CEO Bob Chapek Praises Park Pass Reservation System as 'Backbone' of Domestic Theme Parks

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wdwnt.com 21 September, 2021 - 09:54pm 23 views

Why are Disney shares falling?

Disney Stock Is Falling After the CEO Warned of Slower Growth for Disney+. A Reinstated Dividend Is “In The Distant Future.” A focus on storytelling and going directly to consumers is at the heart of Walt Disney's actions in the wake of the Covid-19 pandemic, CEO Bob Chapek said on Tuesday. Barron'sDisney Stock Falls on Worries About Disney+

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CEO Bob Chapek Praises Park Pass Reservation System as 'Backbone' of Domestic Theme Parks - WDW News Today

What's On Disney Plus 21 September, 2021 - 09:54pm

Today during the Goldman Sachs 30th Annual Communacopia Conference, Disney CEO Bob Chapek spoke about the theme parks. He praised the Park Pass reservation system instituted by the domestic parks upon reopening during the COVID-19 pandemic.

As he has mentioned before, the company saw the temporary closures as an opportunity to “reconceive the guest experience and increase return to the shareholders.” Chapek considers the reservation system the “backbone” of the operations and praised the increased yield it has produced.

While the reservations themselves do not turn over a profit, they allow the company to better allocate resources. By requiring every guest to have reservations, including Annual Passholders, Disney can know precisely how many people will be in each park each day. They use this information for a myriad of things, from Cast Member scheduling to food and beverage stock. With the “right mix of guests in the park,” Chapek said (referring to the mix of Passholders, Resort guests, and regular ticketed guests(, they can “control demand.”

Chapek specifically mentioned Passholder programs, noting that by rebooting the programs at both domestic parks to incorporate reservations, it allows them to know “who comes on what day.”

As Chapek has confirmed before, the Park Pass reservation system is here to stay.

As always, keep following WDWNT for all of your Disney Parks news, and for the absolute latest, follow WDW News Today on Twitter, Facebook, and Instagram.

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half the magic for twice the price. the new cheapact business model for sure.

Disney's Chapek says program production delayed as Delta variant spreads

Yahoo Finance 21 September, 2021 - 02:44pm

Shares in the company, which has been hit hard by the coronavirus pandemic as theme parks and movie theaters were forced to shut down, fell about 3% after Chapek's statement.

"Our TV group has hundreds of new programs in production ... but the resurgence of COVID and Delta did impact some of our productions so that we've got a lighter product quarter in Q4 than we might have expected," Chapek said at the Goldman Sachs Communacopia Conference.

COVID-induced production delays were seen globally, which in turn were affecting supply of new content, but the issues were short term, he added.

Disney streaming service Disney+, which debuted in November 2019, has seen more consumers tuning in, but the competition has been heating up with new entrants and as companies including Netflix and Apple invest into producing more programs.

Chapek said the company was still "very bullish and confident" about its long-term subscription growth, but there could be "a little bit more noise" than was expected.

(Reporting by Nivedita Balu in Bengaluru; Editing by Vinay Dwivedi)

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Disney Plus global paid subscribers will increase by “low single-digit millions of subscribers” for the quarter ending September 2021, Disney CEO Bob Chapek said — marking a slowdown from recent periods for the Mouse House’s flagship streamer. Sub growth in Disney Plus core markets (excluding Hotstar) will continue both domestically and internationally in the current […]

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Disney CEO Bob Chapek Describes ‘Reset’ on Film Talent Deals Amid Scarlett Johansson Fallout

Yahoo Entertainment 21 September, 2021 - 02:38pm

Though he didn’t mention Johansson by name, Chapek referred to film deals that were struck years ago and then launched in the middle of a pandemic that has changed consumer behavior.

“We’re sort of putting a square peg in a round hole where we’ve got a deal that’s conceived under a certain set of conditions that actually results in a movie that’s being released in a different set,” Chapek said at the Goldman Sachs Communicopia conference Tuesday. “So there’s actually a bit of a reset that’s going on right now, and ultimately we’ll think about that as we do our future talent deals and plan for that and make sure that that’s incorporated.”

Chapek said talent deals going forward will have to reflect the changing world and that the company currently is in a middle ground but that they’re “trying to do right” by talent.

“But right now we’ve got sort of this middle position where we’re trying to do right by the talent, the talent is trying to do right by us, and we’re just sort of figuring out our way to bridge that gap,” Chapek said. “But we believe that talent is our most important asset, and we’ll continue to believe that, and we’ll continue to compensate them fairly based on the terms of the contracts they agreed to us with.”

Chapek elsewhere on the call teased details about the upcoming Disney+ Day on November 12, as well as updates about how the Delta Variant has impacted — or not impacted — attendance at Disney theme parks.

Johansson’s lawsuit, which was filed July 29, claims her contract was worded around an exclusive theatrical release for “Black Widow” — which was released simultaneously in theaters and on Disney+ Premier Access on July 9 — and her compensation included significant bonuses based on the film’s box office grosses that insiders told the Wall Street Journal could add up to $50 million.

In Disney’s initial response, the company said the lawsuit had “no merit whatsoever” and called Johansson “callous” for asking for more than her upfront salary of $20 million. The studio has countered by saying that it fulfilled its theatrical obligation by releasing “Black Widow” on 9,000 screens in the U.S. The movie has since grossed $377.8 million worldwide.

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Disney shares tumble as CEO projects lower fourth-quarter subscriber growth than estimates

CNBC 21 September, 2021 - 02:14pm

Disney's CEO Bob Chapek said Tuesday his company's streaming service growth has "hit some headwinds" related to coronavirus, causing shares to close lower for the day.

Disney expects to add "low single-digit millions" of streaming subscribers in the fourth quarter, Chapek said. Disney shares ended the session down 4.1% after Chapek's comments at the virtual Goldman Sachs Communacopia Conference.

Chapek said "mobilizing partners" in Latin America to push Disney's new Star+ streaming service, the Covid-related suspension of the India Premier League — whose games air on Disney's Hotstar — and production delays from the delta variant have all hurt subscriber numbers in the fourth quarter.

"We are going to see a little bit more noise than maybe the Street projects quarter to quarter," Chapek said. "The resurgence of Covid and delta did impact some of our productions."

Chapek's forecast is significantly lower than some analyst estimates. Deutsche Bank analyst Bryan Kraft had projected Disney+ net adds of about 13 million in the quarter.

Global production delays will be "very short term," Chapek said. But he acknowledged there won't be as much new programming in the fourth quarter "than we might have expected," which will affect subscriber growth.

Disney has projected 230 million to 260 million Disney+ subscribers by 2024. Disney said in August it had 116 million Disney+ subscribers.

Chapek cautioned investors that quarter-to-quarter growth "is not linear" and some choppiness is expected. Still, he remained confident in Disney's long-term growth outlook.

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