WEBVTT
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Oh, from our studios this week in Los Angeles and Tampa.
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This is Green Tagged theme parkin thirty. I'm Philip from
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Ganta Mighty and Controls that. I'm joined as always by
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my delightful co host Scott Swinson of Scott Swinson Creative Development.
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On Green tad, we look at the top news each
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week and we explain why it matters to business professionals
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in the theme park industry. And this week, by popular demand,
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of course, we are going to talk about some of
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the big changes coming to six Flags, but also Disney
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six Flags of the first half and Disney in the
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latter half. So we will jump right in since we
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have a lot to get to with the six Flags news.
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Thank you to all the commenters who pointed out that
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our timing was terrible because a lot of news broke
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aus news we dropped last week's episode.
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We start talking, we start talking about something, then news
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drops the moment our show drops and we're like, oh.
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Crud, Yes, that's basically what happened. So a few quick
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things here. There's a new six Flags take policy, and
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what's happening here is that six Flags is are structuring
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its season passes, grouping them into regions. The new structure
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applies to the Six Flags Gold passes and introduces four groups, East, Midwest, Texas,
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and West. Silver level passes will remain on an individual
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park by park, and the Gold passes will then allow
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you to access a region. So season pass holders who
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already have a Gold pass to a six Sykes park
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do not need to do anything. They'll just receive the
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benefit of being able to go to the other parks
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that are in their region. And Gold pass holders who
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added the All Park Pass will get a free upgrade
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to the Prestige level for their pass. And remember that
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the Prestige Pass is the one that covers all the
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parks in North America, So that's the what is happening now.
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Some of the commentary on this, there's a lot of
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complaints about how this is devaluing the Prestige Pass because
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effectively people are getting upgraded into that. For you know,
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it's like, what about the people who bought that originally,
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which is including me, and what you know, what happens
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to those people? But then there's the why, and I
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think it's interesting for our conversation. There is a really
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interesting theory floated by again Robert now is something parkinsider.
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He said, by reframing home parks as home regions, six
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Flags gives itself an opportunity to hold onto at least
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a few of the customers that it will surely lose
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if it closes any more parks. And contrasting to that,
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there is a writer there that kind of replied back
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to that, saying that it's more of a bait.
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They believe that.
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It's actually a bait and switch type of situation that
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six Class is setting up because most guests who knowingly
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bought the lowest year passes simply don't care or wouldn't
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utilize a larger pass perk. So let's do that, and
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then we're going to talk about the perk system, which
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is related to this, but it's a little different. So
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why is six Flags doing this? Scott, Well, again, I.
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Wish I could tell you. I don't don't really know.
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So let's take half a step back. The regional pass
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is new, correct, This was not offered before. So it's
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either it was either the top of the top, the
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pass that you got to because you want to go everywhere,
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or the individual park right.
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Yeah, yeah, So basically before there was like Silver which
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is just like one park. There was Gold, which has
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better benefits, but you could upgrade your Gold to allow
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you to go to multiple like all the parks, or
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there was the Prestige, which is like every parks and
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top benefits, so it was sort of like increased benefits
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but also access. So basically what they did is they
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took that middle one and they said, even if you
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didn't pay to have the all access to all the
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park section, we're going to just expand that to allow
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you to go to everything that's close to you, basically
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in your region, so within a few hours. So it
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is basically just opening up to allow people that are
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at that mid level to access parks in their region
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for no costs. They just get to go to those extra
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parks for no cost, no no no extra admission to
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those and not having to upgrade, you know, to the
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the all park option, and then it's taking that all
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park upgrade and then it's moving it up to Prestige.
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So basically it's just trying to get more people into
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the park.
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Yeah, it's that simple.
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Keep in mind, you know, everybody thinks that parks make
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tons and tons of money off of their season pass program.
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They make money off of their season pass program.
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Only if people come to the park.
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Or either they don't come to the park at all,
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or they come to the park all the time and
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spend money every time they come. That's how people make money,
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That's how parks make money off of season passes. So
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to all of a sudden add the perks of here's
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a region. It's not just the home park that you
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bought your gold pass for. Here's a region that you
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now get into. And I think, yes, it will soften
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the blow when some we'll call them competing six flags
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legacy parks, when some competing parks will close their doors,
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if that is going to happen, which quite possibly could.
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In fact, I think from a business standpoint, it most
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definitely should because I just think it's right sizing. But
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it might take the sting out of that a little bit.
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Number one.
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Number two, it sounds like, you know, the only reason
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parks will give you something for quote unquote nothing is
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if they're phasing out what you bought. Every company does that.
