Welcome to DisneyBizJournal.com - News, Analysis and Reviews of the Disney Entertainment Business!

Brought to fans, investors, entrepreneurs, executives, teachers, professors, and students by columnist, economist, novelist, reviewer, podcaster, business reporter and speaker Ray Keating

Friday, February 16, 2024

Disney’s Joint Sports Streaming Venture Being Examined by Antitrust Regulators

 by Ray Keating

News/Analysis

DisneyBizJournal.com

February 16, 2024

 

“Big is necessarily bad” has been the mantra among antitrust regulators in Washington, D.C., for two consecutive presidential administrations now. And there has been plenty of anti-big business rhetoric flying from Congress as well.



That’s why when Disney-ESPN, Warner Bros. Discovery and Fox announced a joint sports streaming venture, DisneyBizJournal noted, “But one has to wonder if this type of joint venture will attract attention from Washington’s antitrust activist regulators.”

 

As noted in the press release from Disney, “The platform would aggregate content to offer fans an extensive, dynamic lineup of sports content, aiming to provide a new and differentiated experience to serve sports fans, particularly those outside of the traditional pay TV bundle. By subscribing to this focused, all-in-one premier sports service, fans would have access to the linear sports networks including ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, ABC, FOX, FS1, FS2, BTN, TNT, TBS, truTV, as well as ESPN+.”

 

Well, guess what? Antitrust regulators are looking at this proposed joint venture.  

 

Reuters reported, “The U.S. Department of Justice aims to scrutinize a sports streaming platform planned by Walt Disney, Fox, and Warner Bros Discovery, over concerns it could harm consumers, sports leagues and rivals, Bloomberg Law reported on Thursday.”

 

As is almost always the case, it’s not consumers who are raising issues with government regulators, but instead, it’s about competitors in the marketplace who don’t like the proposed deal. It was noted by Reuters: “Fubo, a sports-focused streaming service, called for scrutiny of the new joint venture shortly after it was announced. In a Feb. 7 statement, Fubo said the media partners command ‘significant market share,’ reportedly controlling 60% to 85% of all sports content.” 

 

Hmmm, that’s a pretty wide margin, and it’s not clear how Fubo came to those percentages. Plus, antitrust is supposed to be about monopolies. A monopoly means one supplier, no close substitutes for the product, and high barriers to entry. That definition doesn’t fit this situation. But, again, D.C. regulators have adopted very expansive, activist views to the point that their actions aren’t really guided by a monopoly, or the threat of one; but instead, they’re guided by “bigness.”

 

Indeed, antitrust is supposed to be about protecting consumers. But consumers will decide if they like this joint venture or not. Indeed, that’s how markets work.

 

Nonetheless, regulators often have a different take, and we’ll see how this proposed joint sports streaming venture goes with the government.

 

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Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

 

Support the Daily Dose of Disney with Ray Keating Podcast at https://www.buzzsprout.com/1724143. Subscribe at the $8 or $10 level, and get The Disney Planner: The TO DO List Solution by Ray Keating. Remain a supporter and you'll get a FREE BOOK by Ray Keating every six months going forward. Thanks!

 

The Disney Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement and fun for Disney fans, including those who love Mickey, Marvel, Star Wars, Indiana Jones, Pixar, princesses and more.

 

Consider other books by Ray Keating, including…

 

• The Pastor Stephen Grant thrillers and mysteries. There are 18 books in the series now.

 

• Pre-order The Weekly Economist III: Another 52 Quick Reads to Help You Think Like an Economist. Signed books here and Kindle editions here.

 

• Order The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist. Signed books here.  And Kindle and paperback editions here.

 

 The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist. Signed paperbacks at RayKeatingOnline.com or paperbacks, hardcovers and Kindle editions at Amazon.com.

 

• Cathedral: An Alliance of Saint Michael Novel is at Amazon

 

• The Lutheran Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement, inspiration and consolation from the Christian faith.

