The Walt Disney Company released their First Quarter Earnings report yesterday for 2022 and it looks to be very positive. Chief Executive Officer, Bob Chapek said “We’ve had a very strong start to the fiscal year, with a significant rise in earnings per share, record revenue and operating income at our domestic parks and resorts, the launch of a new franchise with Encanto, and a significant increase in total subscriptions across our streaming portfolio."
Revenue from Disney Parks, Experiences and Products for the first quarter of 2022 is recorded as $7.2 billion which is a huge increase on the $3.6 billion revenue for the first quarter of 2021, when Walt Disney World was at reduced capacity due to COVID-19 and Disneyland Resort was closed.
It states in the report that this revenue is in part down to increased attendance and guest spending growth which is as a result of an "increase in average per capita ticket revenue, higher average daily hotel room rates and an increase in food, beverage and merchandise spending. The increase in average per capita ticket revenue was due to attendance mix and the introduction of Genie+ and Lightning Lane."
Hearing that attendance is up compared to this time last year definitely won't come as a surprise to most people as it is common knowledge that Walt Disney World is extremely crowded right now.
Disney's introduction of a paid for FastPass system, Genie+ and Lightning Lane, certainly appears to be working its magic for the Walt Disney World Company in terms of revenue. Reports suggest that approximately 50% of people are opting to pay the $15 per day to upgrade to Genie+ and also paying extra for individual Lightning Lanes so they can still experience the much loved FastPass experience albeit now at an extra cost.
To read the Walt Disney Company First Quarter Earnings for 2022 full report, click here. Let us know if you have opted to purchase Genie+ and Indivdual Lightning Lanes for your visit and what your experience has been of this system by leaving us a comment below or on our Facebook page.