Disney's parks strategy leans on superfans after record quarter

Walt Disney Co. posted a record quarter for its experiences division and used its D23 fan expo to signal where the next wave of investment is headed. The unit that runs theme parks, cruise lines and consumer goods brought in nearly $10 billion in revenue for the fiscal third quarter, up 10% from a year earlier.

Thomas Mazloum, who took over as chairman of Disney Experiences after Josh D'Amaro became CEO, told 12,000 fans Saturday night that the company would repair the broken yeti inside the Expedition Everest ride at Walt Disney World. The animatronic has been stationary since 2006, known to regulars as "Disco Yeti." Mazloum also announced the return of characters Dreamfinder and Figment to EPCOT and an overhaul of Tomorrowland at Disneyland.

Those moves target Disney's most loyal attendees. The company is spending $60 billion over a decade on parks expansion, balancing massive new lands based on intellectual property – like the Monsters Inc.-themed Monstropolis land set for 2027 – with smaller upgrades that annual passholders and superfans want.

"The simplest way to frame it is: I'm really focused on making sure we put our fans and the consumer and the guests into the center of our decision-making," Mazloum said.

The strategy is paying off. Domestic park attendance rose 3% in the quarter, and per-capita guest spending increased 4%. Disney credited the Cool Kids Summer promotion, which added character meet-and-greets, dance parties and free water park admission for hotel guests. The company also refreshed attractions like Buzz Lightyear's Space Ranger Spin, Big Thunder Mountain Railroad and the Muppets-themed Rock 'n' Roller Coaster.

The results contrast with rival Comcast, which reported weaker theme park attendance in Orlando last month. Comcast's parks business has lagged as consumers pull back on travel spending in some regions.

Mazloum said the focus on superfans – the visitors who come annually or more often and spend heavily on merchandise, food and seasonal events – helped Disney hold up better. The division's $10 billion quarterly revenue was a record.

"I believe the results are at the end of doing something right at the beginning, and that is really putting the fans in the center of our attention," he said. "That's why, despite some, you know, other companies reporting different results, we're doing extremely well in Florida."

Disney also brought back two nighttime spectaculars – Remember Dreams Come True at Disneyland and the original World of Color at California Adventure – and the Magic Happens parade. Gavin Doyle, founder of MickeyVisit.com, said the reaction at D23 was thunderous.

"This new set of announcements demonstrates that Disney is listening to what fans want," Doyle said.

Next up: a refurbishment of the Carousel of Progress, expected to finish in late spring 2027, and the opening of the Monstropolis land, also targeted for 2027. The Avengers Campus expansion, a new Villains Land, a Cars-themed retheme of Frontierland and the Tropical Americas land are all in development.

Disney's Alpha Score sits at 49 out of 100, a Mixed label, reflecting the balance between a strong parks business and broader media headwinds. Comcast's Alpha Score is 60, Moderate, as its parks segment faces a slower recovery.