 

• Signed editions of Ray’s books are at www.raykeatingbooksandmore.com

 

Also, check out Ray’s podcasts – the Daily Dose of DisneyFree Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

Wednesday, February 14, 2024

Top 5 Lessons Learned from Walt Disney

WDW Radio Podcast host Lou Mongello joins Ray Keating to hit on lessons learned from Walt Disney for the 800th episode of the Daily Dose of Disney with Ray Keating podcast. 


In "Episode #800: Top Lessons Lou Mongello Learned from Walt Disney," Lou Mongello becomes the first guest interview with Ray Keating on the Daily Dose of Disney podcast. 

Lou and Ray hit on their top 5 lessons that each learned from Walt Disney. Tune in here.


Tuesday, February 13, 2024

Tiana’s Bayou Adventure to Open This Summer at Walt Disney World

 by Beth Keating

News

DisneyBizJournal.com

February 13, 2024

 

Today is Mardi Gras – the festive celebration that takes place in cities like New Orleans just before the somber season of Lent, which begins tomorrow with Ash Wednesday.  It’s fitting, then, that Disney chose today to announce the planned opening for Tiana’s Bayou Adventure (sort of).


Tiana’s Bayou Adventure at Disney World will be opening sometime “Summer 2024,” and “later in 2024 at Disneyland Park in California.” Not terribly specific, but a narrower window than we had before, and earlier than originally anticipated.



The attraction is being constructed on the footprint of the former Splash Mountain, with the original ride track staying the same.  Yes, the 50-foot drop at the end of Splash Mountain will still be part of the attraction! There will be lots of changes to the vignettes along the ride path, however. Now, you’ll be floating down the bayou, surrounded by musical critters, playing instruments they’ve made from natural bayou materials.


The new ride follows Tiana just after the events of the 2009 animated The Princess and the Frog movie. In “Tiana’s Bayou Adventure,” it’s Mardi Gras, and Tiana is throwing a party to thank her family and friends for helping her to get her new business, “Tiana’s Foods,” up and running.  There will be lots of New Orleans-inspired music, and appearances from a number of the characters from the movie, in the form of dozens of fresh animatronics, including Tiana, Naveen, Louis, and Mama Odie.  Music legends PJ Morton and Terence Blanchard created upbeat original music for the ride, but there will also be some of the fan-favorite songs from The Princess and the Frog. Tiana herself has a special new adventure outfit for the occasion.   

With construction continuing on a daily basis at the Magic Kingdom, and new signage popping up for the Mardi Gras season, it’s nice to see that they’re “almost there.” 

 

__________

 

Beth Keating is a theme parks, restaurant and entertainment reporter for DisneyBizJournal.

 

Get The Disney Planner: The TO DO List Solution by Ray Keating. More information at

https://raykeatingbooksandmore.com/shop/ols/products/disneyplanner.

Monday, February 12, 2024

Less Than a Week Left to Catch This Year’s Food Studios at EPCOT

 by Beth Keating

Review

DisneyBizJournal.com

February 12, 2024

 

The EPCOT International Festival of the Arts always seems way too short anyway, but now you have less than a week left to sample the culinary delights and take in the wide array of performing arts that abound in the park during this festival. Festival of the Arts only runs through February 19, 2024.



With the clock ticking, we hit the park up on several different evenings to make sure we were able to sample some of our favorite “food studio” booths before they get packed away for another year – and to grab a few signatures of some fabulous artists.


First stop was a booth we bypass at most festivals because, well, it’s always there in some form or another.  The Refreshment Port, near the Canada Pavilion, just to the right as you cross over the bridge to World Showcase, nearly always has some form of poutine. This year, though, the Refreshment Port was offering a “Gnocchi Poutine with Red Wine-Braised Beef, Cheese Curds, Basil and Burrata” ($10.00).  With several of our favorite food groups in that mix, we knew it was a must have this year.