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There are you know, even even like with organizations that
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do certification, if they're getting rid of a certain level
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of certification, they'll bump up everybody out up to the
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next level of certification and then stop doing the one
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that they're getting rid of. So that's kind of what
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this sounds like. So instead of doing silver, gold in
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one park, and then prestige, they're just doing silver which
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is one park, Gold which is a region, and prestige,
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which is everywhere.
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So you know, yes, there's always going to be a
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little bit of sting.
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They can always you know, they're gonna have to to
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do a handle a put a few fires out on
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the on a one on one basis, But it sounds
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like they just kind of realized this is actually going
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to get more people into our parks, and I think
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even if it even if it doesn't, I guess what
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I'm saying is with the with the people who paid
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for the gold and now have the regional park availability,
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they may go to the other parks once or twice,
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They're still going to go primarily to their home park
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because that's what they bought, that wanted, that was the
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product they were looking for, But it might introduce them
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to a few other parks. So again, I this makes
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a ton of sense, especially for a company that has
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so damn many parks in the US. Why not why
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not work that to the best of your ability. I mean,
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there's really not another there's not another company that can
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do regional passes. You know, there's nobody who has that
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number of parks.
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So I think to your point, I think sometimes we
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try to put too much strategy into some of these decisions, right.
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I do think it's as simple as they're just trying
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to get more people into the parks.
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I think you're trying to click the turnstiles.
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That's it. I actually think that this is pretty simple
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in terms of strategy. I really don't think it's part
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of a larger as I kind of disagree with Robert.
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I don't think it's part of a larger I don't
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think that really played into it because I think the
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amount of people that would that really pay attention to
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that type of stuff is pretty insignificant. I think that
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it overall, it makes more sense to have a structure
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that is simple, that is like one part, multiple parks
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that are close to you all parks. I think that
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is a simpler package to set it to. But I
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think this is yet again classic six flags in the execution,
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which is always where they fall short. The execution here
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is that they did kind of slap the people who
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purchased the highest pass already in the face, and they
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haven't really done anything to make up for that, and
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that is classic six Flags, So I think you kind
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of shouldn't be surprised by that in a way, right.
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But at the same time, the percentage that that I
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can only imagine the percentage of people is very very small,
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So I'm sure that six Flags is thinking, well, it's
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only like one whatever whatever percent of people it is
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that have that pass anyway, so it's fine. And there again,
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their ultimate goal is just get more people in the park.
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So this feels something like something that was like an
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idea thrown around by maybe the new previous CEO who
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didn't see it all the way done through, or the
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new one or whatever, and then they were like, let's
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just do it and see how it works, and then
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they didn't have the thought process of really thinking about
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its impact on the pass members because that's just how
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they work.
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Well.
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But I think it's also fair to say that the
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people who bought a Prestige pass are going to be
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Six Flags fans period. They wouldn't have bought it in
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the first place if if they weren't already, if they
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hadn't already drank the kool aid, if they weren't already
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willing to go to multiple parks within the six Flags chain.
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So I.
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I don't I don't think there's good. Yes, there's gonna
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be a few ruffled feathers, and when they show up
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at a park somewhere, somebody will say, hey, let's buy
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you lunch, and they'll go, oh look go Noisily are
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and it'll.
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All be taken care of.
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Uh.
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You know, I I think that when you that's what.
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They should have done. I actually think that would have
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fixed it from the beginning. I think they would have
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been like, you know, we're going to give you guys
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two free quick service meals or whatever like. They would
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have loved that. How much can that possibly have caused?
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No? And who knows that, I guess I guess.
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My point is, if you brought the Prestige Pass, you're
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not all of a sudden going to say, well, I'm pissed,
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I'm not going to go to ever six I'm not
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going to go to any six Flags for again.
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Well that's ridiculous, that's not gonna happen.
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But I'm just saying that type of thinking is indicative
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of the six Flags thinking, where they're like, these people
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are already locked in. Their switching costs are too high.
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It's the in shitification theory, right, The switching costs are
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too high for those prestige people. So they're not gonna
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leave because they have too much invested already in Six Flags.
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And so they're like, when.
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The time it comes to renew, they're going to say, gosh,
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we had so much fun at all the parks, let's
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do it again.
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That's right. And so they're like, there's no reason to
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really need to do anything for them because they're already
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locked in.
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Right.
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So the counter to that, though, is again like, uh,
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when does enough become too much or whatever? And I
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don't know the answer I.
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And I also I also have to kind of reframe
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it slightly. The people who paid for the Prestige Pass
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did not all of a sudden have to pay more.
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They paid for what they thought was a fair was
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a fair price for the Prestige Pass. The fact that
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somebody else got upgraded to that Prestige Pass, yeah, okay.
