Ways Disney Parks Can Use To Generate Additional Revenues
Many theme parks have been able to strategically develop products, festivals, concerts, and other options that target Generation Xers. As the Baby Boom post World War II began to slow in the 1960s, the theme park industry correspondingly saw revenues in the 1970’s and early 1980’s decline. New parks, new themed areas, featured high profile rides, and additional investments slowed until the industry could adjust to the overall declining birthrate. Surprisingly, Disney was able to enjoy the lesser boom in the 90’s of Generation Y (Boomer Babies). Walt Disney World has been lucky with the early strategic decision-making that focused on purchasing land for additional growth in the future. As a result, a variety of theme park options in the Disney family sprung up in the 1990’s – 2000’s. Further, specifically target products such as Epcot’s International Food and Wine Festival, the Festival of the Arts, a number of themed marathons, and Epcot’s International Flower and Garden Festival. These targeted festivals, parks or areas of parks have yielded very lucrative revenues from Boomers and Generation Xers. As we move into the 2020’s the birthrate is forecast to continue to decline. How can Disney parks in international locations (without significant additional land) (such as Tokyo, Shanghai, Hong Kong, or Paris) find ways to generate additional revenues potentially targeting aging segments? Discuss and be creative! Ways Disney Parks Can Use To Generate Additional Revenues
- Introduce new themed areas: Disney parks could consider creating new themed areas that appeal to older generations. For example, they could introduce a “Golden Age of Hollywood” area that pays tribute to classic films and stars of the 1940s and 1950s. Alternatively, they could create a “Vintage Disney” area that celebrates the early days of Disney animation.
- Offer more cultural experiences: Disney parks could focus on offering more cultural experiences that appeal to older generations. For example, they could host traditional music and dance performances, or offer workshops in traditional arts and crafts. This could be particularly successful in international locations, where visitors may be interested in learning more about the local culture.
- Create more adult-oriented events: As mentioned in the prompt, Disney has already had success with festivals and events that target older generations. Parks could expand on this by creating more adult-oriented events, such as wine tastings, craft beer festivals, or cocktail workshops.
- Offer more wellness-focused experiences: As people age, they often become more interested in wellness and self-care. Disney parks could respond to this by offering more wellness-focused experiences, such as yoga classes, meditation workshops, or spa treatments.
- Develop partnerships with other companies: Disney parks could partner with other companies that appeal to older generations. For example, they could collaborate with luxury brands to create high-end shopping experiences, or work with travel companies to create guided tours of the local area.