The Gnocchi Poutine was an interesting change-up from the normal “fancy fries” that you typically get with poutine. Instead of fries, crisp little pillows of potato gnocchi formed the base of this dish, giving a bit of texture while still keeping the inside of the gnocchi soft and chewy. The beef piled on top of the gnocchi was tender and just a touch salty from the braising liquid, and the cheese curds also offered a salty component, as did a sprinkling of sea salt across the top of the dish.  While that sounds like a lot of salt, it really wasn’t, given the bland nature of the gnocchi itself.  It helped to punch up the flavor a bit. Unfortunately, the salting was a bit uneven, needed with the beef layer, but overdone by the time you reached the center of the dish.  There were only four cheese curds in the bowl, so we would have been happy to have a couple more cheese curds for balance, but we’re guessing Disney assumed the addition of the burrata cheese upped the cheese landscape. The small ball of burrata was tasty, and surprisingly was still chilled, despite being served atop the warm poutine. There wasn’t a lot of basil included, but the few leaves present gave a subtle herby-ness that perked things up.



The braised beef on the dish was so good that, when we reached the Germany food studio, The Pastoral Palate, we once again opted for the Red Wine-Braised Beef Short Rib dish ($8.75). This one came with parsnip purée, broccolini, baby tomatoes and balsamic glaze.  The short ribs were melt-in-your mouth tender, with just a hint of sweetness in the gravy.  The baby tomatoes were a mixed lot, two were very tart, while two were uber-sweet.  The broccolini was firm, without much seasoning, but definitely provided a contrast next to the parsnip purée, which was also a touch sweet, but with a very homemade texture to them.  The balsamic drizzle on the plate was also a good choice, as it was a delicious accompaniment to the beef and veggies.



We also opted for the Black Forest Cake ($4.75) at this booth, but calling it a “cake” wasn’t really an accurate description.  The Black Forest was delicious, but it was really more of a chocolate mousse dome, topping a small base of Devil’s food cake, covered in a firm, dark chocolate shell on the outside, and served with Morello Cherries and Chantilly Cream. Both the cream and the chocolate mousse were very light and airy.  At first glance, this dessert looked like it would be a dense, heavy dessert, but it was quite the opposite.  This was also the kind of dessert that was sweet, but not overly so.  It also wasn’t the kind of dish that, halfway through, you’d say, “Enough, I can’t eat anymore.”  You could happily polish this one off by yourself.

Speaking of mousse…. We had a very different mousse in the France pavilion, at L'Art de la Cuisine Française.  We couldn’t decide between the two salmon dishes there, so we opted for the Duo de Saumon Hot and Cold ($14.75), which included both of the salmon dishes on offering at this booth.



The cold salmon choice, the Saumon Fumé Mousse et Aspic, Blini et Fromage de Chevre ($7.95), was the mousse dish that we should have skipped for the day.  It probably showed more poorly because it was plated next to the warm salmon pastry.  We might have liked it more if we’d ordered this one by itself, but it just didn’t do it for us. It was a sculpted pile of salmon mousse, made of smoked salmon, dill and flaxseed.  We kept eating it, even after the first bite or two, hoping there was something better to come. There really wasn’t. There was a lot of pastry involved, but it was just kind of there.  There were, in fact, pieces of salmon present, but they didn’t stand out in the dish up against the rather dry pastry.


On the other hand, the salmon that was served hot, the Vol-au-Vent de Saumon et Epinards with a Sauce Chardonnay ($7.95) was a bonus.  A light and flaky puff pastry was filled with salmon and spinach, and mixed with a chardonnay-shallot sauce. The spinach flavor came through in a strong (yet good) way, and the sauce worked well to hold the dish together.  There were also some nice-sized pieces of salmon included.