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So they did, You're right, that's basically like it's sort
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of like saying I'm jealous of my neighbor because you know,
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I bought a car for twenty thousand dollars and they
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got it for fifteen thousand dollars.
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I'm like, okay, but you bought it because you.
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Thought it was a fair price, that's right.
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Yeah.
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It kind of reminds me to have like airline stuff,
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you know, where you're like, you bought a if you
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buy a ticket, you know, to like a nice you
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to pay for, like the extra seat room or whatever.
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You know, those like tickets that have extra seat extra inches,
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and then someone just gets like moved there by the
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flight attendant or upgraded and then like dated, Oh.
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You get upgraded, or you get upgraded, you get upgraded
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to first class because of your points. I mean, it's
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it's all that kind of stuff, and you can get
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as pissy about that as you want. But wait a minute,
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let me go back here, because I think I just misspoke.
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The people who had the Gold Pass get the Regional Pass,
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not the Prestige Pass.
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No, it does say that Gold pass holders who had
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added the all Park Pass.
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Added the all Park Past, so basically they had already
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added on to make it a park past.
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Yeah, they're just getting upgraded to Prestige and they're getting
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the the what does that.
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What extra does that give them?
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It's it's extra, it's just extra benefits.
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It's extra benefits. It's no more extra extra access to parks.
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That's right, that's correct. That's great. So basically before there
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was like Silver Gold one Park and then Gold Multi
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Park and then Prestige that included. And you know, so
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all they're doing is taking the Gold Multi and upgrade
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and upgrade them to simplify the system, to just make
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it a cleaner system.
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So there's not like I think that I think the.
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And I know you're a you're a Prestige passolder, but
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I this don't care. This sounds really petty for me,
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the way that.
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Like I honestly read this like I I never I'm not.
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This is so terrible. At no point was I upset
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by this. And the reason is because I, I guess,
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like I don't really care about the like not that
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I don't care about six ice hearks, but like I don't.
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Well, you care enough to get a Prestige pass.
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I don't freak. I'm not as investor.
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Or, I don't know.
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I don't want to say, like I expect it from
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them or you know what I mean. It's it's sort
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of like I'm like like whatever. Like I'm like, I
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don't go as often I think than I do to
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like Disney or whatever. I usually it's usually much less,
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So I think for me it's a less impact. But
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maybe if you know you go to a park, I
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guess here every week.
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I guess you know the people the people who did
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the gold and then added the all park, or the
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people who got the Prestige even I don't know what
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the price delta is between those two, but you know,
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all they're If all they're getting is additional benefits, they're
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getting the additional benefits of the prestige, then this is
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going to blow over. And people who are people who
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are people who have a prestige pass who are upset
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about it, in my opinion, are being really petty that
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somebody else got something because the system changed. Yeah, so
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look at dynamic pricing. You meant already mentioned it. Look
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at dynamic pricing when it comes to airfare. I bought
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my ticket on Tuesday and I paid five hundred dollars,
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and you bought your ticket on Thursday and paid two
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hundred dollars and we're sitting next to each other.
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That's right, So welcome to the world, kids. I think
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we need to move on though we're we have we
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are a lot to get through. So the next six
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flags saying is that they kind of they did announce
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a new perk system, which kind of comes in conjunction
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with these new ticket policy. I don't that there was
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someone last week that's physifically asked us in the comments
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to talk about this. The problem is I don't understand
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they didn't understand it either, and I also don't wonder,
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so I'm not gonna be no help here. But basically
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I linked to the blog which talks about it. If
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I'm going to summarize this, basically, it's like, hey, instead
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of having to hit any sort of minimums or whatever nonsense,
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you're just gonna have perks that we're going to load
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into your account automatically. And those perks could include lists
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of things that are basic like extended food and beverage discounts,
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buy one, get one, fitted on off, merchandise savings, ticket offers, whatever.
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These are going to be offers that are going to
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just show up. We'll text you and we'll email you
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about them, and they'll show up in your app and
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they'll be able to they'll be available, and that's kind
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of it. And so I guess I understand why this
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is confusing and that it's like it's a change in
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how the system used to work. But to me, this
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sounds like exactly what you just mentioned about dynamic pricing,
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but this is a dynamic perk system where it's like,
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I think that they are probably going to target people
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based on their visitation to give them like dynamic offers,
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which if you remember, they talked about this in the
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strategic plan like years ago, where they're like, once the
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system is unified, which it is now and it's streamlined,
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we're going to be able to incentivize behavior from specific
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people by giving them targeted offers. And I think that's
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what this is. I think that's why also that the
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press release is so vague about it, and the way
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I see this word is they're just going to load
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random perks onto passes to drive incentives. I mean, just
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like to me, it.
