and like, yeah, so anyway, yeah.

363
00:19:06.240 --> 00:19:07.799
I think that that's a unique thing.

364
00:19:07.720 --> 00:19:11.440
For us to Yeah, yeah, I just think I thought

365
00:19:11.480 --> 00:19:13.880
that's something that's unique for us in the amusement space

366
00:19:13.920 --> 00:19:16.759
because a lot of the markets that we target are younger,

367
00:19:16.839 --> 00:19:19.200
and I think that is always a challenge for us

368
00:19:19.240 --> 00:19:23.319
in amusement industry. Written large is like you know that

369
00:19:23.640 --> 00:19:27.920
those again very trendy you know, K pop demon hunters,

370
00:19:28.079 --> 00:19:30.039
which we won't get to talk about today. But that's

371
00:19:30.079 --> 00:19:34.640
a good example of making sure you're on the transport. Okay, okay, sorry, okay.

372
00:19:34.799 --> 00:19:37.480
The next story is about the Disney earnings. There's not

373
00:19:37.680 --> 00:19:40.240
too too much to talk about here, but basically, they

374
00:19:40.319 --> 00:19:44.559
reported their fiscal fourth quarter earnings on Thursday. It did

375
00:19:44.839 --> 00:19:48.799
top end list expectations for earnings, but it missed on revenue,

376
00:19:49.119 --> 00:19:52.319
and that's mainly because of the cord cutting. Basically, the

377
00:19:52.519 --> 00:19:56.640
TV networks had a lackluster theatrical film and lackluster theatrical films,

378
00:19:56.720 --> 00:19:59.839
So overall, I think it was pretty good. It's just

379
00:20:00.000 --> 00:20:04.160
those two are starting to weigh down the company more

380
00:20:04.559 --> 00:20:07.920
and the stock closed down more than seven percent after

381
00:20:07.920 --> 00:20:11.240
the earnings, which was not good. Operating income for its

382
00:20:11.279 --> 00:20:15.839
TV networks dropped twenty one percent. On the flip side

383
00:20:16.000 --> 00:20:21.279
the thirty nine percent, the streaming had a rise of

384
00:20:21.319 --> 00:20:26.000
thirty nine percent. So again, they've been talking about this forever,

385
00:20:26.079 --> 00:20:28.640
but it just it it seems like it's starting to accelerate.

386
00:20:29.200 --> 00:20:34.160
If anything, and I think this is a point that

387
00:20:34.160 --> 00:20:34.880
I had wanted to make.

388
00:20:35.160 --> 00:20:39.720
It is just thinking about how really we're chasing a

389
00:20:39.759 --> 00:20:42.240
smaller screen now. So if if your business that all

390
00:20:42.240 --> 00:20:45.839
relies on making stuff for larger screens, it's probably not good.

391
00:20:46.079 --> 00:20:48.440
It's smaller screens is where it seems like the audience

392
00:20:48.440 --> 00:20:51.039
and the money is at. And I think this has

393
00:20:51.119 --> 00:20:55.839
caught both Comcast and Disney off guard because previously, before Epic,

394
00:20:56.039 --> 00:20:58.599
we were talking about how it was catching Comcasts off

395
00:20:58.640 --> 00:21:01.920
guards how quickly that the cord cutting was eroding, Like

396
00:21:01.960 --> 00:21:03.599
it's like it's like they thought it was going to

397
00:21:03.640 --> 00:21:06.680
be here, but it's it's starting to go like this right,

398
00:21:06.720 --> 00:21:10.519
and it's starting to just go accelerate. And I think

399
00:21:10.519 --> 00:21:12.880
that also caught in this quarter, caught Disney off guard

400
00:21:12.880 --> 00:21:15.400
where they didn't have a fancy new theme park to open,

401
00:21:15.559 --> 00:21:18.079
and so it caught that a little bit off guard

402
00:21:18.359 --> 00:21:22.160
having an accelerated amount of cord cutting. And both of them,

403
00:21:22.319 --> 00:21:24.880
you know, have made bets in streaming, and Disney Plus

404
00:21:24.960 --> 00:21:28.079
has been paying off, but it's always the question of

405
00:21:28.079 --> 00:21:29.480
like is it going to pay off fast enough? And

406
00:21:29.480 --> 00:21:30.839
if it's not going to pay off fast enough, then

407
00:21:30.839 --> 00:21:33.519
what are you going to do to replace that that revenue?

408
00:21:33.519 --> 00:21:36.359
But on the on the good side, it is that

409
00:21:36.480 --> 00:21:40.480
Disney Plus reported nearly two hundred million subscribers, which is great.