We are a seafood-loving family, so we also made a stop at the Mexico studio, El Artista Hambriento.  There, we liked the Tostada de Langosta ($8.00) so much that we came back a second day to have it again. This fried tostada was crunchy, and stayed crunchy in spite of all the toppings piled on. The toppings included chilled lobster with a chipotle aioli that had an unexpected kick, along with pungent onions, sweet bits of mango, and a good-sized handful of shredded cabbage. A smooth layer of guacamole on the bottom held the tostada together, and while there was a drizzle of the hot sauce on the veggies, it wasn’t overly spicy. The highlight though, was the lobster, which was fresh, and came with lots of sizable chunks of the seafood in a salad like format. While forks were available, the best way to tackle this dish was to just pick it up and pop it in your mouth.  Considering this was lobster, it was a nice option for the price.



Goshiki, at the Japan Pavilion, is a fan and family favorite stop at the Arts festival, and this year was no exception.  It was more seafood there, with the Sushi Donut ($8.75).  Sounds, weird, yes.  But this donut-shaped sushi is made not of pastry, but from salmon, tuna, shrimp, cucumber and sesame seeds.  It’s decorated with Wasabi Aïoli, Sriracha Aïoli, and Eel Sauce. It was a sushi delight. The sushi was fresh and full of flavor, and the rice had a nice stickiness to it, which not only is how we like our rice with sushi but made it all easier to eat while balancing dishes – always a challenge at an EPCOT festival.



Somehow, we also snuck a non-seafood dish into our tour at the Japan studio, with the Wagyu Bun ($9.75).  It’s a steamed bun filled with American Wagyu beef served with green shiso sauce. The bun was on the soft side, and the meat had a wonderful sweetness to it. 

 

These two – the Sushi Donut and the Wagyu Bun – ranked as a great combination that would make for a nice light meal. Two thumbs up.


For the non-seafood lover in our group, we made a stop at the Canada pavilion to Gourmet Landscapes.  A bowl of creamy Wild Mushroom Risotto ($9.75) waited for us there, and while it was a delightful dish, it wasn’t lost on us that it was more expensive than the lobster dish in Mexico.  The risotto was a perfect texture, and had several different kinds of mushrooms included. The mushrooms were cut into chunks rather than slices, and it gave the dish a more substantial feel that way.  The broth was rich and earthy, made from a zinfandel reduction (and we’ve long been zinfandel fans, so that worked well for us.)  A sprinkle of parmesan on the top of the risotto brought a little saltiness to the dish to balance the milder rice. We enjoyed this dish, but were a little skeptical of the price point for the size of the serving. Perhaps the advertised “truffle shavings,” which didn’t really seem to factor much into the flavor profile in our serving, pushed the price up. This selection is also one of the plant-based offerings available at this festival.



Late on one of the evenings, we made our final stop of the night while waiting for a seat at the “Disney on Broadway” concert series to start.  At the America Pavilion, The Artist’s Table was dishing up Duck and Dumplings ($7.25).  We love duck in our family, so we had high hopes for this one – and we had mixed opinions.  The three slices of smoked duck breast were interspersed with ricotta dumplings, baby vegetables, and drizzled with duck jus.  While the duck itself was tasty, with a firm texture that was still tender, the ricotta dumplings were just so-so.  They were very salty, harder than expected on the outside, but still a bit soft on the inside.  The au jus was nicely seasoned, and had a light touch that acted as a background flavor.  The carrots were perfectly al dente, but the parsnips were thin and bland.  While we love duck, we recommended that another family member, also a duck fan, skip this dish when they returned with us another day – the three small slices of duck just weren’t worth the lackluster flavors the rest of the plate gave up.



The Festival of the Arts wraps up in just a few short days, so if any of these dishes interest you, you’d better hurry.  The Disney grounds crew and landscaping teams have already started installing the topiaries and butterfly tent for the 2024 International Flower & Garden Festival, which runs February 28-May 27, 2024.

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Beth Keating is a theme parks, restaurant and entertainment reporter for DisneyBizJournal.

 

Get The Disney Planner: The TO DO List Solution by Ray Keating. More information at

https://raykeatingbooksandmore.com/shop/ols/products/disneyplanner.

