紐時賞析／美人娛樂消費減少 迪士尼營利大宗「樂園」營運疲軟

涵蓋主題樂園和郵輪的迪士尼體驗部門去年貢獻迪士尼70%的營業利潤。（紐約時報 ）

Trouble Spot For Disney: Weak Results For Its Parks

樂園營運疲軟 暴露迪士尼罩門

In The Walt Disney Co.’s seemingly never-ending game of corporate Whac-a-Mole, a new trouble spot has arisen: Americans have less money to spend on amusement, imperiling growth at Disney theme parks.

在迪士尼公司看似無止境的企業打地鼠遊戲中，新的問題點出現了：美國人花在娛樂上的錢變少，危及迪士尼主題樂園成長。

Theme parks have taken on much greater financial importance at Disney over the past decade. They have been the ATMs that have paid for Disney’s costly expansion into streaming and picked up the slack for the company’s atrophying cable television business. Last year, Disney Experiences, a division that includes theme parks and cruise ships, contributed 70% of Disney’s operating profit, up from about 30% a decade ago.

過去10年，主題樂園在迪士尼財務方面變得更重要。它們一直充當提款機，爲迪士尼跨入串流的昂貴擴展埋單，還填補該公司有線電視業務萎縮造成的缺口。去年，涵蓋主題樂園和郵輪的迪士尼體驗部門，貢獻了迪士尼70%的營業利潤，比10年前的30%大幅增加。

Bob Iger, Disney’s CEO, has called theme parks and cruise ships “a key growth engine.” Last year, Disney said it would spend roughly $60 billion over the next decade to expand its parks and to continue building Disney Cruise Line. Josh D’Amaro, chair of Disney Experiences, is expected to unveil an array of specific expansion projects Saturday at a fan convention in Anaheim, California.

迪士尼執行長艾格曾稱主題樂園和郵輪是「關鍵成長引擎」。去年，迪士尼表示，會在未來10年花費約600億美元，拓展旗下樂園並持續打造迪士尼郵輪。體驗部門主管達馬羅預計週六將在加州安那罕的粉絲大會介紹一系列具體擴建計劃。

But there are reasons to worry that the U.S. economy could be headed toward a recession. In addition, the global postpandemic surge in travel is largely over.

不過，有理由擔心美國經濟可能走向衰退。此外，後疫情時代全球旅遊暴增的狀況幾乎已結束。

Iger has been trying to move Disney beyond a tumultuous period when activist investors sought to alter the company’s direction. Disney fended off the attacks, but its share price has fallen more than 25% since early April.

艾格一直試圖將迪士尼帶離積極投資人尋求改變公司發展方向的動盪時期。迪士尼抵禦了這些攻擊，但股價自4月初以來下跌逾25%。

The remainder of Disney’s quarter was solid. Companywide revenue increased 4% from a year earlier, to $23.2 billion, slightly above Wall Street expectations. Adjusted per-share income increased 35%, to $1.39, beating expectations by 20 cents. Disney lifted its full-year target for adjusted earnings growth to 30%. Disney previously told investors to expect 25%.

迪士尼季度的其餘項目表現穩健。營收較上一年同期成長4%，達232億美元，略高於華爾街預期。調整後每股盈餘增35%，達1.39美元，比預期高出20美分。迪士尼提高其調整後全年盈餘成長目標至30%，他們先前告訴投資人預期目標是25%。

Movies provided some of the quarterly upside. “Inside Out 2,” released in June, took in $1.6 billion worldwide and reversed a slump at Disney-owned Pixar. “Kingdom of the Planet of the Apes,” from Disney’s 20th Century Studios, was a hit in May, collecting nearly $400 million.

電影提供一些季度成長。6月上映的「腦筋急轉彎2」全球票房收入16億美元，扭轉迪士尼旗下皮克斯動畫工作室頹勢。迪士尼旗下20世紀影業的「猩球崛起：王國誕生」在5月則賺進近4億美元。

文／Brooks Barnes　譯／羅方妤