410
00:21:40.720 --> 00:21:44.880
And remember the the ESPN app that they have been

411
00:21:44.920 --> 00:21:47.880
working on. They talked a lot about that and think

412
00:21:47.960 --> 00:21:51.200
that let's see. Executives touted the recent launch of ESPN's

413
00:21:51.319 --> 00:21:53.880
direct to consumer app, which brings all the content from

414
00:21:53.920 --> 00:21:56.440
linear TV networks to streaming for the first time. They

415
00:21:56.440 --> 00:21:59.400
said this didn't cause more cable bundle losses and instead

416
00:21:59.440 --> 00:22:02.720
it led to more overall users and engagement. Bob Eiger

417
00:22:02.799 --> 00:22:05.359
called the ESPN app a positive step for the future

418
00:22:05.400 --> 00:22:08.440
of ESPN, notoriously known for one of the few channels

419
00:22:08.480 --> 00:22:10.680
holding the kill A bundle together. So ESPN's results are

420
00:22:10.720 --> 00:22:12.799
reportedly separate from the entertainment TV network.

421
00:22:12.920 --> 00:22:14.000
So that's all.

422
00:22:17.400 --> 00:22:20.680
Again back to their they're trying to rapidly shift, so

423
00:22:20.720 --> 00:22:24.759
I think now they've decided the TV bundles are running

424
00:22:24.759 --> 00:22:26.960
too quickly, so they're pushing the ESPN app, which is

425
00:22:27.079 --> 00:22:29.880
I mean, just like with comcasts, it's a matter of

426
00:22:29.880 --> 00:22:32.200
like can you switch your business model fasten up, befoward

427
00:22:32.240 --> 00:22:35.039
to rhoads. The last thing I wanted to share was

428
00:22:35.079 --> 00:22:39.680
there was a really insightful post. Of course, I always

429
00:22:39.720 --> 00:22:42.680
read like the earnings and listen to the earnings. With that,

430
00:22:42.720 --> 00:22:45.880
I always like to read what all the other analysts

431
00:22:45.880 --> 00:22:48.920
are saying, especially ones that are not in our industry

432
00:22:49.279 --> 00:22:54.160
to see what other people think of our industry, and it's.

433
00:22:53.960 --> 00:22:57.079
It was interesting. I found one Chris Columbo that had a.

434
00:22:57.000 --> 00:22:59.839
Great little, tiny little chart here, which is hilarious, he said.

435
00:23:00.759 --> 00:23:04.119
He said, basically, the new model is that ip that

436
00:23:04.200 --> 00:23:07.440
lives across screens and spaces and monetizes at every step,

437
00:23:07.799 --> 00:23:10.519
and it starts in the low mid budget movie now

438
00:23:10.559 --> 00:23:13.400
like a smaller budget movie, then goes into makes a

439
00:23:13.480 --> 00:23:16.440
huge streaming wave, then goes into retail, then goes into

440
00:23:16.519 --> 00:23:19.640
character momentum showing up in parks. And we've been talked

441
00:23:19.640 --> 00:23:22.880
about this forever because that's the classic, you know, Disney Flywheel.

442
00:23:23.119 --> 00:23:25.759
But I think what is changing here is thinking about

443
00:23:26.039 --> 00:23:29.160
the input still needs to be a good story, but

444
00:23:29.200 --> 00:23:32.119
not necessarily a big budget and that's because you're you're

445
00:23:32.200 --> 00:23:34.720
making it for a smaller screen. You're not making it

446
00:23:34.799 --> 00:23:38.599
necessarily for movies anymore, or for broadcasting. You're making it

447
00:23:38.599 --> 00:23:40.640
for like people watching on their smartphones, because a lot

448
00:23:40.720 --> 00:23:44.799
of people just watch on their smartphones. And I think

449
00:23:45.000 --> 00:23:47.359
that was an insight that I was like, oh, interesting,

450
00:23:47.519 --> 00:23:49.400
and we won't get to talk about Netflix House, but

451
00:23:49.440 --> 00:23:50.960
it plays exactly a Netflix house.