Saturday, February 10, 2024

Disney Makes Changes To Spring “Garden Rocks” Concerts at EPCOT

 by Beth Keating

News

DisneyBizJournal.com

February 10, 2024

 

Disney has made some additions, and some date swaps, to the concert schedule for this year’s “Garden Rocks” concerts at the 2024 Flower & Garden Festival, so if you already booked your dining packages, or are planning the days you were visiting EPCOT around the concerts, you might want to check the updated list. Casting Crowns, Fonseca, and Sister Hazel have been added, and date swaps include the Raul Acosta groupings, and Funkified and The Female Collective have also swapped dates.



The concerts take place in the America Gardens Theatre at 5:30 p.m., 6:45 p.m., and 8:00 p.m.  The Flower & Garden Festival runs February 28 to May 27, 2024.  To keep an eye on the list moving forward, you can go to Disney’s concert festival page.

 

  • The Vybe: February 28-29
  • Jason Scheff: March 1-2
  • Richard Marx: March 3-4
  • Evolution Motown: March 5-7
  • Berlin: March 8-9
  • Rick Springfield: March 10-11
  • Dian Diaz: March 12-14
  • Modern English: March 15-16  
  • Commodores: March 17-18
  • Foreigners Journey: March 19-21
  • The Orchestra: March 22-25
  • Funkified: March 26-28 (change)
  • Mike DelGuidice: March 29-30
  • The Pointer Sisters: March 31 – April 1
  • The Female Collective: April 2-4 (change)
  • Blue October: April 5-6
  • Crowder: April 7-8  
  • The Hooligans: April 9-11
  • Jo Dee Messina: April 12-13
  • A Flock of Seagulls: April 14-15
  • M-80’s: April 16-18
  • Plain White T’s: April 19-22
  • The Champagne Orchestra: April 23-25
  • Starship Featuring Mickey Thomas: April 26-27
  • Herman’s Hermits Starring Peter Noone: April 28-29
  • Southbound: April 30 – May 2
  • Monsieur Perine: May 3
  • Raul Acosta & Oro Solido with Luisito Ayala and The Puerto Rican Power Band: May 4 (change)
  • Raul Acosta & Oro Solido with Magic JuanMay 5 (change)
  • Fonseca: May 6 (New)
  • Gilly & The Girl Band: May 7-9
  • Element: May 14-16
  • The Spinners: May 17-18
  • Sister Hazel: May 19-20 (New)
  • Epic Live!: May 21-23
  • Lit: May 24-25  
  • Casting Crowns: May 26-27 (New)

 



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Beth Keating is a theme parks, restaurant and entertainment reporter for DisneyBizJournal.

 

Get The Disney Planner: The TO DO List Solution by Ray Keating. More information at

https://raykeatingbooksandmore.com/shop/ols/products/disneyplanner.

Disney World’s New Food Truck is a Step Up

 by Beth Keating

Review

DisneyBizJournal.com

February 10, 2024

 

We’ve been coming to Disney World for decades, and had never set foot inside of Big River Grille & Brewing Works at Disney’s BoardWalk Resort – until late December of this past year, just a few weeks before the restaurant’s unexpected and sudden closure in January.  To be honest, we weren’t heartbroken at the news, since the burger platters we’d eaten at Big River, part of a national chain, were just average. Other Disney guests were just as nonplussed at the closure news. The working microbrewery did fill a certain food slot on the boardwalk, however, so its absence will be missed in that regard.



On the other hand, the news that Disney was replacing the restaurant, however temporarily, with a rotating selection of FOOD TRUCKS(!) was met with a degree of skepticism. The BoardWalk area is a valuable piece of real estate that is surprisingly already in a bit of a food desert, with the loss of the former ESPN Club, The Cake Bake Shop still under construction, and the Blue Ribbon Corn Dogs stand not open yet. Several of the other existing restaurants aren’t open at lunchtime.  If you have a ticket to EPCOT, no problem, you have lots of options, but if you aren’t EPCOT bound, your choices are a bit more limited throughout the day. You’ll most likely be eating at the BoardWalk Deli.