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Sounds like a similar algorithm to when I click on
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one thing on Instagram, then I get fifteen of the
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exact same kinds of things.
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00:16:18.000 --> 00:16:19.440
It's it's it's an algorithm.
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It's it's, oh, you went to you went to You're
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not your home park, but you went to another park
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in Texas.
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00:16:26.000 --> 00:16:28.360
Okay, so now I'm going to give you two free
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meal and meal.
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Yeah, that's right at.
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The other at the other park in Texas. That's that
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seems pretty straightforward. It's it's sort of a surprise and
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delight coupon system that uses an algorithm.
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00:16:39.200 --> 00:16:42.440
That's right. Yeah, so you're you're guaranteed your benefits if
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you are whatever past level, you have the static benefits,
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and then these perks, I think are going to be
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things that just are dynamically served to people to encourage
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specific behavior. I think that's it.
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To drive you, yeah, and to drive you to go
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based on your based on your behavior, to drive you
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to go to certain places, like if you haven't been
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to your home park in three months, you know, they
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will send you a couponto. Is this is what every
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business in the world does.
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Yeah, so that's what I So I'm sorry if we
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00:17:10.599 --> 00:17:12.400
want more help on that, if we are wrong, please
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tell us. But I'm pretty sure that's what it is.
359
00:17:14.599 --> 00:17:16.880
Well, and I know for a fact that we have
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people who work for six Flags who listen to us
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on a regular basis. I'm not gonna call you out
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by name because I don't want to put you on
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the spot, but if you could contact us and if
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we are off, please correct us because you know and
365
00:17:29.799 --> 00:17:33.200
obviously we either understand it or we don't, so help
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us out.
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And finally, six Flags changed its filming policy for roller coasters,
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which is something I want to get Scott's opinion on
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because this is very interesting. Basically, they used to not
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allow anything, but now they're allowing recording devices such at
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the have a Okay, well, I'll just read it here.
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On ride photography is strictly prohibited on the majority of
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our attractions without park permission unless their coring device is
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a glasses based micro camera ruh, for example, metaglasses that
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is secured to the head with an approved strap. While writing, uh, yep, yeah,
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00:18:10.000 --> 00:18:15.079
I mean new technology. Fine, addressing new technology, no problem. Yeah,
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what do you mean? What does it mean? What do
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you mean by like a strap? So just like a
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00:18:20.640 --> 00:18:22.759
if I'm just wearing them, then probably not. But if
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it's like a little glasses.
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00:18:25.720 --> 00:18:27.319
Well, there are some parts that make me take off
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my glasses to ride roller coasters.
383
00:18:29.200 --> 00:18:30.319
Yeah, that's what I was thinking.
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Yeah, but it has nothing to do with am I
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able to see it?
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Am I able to record it? It's are they going
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to fly off and injure somebody that we're going over?
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That's right?
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So yeah, this is this is just excuse me, in
390
00:18:43.279 --> 00:18:45.599
my opinion, this is just adapting to new technology saying
391
00:18:45.880 --> 00:18:49.440
we can't argue anymore that the glasses that strap on
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00:18:49.480 --> 00:18:54.279
your face that record are that there's any danger. There
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00:18:54.359 --> 00:18:56.400
is no danger. It's not a safety issue, so we can't.
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00:18:57.400 --> 00:19:01.599
Now I totally understand. I I can even remember back
395
00:19:01.680 --> 00:19:04.480
before you know, cell phone cameras and that sort of thing.
396
00:19:05.079 --> 00:19:08.799
We used to do. We used to do media days.
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00:19:08.640 --> 00:19:12.359
Where we would literally we would literally duct tape the
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00:19:12.400 --> 00:19:17.119
camera to the cameraman's hand so it could not fly off.
399
00:19:18.680 --> 00:19:22.839
And that was slightly before actually putting a camera mount
400
00:19:22.920 --> 00:19:26.319
that was attached to the car itself that shot forward
401
00:19:26.319 --> 00:19:30.960
and backward. But you know, because there were there were
402
00:19:30.960 --> 00:19:32.960
still some media people who said, no, we wanted to
403
00:19:32.960 --> 00:19:35.119
get it on our own cameras. We said, great, but
404
00:19:35.160 --> 00:19:37.720
it has to be permanently attached to your arm, so,
405
00:19:37.960 --> 00:19:41.960
you know, just shy of super glue or surgically grafting
406
00:19:42.039 --> 00:19:44.160
it to your hand. Duct tape was all we had
407
00:19:44.160 --> 00:19:47.039
at the time, and of course cameras were not tiny,
408
00:19:47.119 --> 00:19:51.119
they were big. So again, it's a safety thing. And
409
00:19:51.200 --> 00:19:53.119
if that safety thing is no longer an issue, I
410
00:19:53.160 --> 00:19:55.039
think this makes total sense. I think this is this
411
00:19:55.119 --> 00:19:57.200
shows that you know, six Flags is keeping up with
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00:19:57.240 --> 00:19:59.119
the times in regards to this particular element.