452
00:23:51.640 --> 00:23:53.480
Yeah, it's well, it's interesting because I just had I

453
00:23:53.559 --> 00:23:57.200
just had a meeting with a local film and video

454
00:23:57.200 --> 00:24:01.640
production company that I've worked with before, and they're they're

455
00:24:02.279 --> 00:24:03.880
branching out. They do a lot of you know, they

456
00:24:03.880 --> 00:24:05.480
do a lot of corporate stuff and the but they're

457
00:24:05.480 --> 00:24:09.000
branching out into They've just sold their first their first

458
00:24:09.000 --> 00:24:12.799
major motion picture, and they're and they're they're very excited

459
00:24:12.799 --> 00:24:16.559
about future projects. And and this is this is the

460
00:24:16.559 --> 00:24:20.720
same company that that I've worked with before, either I've

461
00:24:20.799 --> 00:24:24.119
hired them to produce stuff for for live experiences or

462
00:24:24.160 --> 00:24:26.079
they've used me as an actor from time to time.

463
00:24:26.559 --> 00:24:28.359
But I told them, I said in our meeting, I said,

464
00:24:28.359 --> 00:24:29.640
look here, you got to think about it this way.

465
00:24:29.880 --> 00:24:32.559
Stop thinking about your company to make movies. Think about

466
00:24:32.559 --> 00:24:36.640
your company to build IP, because it's not it's not

467
00:24:36.720 --> 00:24:39.640
about the movies. It's not about the movies. It's you know,

468
00:24:40.319 --> 00:24:44.920
people don't go to movies, and even even people who

469
00:24:44.960 --> 00:24:48.359
have never seen K Pop Demon Hunter recognize it when

470
00:24:48.359 --> 00:24:52.640
they see it in the stores in the they recognize

471
00:24:52.640 --> 00:24:54.359
it if they even if they haven't watched it, they

472
00:24:54.359 --> 00:24:57.359
know it. So it's all about building the IP and

473
00:24:57.400 --> 00:24:59.119
it used to be. You know, back in the day,

474
00:24:59.200 --> 00:25:02.119
it was let's create this really impactful film and then

475
00:25:02.160 --> 00:25:05.400
we'll add, well, we'll outsource these characters, bring them into

476
00:25:05.400 --> 00:25:06.119
the real world.

477
00:25:06.480 --> 00:25:06.720
You know.

478
00:25:07.359 --> 00:25:10.839
That's how both Disney and Universal Studios started, was so

479
00:25:10.880 --> 00:25:13.279
that you could live the movies. You could actually participate

480
00:25:13.599 --> 00:25:16.039
in the characters that you saw on the two dimensional screen.

481
00:25:16.480 --> 00:25:18.200
But the world is moving too fast for that, so

482
00:25:18.240 --> 00:25:19.920
you've got to now make it so that they all

483
00:25:19.960 --> 00:25:23.200
give birth at the same time, so you're building ips,

484
00:25:23.559 --> 00:25:24.400
not making movies.

485
00:25:25.319 --> 00:25:29.720
Yep, yep, Okay, all right, we have to get to

486
00:25:29.759 --> 00:25:32.160
this last story really quick.

487
00:25:36.880 --> 00:25:39.039
Hershan, Yes, Hershan.

488
00:25:39.839 --> 00:25:42.839
I just realized I did not talk at all about

489
00:25:42.880 --> 00:25:44.599
the parks, but I don't think we necessarily need to.

490
00:25:44.680 --> 00:25:47.440
The only thing that Disney mentioned about their parks in

491
00:25:47.519 --> 00:25:51.680
the Earnings is that Disney Experiences, so the theme park

492
00:25:51.759 --> 00:25:55.160
sector of Disney, which is so funny. Because it's so funny,

493
00:25:55.720 --> 00:25:59.480
I sometimes I forget about the theme park section, even

494
00:25:59.519 --> 00:26:03.000
though that's our business of the Disney Earnings. And also,

495
00:26:03.200 --> 00:26:06.279
I still think that Netflix should buy Disney, because let

496
00:26:06.359 --> 00:26:09.839
us not forget how much larger Netflix is when compared

497
00:26:09.839 --> 00:26:11.519
to Disney and they could buy it with just their

498
00:26:11.599 --> 00:26:13.960
free cash flow, so anyway, they probably just should buy

499
00:26:13.960 --> 00:26:18.079
Disney and be done with it. So anyway, so the

500
00:26:18.079 --> 00:26:20.319
theme parks did really well. They saw an increase of

501
00:26:20.319 --> 00:26:23.279
thirteen percent compared to Q four of last year. Domestically

502
00:26:23.279 --> 00:26:26.960
they grew nine percent, and basically they're saying it's because

503
00:26:26.960 --> 00:26:30.440
of Epic univers On the earnings call, they said, we've

504
00:26:30.440 --> 00:26:32.799
talked about Epic Universe in the past, in particular as

505
00:26:32.839 --> 00:26:34.440
something that we knew was going to be a factor