 

On a trip to the BoardWalk this week, we decided to give the food trucks a try. On the afternoon we arrived, it happened to be the “APP’S” food truck.  We were pleasantly surprised by the visit to this Colombian-American style food truck, and decided that the selections were actually a step up from the prior Big River Grille.  In fact, we enjoyed the options we tried at App’s more than some of the selections we’d previously sampled at the Arts Festival booths, though there’s obviously a price difference. On our visit, the truck was parked on the boardwalk itself, closer to the Jellyrolls end of the loop.  (Hours and days of service for the food trucks vary.)



In addition to a rather extensive selection of 19 different entrées for a food truck, there’s also a board announcing a daily special.  (The APP’S truck has their own Facebook account, so you can check out their meals before you get to the BoardWalk.). Choices range from specialties like  arepas, tostones, empanadas, and pucha, to chorizo burgers, grilled chicken wraps, maizito salad, wings, chicken tenders, quesadillas, and even a fully loaded hot dog. For the less adventurous, there’s also a grilled cheese. Prices range from $13 for the grilled cheese or chicken tenders, to $15 for the pucha, tostones, and burgers.



On our visit, we decided to try the daily special, the Arepa Encarnada, as well as the Arepa con Pollo. The Arepa Encarnada ($14.00) was a fresh made Columbian arepa with mozzarella cheese, tomato, onions, cilantro, sweet kernel corn, shredded cheese, shredded beef, ketchup, mayo, pink sauce and garlic cilantro sauce.  That garlic cilantro sauce was an excellent addition to the top of our beef arepa, adding a smooth creaminess to the dish.  The beef was juicy and tender, and the corn was fresh and crisp, a nice inclusion that added a touch of sweetness and a bit of textural crunch.



Our second selection was the Arepa con Pollo ($14.00), prepared with a Columbian arepa with mozzarella cheese, diced tomatoes, chopped onions, cilantro, diced avocado, shredded cheese, shredded chicken breast, ketchup, mayo, pink sauce and garlic cilantro sauce. This selection was also very good, with finely shredded chicken and melty mozzarella pulling it all together. As with the daily special version, the cilantro sauce was flavorful without being spicy, and had an herby freshness. It was on the milder side, and a welcome topper to the dish.  The base of the entrée, the corn arepa, was nicely flavored, and while the fluffy pancake still had that distinct corn griddle flavor, it did not overpower the rest of the flavors in the dish. The dish was carefully layered so that all the components were equally blended. We’d return to the BoardWalk again just for these arepas.



Our only problem with the dishes was a serving container one – the white paper under the arepas couldn’t stand up to the heat from the food, and disintegrated pretty quickly, getting stuck to the food. We found ourselves picking the paper off of our forks several times. Other than that, we had zero complaints about eating from a food truck, parked at the BoardWalk of all places!

 

While it’s an outdoor food truck setting, there was plenty of seating, both at café tables next to the food truck, and at some tables closer to the water a bit further down on the boardwalk.  If the weather is nice, it’s a really pleasant way to enjoy your meal, waterside, watching the Friendship Boats making their way up and down Crescent Lake. The meals are freshly made as you wait, but our food was ready in under ten minutes, so the wait wasn’t long. We dined al fresco around noon-ish, and we weren’t the only guests, but our food was ready quickly.



While we are looking forward to whatever new venture is coming to the empty Big River space, we’re also looking forward to trying some of the food coming to the boardwalk with the new rotating variety of food trucks. If they are all as good as App’s, you’ll have a good lunch, indeed.

 

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Beth Keating is a theme parks, restaurant and entertainment reporter for DisneyBizJournal.

 

Get The Disney Planner: The TO DO List Solution by Ray Keating. More information at

https://raykeatingbooksandmore.com/shop/ols/products/disneyplanner.