413
00:20:00.559 --> 00:20:05.160
Okay, Disney, we'll see if we get to both of these.
414
00:20:05.200 --> 00:20:08.000
We may not. But Disney had their earnings that came out,
415
00:20:08.039 --> 00:20:10.680
but they also announced a new CEO, and this has
416
00:20:10.720 --> 00:20:12.640
been the news that has been absorbing most of the
417
00:20:13.519 --> 00:20:16.039
news cycle. Is definitely the new CEO thing. But let's
418
00:20:16.039 --> 00:20:20.319
talk about Yeah, it has been by everybody, and I'm
419
00:20:20.480 --> 00:20:23.039
kind of upset about how the mainstream media is covering it,
420
00:20:23.119 --> 00:20:26.480
so we'll talk about that. But first, the earnings were
421
00:20:27.039 --> 00:20:30.319
good with a little asterisk. With the asterisk is always
422
00:20:30.359 --> 00:20:34.039
that the theme park and the experiences division, right is
423
00:20:34.640 --> 00:20:37.799
doing well and the linear is doing bad. And that
424
00:20:38.000 --> 00:20:41.680
is same with comcasts. That's same with I mean, this
425
00:20:41.480 --> 00:20:44.759
is the thing right now, right, So nothing changed here.
426
00:20:45.000 --> 00:20:47.640
The Disney Experiences report a quarterly revenue of ten billion
427
00:20:47.680 --> 00:20:50.599
for the first quarter. For the first quarter fiscal year
428
00:20:50.599 --> 00:20:53.359
twenty twenty six, experiences segment carried the company in the
429
00:20:53.400 --> 00:20:56.440
quarter with six percent growth partially off site in a
430
00:20:56.559 --> 00:21:00.240
thirty five percent income law set entertainment and twenty three
431
00:21:00.279 --> 00:21:03.799
percent lots of sports. Disney attributes the growth to its
432
00:21:03.799 --> 00:21:07.759
additional cruise ships since then, the Disney Treasure in Disney Destiny.
433
00:21:08.079 --> 00:21:10.440
The direct quote here is it at Disney Cruise Line.
434
00:21:10.440 --> 00:21:13.200
We recently launched the Disney Destiny, which has received outstanding
435
00:21:13.200 --> 00:21:15.599
reviews some guests. We're also preparing to launch the Disney
436
00:21:15.599 --> 00:21:18.160
Adventure next month, which will be our first ship homeport
437
00:21:18.279 --> 00:21:21.759
in Asia, bringing immersive Disney storytelling to more people globally
438
00:21:21.880 --> 00:21:26.319
than ever before. However, here's the big however that I
439
00:21:26.359 --> 00:21:28.519
think a lot of people are just glossing over Disney
440
00:21:28.559 --> 00:21:33.480
set it and it's a big butt okay, the big butts. Yeah.
441
00:21:33.559 --> 00:21:39.160
It expects modest income growth, which is investor speak for
442
00:21:39.880 --> 00:21:43.279
FLAP should be putting up bad things for the current
443
00:21:43.359 --> 00:21:48.240
quarter due to international visitation headwinds at our domestic part.
444
00:21:49.920 --> 00:21:51.319
Oh, I love that phrase.
445
00:21:52.079 --> 00:21:58.160
International visitation headwinds.
446
00:21:58.440 --> 00:22:02.640
Okay, but what they're saying here is at Walt Disneworld. Specifically,
447
00:22:02.839 --> 00:22:05.400
bookings are up five percent for the full year, weighed
448
00:22:05.880 --> 00:22:10.240
more towards the back half the UH so certainly trending
449
00:22:10.359 --> 00:22:14.480
very positively in that regard. I literally have like I
450
00:22:14.519 --> 00:22:21.000
would hope that people visited during Christmas. G gosh okay.