506
00:26:34.440 --> 00:26:36.240
in domestic parks, and in fact, it was very much

507
00:26:36.279 --> 00:26:38.559
in line with our expectations. If anything, it seems to

508
00:26:38.599 --> 00:26:40.839
be impacting the rest of the competition down in Florida

509
00:26:40.880 --> 00:26:44.079
more that's impacting us from a consumer perspective. We certainly

510
00:26:44.119 --> 00:26:49.400
feel good about it. So they went on to say,

511
00:26:49.400 --> 00:26:51.160
we are pleased with these results and encouraged by the51200:26:51.160 --> 00:26:56.839



continued resiliency of our domestic parks. So and let's see,51300:26:56.880 --> 00:27:01.960



it said most of the uptick comes from spending inside51400:27:01.960 --> 00:27:03.480



of the theme parks as well as they also have the51500:27:03.480 --> 00:27:07.039



Disney Treasure launch. But basically, uh, it's that that wave51600:27:07.119 --> 00:27:07.720



we talked about.51700:27:08.079 --> 00:27:11.039



Yeah, and we've you know, that's just reinforcing what we51800:27:11.079 --> 00:27:14.440



said when Epic was, you know, just about ready to open.51900:27:14.519 --> 00:27:17.480



It's my guess is that all the parks in Florida52000:27:17.559 --> 00:27:20.079



are seeing an uptick of some sort. They may not52100:27:20.119 --> 00:27:23.039



be seeing the one they anticipated, but Disney it makes52200:27:23.039 --> 00:27:26.240



the most sense because of course they are the most52300:27:26.359 --> 00:27:29.240



the most relevant. My guess is people are going and52400:27:29.279 --> 00:27:32.519



staying at Disney and visiting Epic on a on a52500:27:32.680 --> 00:27:35.599



on a day, Epic becomes a day trip.52600:27:35.799 --> 00:27:39.200



But I don't know, well, United Parks and Resorts reported52700:27:39.240 --> 00:27:41.759



a six percent, six percent decrease in revenue in three52800:27:41.759 --> 00:27:45.559



percent dukies in attendance, So I think it's more like52900:27:45.720 --> 00:27:49.079



that's that's exactly what Disney actually was, more like, this53000:27:49.160 --> 00:27:51.279



is what happened Disney. They were like, what do you53100:27:51.279 --> 00:27:53.240



think about United or what do you think about Epic53200:27:53.319 --> 00:27:58.480



Universe Disney, and Disney was like, we think it's great53300:27:58.519 --> 00:28:00.640



because we're doing great and it's helped us, but it's53400:28:00.680 --> 00:28:03.720



not helping everybody. And then they're like smugly smiling, and53500:28:03.759 --> 00:28:05.880



then they're like pointing to the other parks.53600:28:06.000 --> 00:28:09.680



That's what's happenings. And that's kind of unnerving for United53700:28:09.680 --> 00:28:13.079



Parks because that means they're from a guest standpoint, they're53800:28:13.119 --> 00:28:17.599



no longer placed in the same category as Universal and Disney,53900:28:17.599 --> 00:28:20.279



which is what especially the Orlando parks have been trying54000:28:20.319 --> 00:28:22.920



to do for years. So yeah, that's that's a little54100:28:22.960 --> 00:28:24.440



unnerving for them.54200:28:24.759 --> 00:28:28.000



Okay, sorry, Silverwood, Oh my god, Okay, we had to54300:28:28.000 --> 00:28:32.279



get Okay, we got it. So Hershend is acquiring Silverwood.54400:28:33.160 --> 00:28:34.920



Many thought that we should have started with that news,54500:28:34.960 --> 00:28:37.480



but here we are. So the thing park owner and54600:28:37.480 --> 00:28:40.920



operator Hersein signed an exclusive term sheet to acquire Silverword54700:28:40.960 --> 00:28:43.079



Theme Park in Idaho from the Norton family, who have54800:28:43.119 --> 00:28:44.880



operated the park since it's founding.54900:28:44.559 --> 00:28:46.359



In nineteen eighty eight.55000:28:47.000 --> 00:28:49.519



This is more than a business transaction, it's a continuation55100:28:49.680 --> 00:28:52.640



of a legacy, says the Hershon CEO.55200:28:52.400 --> 00:28:55.279



Andrew Wexler. We are honored that the Norton family has55300:28:55.279 --> 00:28:57.400



trusted us to carry their vision forward and excited to55400:28:57.400 --> 00:29:01.519



welcome Silverwood hosts and guests to Hershend. I could not55500:29:01.880 --> 00:29:04.440



think of a better I mean, this, this is gonna55600:29:04.440 --> 00:29:04.799



go well.55700:29:06.160 --> 00:29:09.440



After we've just said mergers, mergers and acquisitions never go well,55800:29:09.640 --> 00:29:10.519



except this one.55900:29:11.000 --> 00:29:13.759



Well, this isn't a merger. This is a pure acquisition.56000:29:14.119 --> 00:29:15.279