Friday, February 9, 2024

Grand Floridian’s “1900 Park Fare” To Reopen in April

 by Beth Keating

News

DisneyBizJournal.com

February 9, 2024

 

One of the last remaining holdouts from the COVID shutdown era is finally returning! On April 10, 2024, the Grand Floridian Resort at Disney World will be bringing back 1900 Park Fare.”  A newly refreshed dining room will be part of the many refurbishments currently taking place at the Grand Floridian, but among the changes will be an update to the cast of characters appearing at the restaurant.


Courtesy of DisneyParksBlog.com


The future characters meeting and greeting at 1900 Park Fare will include Cinderella, Mirabel (Encanto); Aladdin (in his Prince Ali attire); and Tiana (in her “Tiana’s Bayou Adventure” outfit).  The upcoming theming will be “Wish Upon a Star.” Among the previous characters appearing at the “Supercalifragilistic Breakfast” (before the shutdown) were Mary Poppins, Alice in Wonderland and The Mad Hatter (and sometimes Winnie the Pooh and Tigger). In the evening, Lady Tremaine and the stepsisters (Anastasia and Drizella) from Cinderella graced the room with their antics, and Prince Charming accompanied Cinderella to visit guests.

   
Only breakfast and dinner will be served at 1900 Park Fare, and it will be buffet style.  The famed and much-missed Strawberry Soup will be returning with the revamp of the restaurant!  There will also be updates to the rest of the menu, and some of the new items will be a tip-of-the-hat to the characters appearing during the meals.

One of the décor pieces that did not lose her place with the refurb is “Big Bertha,” the antique organ that has been at the Grand Floridian since 1988.  She’ll take her spot among the carousel theming that was also a highlight of the previous version of the eatery.

 
A brand new mural (pictured above) will greet diners as they return to Park Fare, and there will also be fresh artwork created exclusively for the restaurant by Disney artists. Twelve new pieces will each feature “a different Disney character as they hope, dream and wish upon a star (or even a magic lamp or a wishing well).”


Reservations for 1900 Park Fare open on March 5 at DisneyWorld.com, or on your My Disney Experience App. No word yet on pricing, or whether the meals will be available on the Disney Dining Plan.

 

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Beth Keating is a theme parks, restaurant and entertainment reporter for DisneyBizJournal.

 

Get The Disney Planner: The TO DO List Solution by Ray Keating. More information at

https://raykeatingbooksandmore.com/shop/ols/products/disneyplanner.

Wednesday, February 7, 2024

Disney’s Strong Earnings Report and Outlook

 by Ray Keating

News/Analysis

DisneyBizJournal.com

February 7, 2024

 

Disney surprised the markets with a strong earnings report today, along with a boatload of announcements. Indeed, the first quarter 2024 earnings report was one to be appreciated by stockholders.



Let’s get to what I see as the key takeaways, and there are a good many.

 

First, diluted earnings per share (EPS) excluding certain items jumped by 23 percent versus the same period last year – from $0.99 to a $1.22. For good measure, Disney offered some rare earnings guidance, projecting that full year fiscal 2024 EPS excluding certain items would increase by at least 20 percent versus 2023, to approximately $4.60.

 

Second, the company announced a 50 percent increase in its semi-annual dividend to $0.45 per share, which will be distributed in July.

 

Third, Disney also announced a stock buyback of $3 billion during the current fiscal year, with further buybacks seemingly slated for the future.

 

Fourth, the company was bullish on its cost savings and efficiency undertakings, noting that it would hit or exceed the previously announced $7.5 billion cost savings for the year.

 

Fifth, the company confirmed, once more, that it was on track to arrive at streaming profitability by the end of the current fiscal year. CFO Hugh Johnston pointed out that the objective on the streaming front is to achieve double-digit margins. According to Johnston, the path to such levels of profitability lies with growing subscriptions via paid sharing (which got a good deal of attention), lower churn, and international growth, as well as pricing and assorted efficiencies. Iger noted that the company is “working toward” what Netflix has achieved. 