451
00:22:21.039 --> 00:22:25.680
So they also said, in response to the headwinds they're
452
00:22:25.720 --> 00:22:28.680
facing from international visitation, that we pivoted our marketing and
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sales efforts to a more domestic audience and we were
454
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able to keep attendance rates high. From that perspective, I
455
00:22:34.200 --> 00:22:36.519
wouldn't say they kept them high if they only if
456
00:22:36.559 --> 00:22:41.160
bookings are only up that anyway. Some other data here
457
00:22:41.400 --> 00:22:43.480
is that during the latter part of the quarter, parks
458
00:22:43.519 --> 00:22:46.359
attendants increased only one percent. I put the only in
459
00:22:46.400 --> 00:22:49.680
there that's me, only one percent, and per cap only
460
00:22:49.680 --> 00:22:53.599
increased four percent, which I kind of feel like is
461
00:22:53.720 --> 00:22:59.200
bad because Q four is the quarter, like that's the quarter, Halloween, Christmas,
462
00:22:59.240 --> 00:23:03.559
all the holiday stuff, and only increase one percent. Per
463
00:23:03.599 --> 00:23:05.960
cap was up, which was good, but I feel like
464
00:23:06.000 --> 00:23:07.960
per cap should have been up higher just due to
465
00:23:08.079 --> 00:23:11.559
the inflationary pressures that we've been talking about forever. So
466
00:23:12.599 --> 00:23:15.799
I do think that could be a signal that the
467
00:23:15.839 --> 00:23:19.720
pricing might be a little like too high, where it's
468
00:23:19.799 --> 00:23:22.920
like you know, visitation and per cap we're kind of stunted.
469
00:23:23.279 --> 00:23:26.240
But uh, I don't know, no one is really talking
470
00:23:26.240 --> 00:23:27.599
about these What do you think, Scott.
471
00:23:27.400 --> 00:23:28.920
Yeah, I think it's important. I think it's important to
472
00:23:28.920 --> 00:23:32.920
put this. Let's not look at this in a vacuum.
473
00:23:33.000 --> 00:23:35.519
I think we have to look at this, uh, you know,
474
00:23:36.240 --> 00:23:39.839
without the without the international headwinds, which I think is
475
00:23:40.000 --> 00:23:41.759
which I think is a legitimate challenge. I think it's
476
00:23:41.759 --> 00:23:46.759
a legitimate problem. How I translate translate that is there
477
00:23:46.880 --> 00:23:50.400
is more hesitancy to travel to the United States from
478
00:23:50.440 --> 00:23:53.279
other countries. Yes, that's the head we talked about. Mean,
479
00:23:53.319 --> 00:23:55.160
let's just let's just call the space. Let's just call
480
00:23:55.200 --> 00:23:56.920
the spade what it is. It's a spade.
481
00:23:58.240 --> 00:24:00.440
So that's the that's that.
482
00:24:01.920 --> 00:24:06.720
But I also think that, you know, even domestically, everybody
483
00:24:06.920 --> 00:24:10.400
is saying that things are higher in price. This is
484
00:24:10.519 --> 00:24:14.279
so so they just don't have the expendable income to
485
00:24:15.000 --> 00:24:18.920
continue to drive. I think they're doing quite well to
486
00:24:19.119 --> 00:24:22.079
basically keep it flatlined, because that's kind of what what
487
00:24:22.119 --> 00:24:26.400
the report is saying. And it also explains why sports
488
00:24:26.440 --> 00:24:29.559
is way down, and why you know, the the other
489
00:24:29.720 --> 00:24:35.079
entertainment site is way way down. So to me, this
490
00:24:35.160 --> 00:24:38.000
all kind of makes sense if you look, if you
491
00:24:38.079 --> 00:24:39.920
if you zoom out just a little bit, if you
492
00:24:39.960 --> 00:24:42.559
stay zoomed in on just the park and you go, well,
493
00:24:42.599 --> 00:24:44.319
this is only up one percent, and this is only
494
00:24:44.400 --> 00:24:46.160
up you know, what did you say three percent or
495
00:24:46.160 --> 00:24:46.680
four percent?
496
00:24:46.720 --> 00:24:49.880
Four percent? Well, I think overall parks are doing well.