This is and I think in.56100:29:15.200 --> 00:29:18.160



This case, you know, we know that Hershin does well,56200:29:18.200 --> 00:29:20.799



I mean everybody. That's the other thing everyone in our56300:29:20.799 --> 00:29:24.279



comments agrees with is that Hershind is like the best quality.56400:29:24.640 --> 00:29:26.119



You know, It's like up there in terms of the56500:29:26.160 --> 00:29:27.799



best quality of all these parks that a lot of56600:29:27.839 --> 00:29:29.960



people were saying they were Hershind would have bought the56700:29:29.960 --> 00:29:34.200



Cedar parks, you know, but they're small, it's a small56800:29:34.279 --> 00:29:36.960



it's small chain. But I think they will handle this56900:29:37.039 --> 00:29:39.119



well as they have handled the previous acquisitions.57000:29:39.119 --> 00:29:42.079



Well. Yeah, And I think it's also good that it's57100:29:42.200 --> 00:29:45.279



hershened because again, family park, and I think part of57200:29:45.279 --> 00:29:48.400



the reason that they could get that agreement was because57300:29:48.440 --> 00:29:51.160



the Family Park talked to Hershint, which is very family oriented,57400:29:51.240 --> 00:29:54.839



very family based to begin with. And I'm guessing that57500:29:55.640 --> 00:29:57.839



the Norton family felt that they could they could sell57600:29:57.880 --> 00:30:00.319



this park to an organization that will can tinue to57700:30:00.359 --> 00:30:01.720



run it the way they want it run, with the57800:30:01.720 --> 00:30:07.960



same level of experience, guest experience. And so it's yeah,57900:30:08.000 --> 00:30:09.119



I think this is a great I think this is58000:30:09.119 --> 00:30:10.440



a great move. I think it's good for Hershen. I58100:30:10.480 --> 00:30:12.920



think it's going to be great for Silverwood quite honestly,58200:30:13.400 --> 00:30:17.119



so we will we will see fingers crossed. All right, Well,58300:30:17.119 --> 00:30:19.200



that's all the time we have. Philip and I are58400:30:19.200 --> 00:30:22.480



going to immediately finish this show and dive into our58500:30:23.279 --> 00:30:25.960



our Patreon show. We're going to dive into Unhinged, and58600:30:26.559 --> 00:30:29.279



my guess is, well, probably because we're both just crazy,58700:30:29.279 --> 00:30:31.519



pulling our hair out trying to figure out what we58800:30:31.559 --> 00:30:33.640



can do for Iappa. My guess is we're going to58900:30:33.720 --> 00:30:36.000



chat a little bit about a pre i appa what59000:30:36.039 --> 00:30:38.200



the hell do we need to get done in that.59100:30:38.440 --> 00:30:42.279



So if you'd like to subscribe and hear our craziness59200:30:42.319 --> 00:30:45.319



before we dive in, and if you are attending IAPPA Expo,59300:30:45.559 --> 00:30:47.759



please stop buy on Tuesday at noon, stop by the59400:30:47.799 --> 00:30:49.839



hunting Grounds and chat with Philip and I because we59500:30:49.839 --> 00:30:52.720



will both be there presenting Marketing the Monsters, which is59600:30:53.160 --> 00:30:57.440



a whole session, whole talk about how to differentiate your59700:30:57.440 --> 00:31:00.480



marketing plans from your day product to your haunt and59800:31:00.839 --> 00:31:03.119



why those are very different and how important they can be.59900:31:03.160 --> 00:31:04.759



So we're very excited to talk about that. It's one60000:31:04.799 --> 00:31:06.440



of the few times, actually it's the first time Philip60100:31:06.480 --> 00:31:09.400



and I have ever actually spoken together at IAPPA and60200:31:10.000 --> 00:31:11.759



we're really looking forward to that, so please stop by60300:31:11.799 --> 00:31:13.920



and say hello, but we are out of time, so60400:31:14.079 --> 00:31:15.920



on behalf of Philip and myself. This is Green Tag60500:31:15.960 --> 00:31:18.200



Theme Park in thirty and we will see you next60600:31:18.200 --> 00:31:18.440



week