 

In terms of streaming subscriptions, Hulu saw subscribers increase by 1.2 million in the quarter. Meanwhile, as largely expected, Disney+ subscriptions decreased by 1.3 million, but Disney also projected Disney+ core subscribers to increase by 5.5 million to 6 million in the second quarter.

 

Sixth, Disney announced that it entered into a partnership with Epic Games, with a $1.5 billion equity investment in the gaming enterprise. This partnership will result in the creation of a Disney Universe existing alongside and interconnected with Epic’s Fortnite. Disney CEO Bob Iger noted the need for the company to tap into demographic trends regarding gaming, and the opportunity to leverage the company’s intellectual property (IP) accordingly. He also highlighted the opportunity in this Disney digital world to purchase digital goods and perhaps in the future physical goods.

 

Seventh, since Taylor Swift seems to be everywhere, Disney announced that her “Eras Tour” concert film will come exclusively to Disney+ on March 15, with additional content not in the original release.

 

Eighth, it was noted that 70 percent of the announced plan to invest $60 billion on parks over the coming decade will go to increased capacity, with every park location and the high seas being affected. Annual announcements are expected to come from the company each year starting in 2025.

 

Ninth, a full-slate ESPN standalone streaming option will be launched in August 2025 or the fall of that year. This ESPN streaming option will include all ESPN programming, and will integrate betting, e-commerce, stats and personalization. In addition, the previously announced streaming sports joint venture with Fox and Warner Bros. Discovery is scheduled to launch this fall.

 

Tenth, all parks were profitable in the quarter, with growth in international parks particularly strong. And it was repeated that the company is expecting to “turbocharge growth” in the parks. The cruise line got notable attention in terms of expanding opportunities. It was noted in the earnings report: “At Experiences, we generated all-time records in revenue, operating income, and operating margin in the first quarter…” As for key sources of profitability on the Experiences front for the quarter, four were highlighted: Shanghai Disneyland, Hong Kong Disneyland, the Disney cruise line, and the latest Spider-Man video game.

 

Eleventh, on the movies and franchise fronts, it was announced that the planned Moana television show was being transformed into a theatrically released movie, set for November of this year. Meanwhile, it’s hard to say if something should or should not be read into the fact that the only Star Wars movie specifically mentioned by Iger was the one featuring The Mandalorian and Grogu. For good measure, Iger noted the slowdown in production on the Marvel front, declaring that there would a “focus on stronger franchises” going forward. In addition, the forthcoming Kingdom of the Planet of the Apes movie received a fair amount of attention. It has a release date of May 10, 2024.



Iger’s assessment was summed up in a statement in the earnings report: “Just one year ago, we outlined an ambitious plan to return The Walt Disney Company to a period of sustained growth and shareholder value creation. Our strong performance this past quarter demonstrates we have turned the corner and entered a new era for our company, focused on fortifying ESPN for the future, building streaming into a profitable growth business, reinvigorating our film studios, and turbocharging growth in our parks and experiences… Looking at the renewed strength of all of our businesses this quarter – from Sports, to Entertainment, to Experiences – we believe the stage is now set for significant growth and success, including ample opportunity to increase shareholder returns as our earnings and free cash flow continue to grow.”

 

Finally, regarding the activist investor challenges facing the company with the upcoming April 3 shareholder meeting, when asked about it on CNBC, Iger declared that those individuals didn’t understand the Disney business, nor the Disney brand. He also spoke of the company “acting with a sense of urgency,” and that “all of us are optimistic.” When it came to streaming, Johnston also used the word “urgency,” that is, there is an “urgency to get to a good sustainable business.”

 

Why all the “urgency” talk? That’s what happens when activist investors lurk heading into a shareholder meeting, and people have been focusing on the under-performance of your stock.

 

In after-hours trading, at the time of this writing, Disney’s stock price was up by more than six percent.

 

__________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

 

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