497
00:24:49.920 --> 00:24:52.559
I mean, so I think if you zoom out even more,
498
00:24:52.680 --> 00:24:54.279
I think what you need to look at is like
499
00:24:54.519 --> 00:24:56.480
Disney as a whole is being dragged down by its
500
00:24:56.480 --> 00:25:00.519
linear assets. And so I think that I actually think
501
00:25:00.680 --> 00:25:03.319
getting into the CEO thing. I actually I have a weird,
502
00:25:03.359 --> 00:25:07.440
crazy theory that I think that the reason that Iger
503
00:25:07.480 --> 00:25:10.119
stepped down early is not only because he kind of
504
00:25:10.160 --> 00:25:11.839
put his political foot in his mouth with some of
505
00:25:11.880 --> 00:25:17.279
his decisions recently, but also I think this could have
506
00:25:17.319 --> 00:25:19.920
been a thing where it had been underperforming for so
507
00:25:20.039 --> 00:25:22.119
long that it might have been opening up to an
508
00:25:22.160 --> 00:25:25.319
activist investor type of situation. So they're like, you know,
509
00:25:25.400 --> 00:25:28.000
you put a new CEO that buys you a few
510
00:25:28.079 --> 00:25:30.240
years because no one's really people are going to see
511
00:25:30.240 --> 00:25:31.559
how it's going to go, and it's going to stave51200:25:31.640 --> 00:25:34.319
off that, and they what they need to do is51300:25:34.359 --> 00:25:36.240
shed the linear assets. They just need to shed them,51400:25:36.319 --> 00:25:38.880
like this needs to Again, this is such.51500:25:38.680 --> 00:25:41.559
An inversion from the way that these companies have worked51600:25:41.599 --> 00:25:44.440
for so long. I mean, the theme park division for51700:25:44.519 --> 00:25:48.400
Disney was a tax write off at first. I mean,51800:25:48.720 --> 00:25:53.960
you know, Disneyland was not driving the Disney corporation at51900:25:54.000 --> 00:25:57.039
all when it first opened. I mean, it was I52000:25:57.039 --> 00:26:01.200
think about it like like like Bush Gardens to Anheuser Busch.52100:26:01.680 --> 00:26:04.519
Back in the day, it was less than one tenth52200:26:04.519 --> 00:26:06.799
of one percent of their total profits.52300:26:07.319 --> 00:26:11.160
So I mean, I believe now it's such a percent52400:26:11.440 --> 00:26:13.400
yeah right, but it's such a flip flop.52500:26:13.400 --> 00:26:14.839
I don't even know. I don't know.52600:26:14.880 --> 00:26:18.400
But again, it's such an inversion from from the way52700:26:18.440 --> 00:26:20.480
it used to be. The theme parks were there to52800:26:20.559 --> 00:26:25.640
support the films and the television shows, and now the52900:26:25.640 --> 00:26:29.359
theme parks are the main product and the television shows53000:26:29.359 --> 00:26:31.960
are ways to experience them. You know, We've talked multiple53100:26:32.000 --> 00:26:34.440
times over the years about how Disney was that sort53200:26:34.480 --> 00:26:40.960
of multi level entertainment experience, and this part of the53300:26:40.960 --> 00:26:44.359
reason that they just can't in good conscience get rid53400:26:44.400 --> 00:26:46.960
of the linear assets. Is they look historically and maybe53500:26:46.960 --> 00:26:48.880
it's time, you know, maybe the idea of a new53600:26:48.920 --> 00:26:51.880
CEO is exactly what they need, someone who can come53700:26:51.880 --> 00:26:53.759
in and is not married to the way things used53800:26:53.759 --> 00:26:53.960
to be.53900:26:54.640 --> 00:26:59.440
Yeah, I don't know. I think nobody knows. I think,54000:26:59.519 --> 00:27:03.880
but that's exactly what I'm thinking. It's like that resistance54100:27:03.920 --> 00:27:06.000
we talked about before, or that you brought up about54200:27:06.000 --> 00:27:07.759
the resistance to like what the business was and what54300:27:07.799 --> 00:27:10.920
it stood for and the legacy versus this. But yeah, basically,54400:27:11.200 --> 00:27:15.920
like TILDR, the experiences division is making up for the huge,54500:27:16.119 --> 00:27:20.440
huge losses they're seeing in the linear assets, and it54600:27:20.480 --> 00:27:23.000
would be a much more valuable company. It would have54700:27:23.039 --> 00:27:27.200
a much higher multiple if they divested the linear assets.54800:27:27.359 --> 00:27:30.559
That's it. That's just how it is. And now you54900:27:30.680 --> 00:27:34.960
have a CEO coming to the CEO announcement that does55000:27:35.000 --> 00:27:37.839
not have a background in the linear at all. Like55100:27:37.920 --> 00:27:40.200
he doesn't I mean, and actually that is what a55200:27:40.200 --> 00:27:42.480
lot of people say is his biggest weakness is that55300:27:42.519 --> 00:27:44.680
he doesn't have any background or understanding of the media55400:27:44.720 --> 00:27:47.759
