Disney‘s parks, experiences and products business reported earnings for the third quarter of 2022, with revenue increasing by more than $3 billion compared to Q3 2021.
In the third quarter of 2022, revenue for Disney’s theme parks and experiences increased from $4.3 billion to $7.4 billion compared to the same quarter in 2021. Operating income increased by $1.8 billion to $2.2 billion.
Higher operating results in Q3 were primarily due to increased guest spending and rising attendance at Disney’s US parks and experiences.
Disney has also created a new revenue stream with the introduction of Genie+, a paid version of the Disney Genie app that gives guests access to Lightning Lanes.
Increased guest spending and attendance
“We continue to see strong revenue and profit growth at our domestic parks and experience businesses,” said Disney CEO Bob Chapek during a third-quarter earnings call.
“Demand at our domestic parks continues to exceed expectations with attendance on many days tracking ahead of 2019 levels,” added Disney’s chief financial officer Christine McCarthy.
Additionally, the company’s cruise ships were operating during the entire current quarter. but were suspended in Q3 2021.
Disney’s US parks and resorts were also open for the third quarter of 2022. During the same period last year, Disneyland Resort was open for 65 days and Disney World operated at reduced capacity.
Improved results at Disney’s international parks and resorts were largely due increased attendance at Disneyland Paris. The attraction was open for the entire quarter, compared to just 19 days in Q3 2021.
“Improvement at our international parks in the third quarter was driven by Disneyland Paris, where both revenue and operating income exceeded 2019 levels,” McCarthy said.
Shanghai Disney Resort was, however, open for all of the prior-year quarter but for just three days in Q3 2022.
In June, the Walt Disney Company’s board of directors unanimously voted to extend Chapek’s contract as chief executive officer for three years.
Images: Disney