division at all. However, this is why to me, when55500:27:47.799 --> 00:27:51.000
I saw this announcement, I kind of was like, yes, duh,55600:27:51.039 --> 00:27:54.519
because it's one of those things that's inevitable because you're55700:27:55.559 --> 00:27:59.400
the highest performing part of Disney and the majority of55800:27:59.440 --> 00:28:02.599
its revenue from experiences now, so it just makes sense55900:28:02.759 --> 00:28:04.559
that the head of the experiences is now the new seat.56000:28:04.599 --> 00:28:05.720
That's just it just it.56100:28:06.720 --> 00:28:07.960
The pendulum has swung.56200:28:08.720 --> 00:28:11.279
Yeah, yeah, exactly, and you might as well, you might56300:28:11.319 --> 00:28:11.839
as well get.56400:28:11.720 --> 00:28:14.960
Somebody who knows, you know, who knows the the right56500:28:15.000 --> 00:28:17.279
side of the swing versus the left side of the swing.56600:28:17.359 --> 00:28:19.519
That's right, because that's where the pendulum is right now.56700:28:19.799 --> 00:28:22.440
So the counter to that, though, of course, is that56800:28:22.519 --> 00:28:26.519
he has no background in linear assets. And I think56900:28:26.599 --> 00:28:31.960
the question is the linear assets is in theory what57000:28:32.079 --> 00:28:35.200
powers the experiences because good stories, it's you know, the57100:28:35.240 --> 00:28:38.200
stories come from the linear potentially they complain. So I think,57200:28:39.039 --> 00:28:42.359
you know, now if I'm not sure if that's necessary57300:28:42.440 --> 00:28:45.279
or not, you know, I guess it just I don't know.57400:28:45.960 --> 00:28:47.000
I'm not sure anybody knows.57500:28:47.079 --> 00:28:49.680
But we've talked about we've talked about how people enjoy57600:28:49.759 --> 00:28:52.240
entertainment and it's not going to the movies, and it's57700:28:52.319 --> 00:28:57.119
not watching things on on on TV.57800:28:57.839 --> 00:28:58.559
Yeah, it's streaming.57900:28:58.599 --> 00:29:02.039
It's streaming and streaming and theme parks and people, So58000:29:02.160 --> 00:29:04.559
there are other ways to get those stories out there58100:29:05.000 --> 00:29:05.839
and to.58200:29:06.480 --> 00:29:08.599
As long as they keep making good stories? Is the58300:29:08.920 --> 00:29:11.480
is that's that's I think that's the concern people have58400:29:11.599 --> 00:29:14.400
with I never even said it, but it's Josh Tomorrow.58500:29:14.440 --> 00:29:16.279
I realized I never said, yes, Josh Tomorrow. Is that58600:29:16.359 --> 00:29:18.599
is CEO and he's coming in on March eighteenth. I58700:29:18.640 --> 00:29:23.279
just didn't get there. But I think that's the question.58800:29:23.480 --> 00:29:27.759
Will he be able to still create good stories that58900:29:27.799 --> 00:29:30.160
will then power the theme parks and streaming well?59000:29:30.200 --> 00:29:35.640
And again there are great story builders in the attraction59100:29:35.799 --> 00:29:39.559
side as well, and instead of following the stories that59200:29:39.559 --> 00:29:42.839
have been created by the filmmakers, now they can create59300:29:42.839 --> 00:29:46.079
stories that the filmmakers can use to create streaming content.59400:29:47.039 --> 00:29:52.519
So it's there are great storytellers in all industries. And59500:29:52.880 --> 00:29:56.119
the question is which is which has now taken the lead,59600:29:56.839 --> 00:29:58.559
Which has now taking the lead, or which is now59700:29:58.559 --> 00:30:02.519
taking the responsibility for creating those new those new stories.59800:30:03.160 --> 00:30:05.279
But unfortunately we don't have time to create any more59900:30:05.279 --> 00:30:07.119
new stories on our behalf because our time's up.60000:30:07.519 --> 00:30:09.680
So see see how we did that?60100:30:09.680 --> 00:30:11.519
That was probably one of the smoothest that's probably one60200:30:11.559 --> 00:30:14.160
of the smoothest outros I've ever come up with. Anyway,60300:30:14.680 --> 00:30:17.599
time is up. Thank you guys. Once again, I have60400:30:17.680 --> 00:30:19.480
to say it. I have to say it. If you're60500:30:19.480 --> 00:30:23.880
watching us on YouTube, just click subscribe, just click. We're60600:30:23.920 --> 00:30:28.200
so close, We're this close, this close, and so anyway,60700:30:28.640 --> 00:30:29.240
the show's over.60800:30:29.400 --> 00:30:30.200
Thank you very much.60900:30:30.400 --> 00:30:33.279
On behalf of Philipernandez from Gantam Lighting and Control of Myself,61000:30:33.279 --> 00:30:36.039
Scott Swinson and Scott Swinson Creative Development. This is Green61100:30:36.079 --> 00:30:38.880
Tag Theme Park in thirty and we will see you61200:30:38.920 --> 00:30:39.359
next week.
