业绩“回血”后押注房地产 百年迪士尼要讲“新故事”？
Bet on Real Estate for 100 Years after Performance "Return to Blood" Disney Will Tell "New Stories"?
即将成为“百年大厂”的迪士尼（NYSE：DIS）最新财季的业绩迎来了久违的逆袭。
Disney (NYSE: DIS), which is about to become a "century-old factory", has seen a long-lost reversal in its latest fiscal quarter.
迪士尼2022财年第一季度（2021年四季度）业绩报告显示，公司当季实现总营收218亿美元，同比增长34%，高于市场预期的208亿；净利润由2021年的1800万美元，升至2022年的11.52亿美元，暴涨64倍。
Disney's performance report for the first quarter of fiscal year 2022 (the fourth quarter of 2021) showed thatThe company achieved total revenue of US$21.8 billion in the quarter, a year-on-year increase of 34%, higher than market expectations of 20.8 billion; net profit rose from US$18 million in 2021 to US$1.152 billion in 2022, a surge of 64 times.
财报出炉后，迪士尼还分别宣布任命了负责元宇宙战略的高管、以及将开发住宅地产的消息，似乎要将自家“讲故事”的套路延伸到更多领域。
After the financial report was released, Disney also announced the appointment of executives responsible for the Metaverse strategy and the news that it will develop residential real estate. which seemed to extend its "storytelling" routine to more fields.
迪士尼业绩缘何“逆袭”？元宇宙会是迪士尼的未来吗？消费者会愿意为“有故事”的住宅买单吗？
Why did Disney's performance "reverse attack"? Will the meta-universe be Disney's future? Will consumers be willing to pay for "story-telling" houses?
乐园回血，利润暴涨
"Return to Blood" Disney, Profits Soar
“我们在本财年有一个非常强劲的开端，每股收益显著增长，（美国）国内公园和度假村的收入和运营收入创下纪录，流媒体产品组合的订阅人数达到1.96亿，其中包括第一季度新增的1180万‘迪士尼+’订阅用户。”迪士尼CEO鲍勃·查佩克（Bob Chapek）在财报中表示。
"We have made a very strong start in this fiscal year, with significant growth in earnings per share,(U.S.) domestic parks and resorts had record revenue and operating income, with 196 million subscribers to the streaming portfolio,including 11.8 million new Disney + subscribers in the first quarter." Disney CEO Bob Chapek said in his financial report.
资料显示，迪士尼核心营收共分为四部分，分别是媒体网络、直接面向消费者和国际（Disney+、Hulu、ESPN+）、内容销售、授权业务以及主题公园收入。
Data show that Disney's core revenue is divided into four parts, namely, media network, Direct-to-consumer and international (Disney+, Hulu, ESPN+), content sales, licensing, and theme park revenue.
迪士尼CEO鲍勃·查佩克
Disney CEO Bob Chapek
本报告期，迪士尼营收的增长源自国内公园及相关体验产品销量上升，与此同时，上涨的游客消费，也一定程度上抵消了部分成本的增加。其中，销量增长主要体现在进客率、房间入住间夜及邮轮航行上，游客消费增长来自人均门票提升、酒店平均房价上涨、食物供应增加，及饮料和商品的支出增加。
During the reporting period, Disney's revenue growth was due to the increase in sales of domestic parks and related experience products. At the same time, the increase in tourist consumption also offset some of the increase in costs to some extent. Among them, the sales growth is mainly reflected in the occupancy rate of rooms, check-in nights and cruise cruise. The growth in tourist consumption comes from the increase of per capita ticket price, the increase of average hotel room price, the increase of food supply, and the increase of beverage and commodity expenditure
具体而言，迪士尼主打的乐园、体验和产品收入达72.34亿美元，上季度为35.88亿美元；运营利润约24.5亿美元，而上季度亏损1.19亿美元。大幅回血的主题乐园收入，也创下了迪士尼有史以来第二好的季度业绩。
Specifically, Disney's main park, experience and product revenue reached 7.234 billion US dollars, up from 3.588 billion US dollars last quarter. Operating profit was about US $2.45 billion, compared with a loss of US $119 million in the previous quarter. Revenue from theme parks, which has seen the revival in theme park revenue also marked Disney's second-best quarter ever
细分来看，随着疫情常态化及防控能力的提升，美国政府逐渐放开疫情管控，当地的迪士尼乐园在当季均保持开放状态，使得其来自美国国内公园和体验的收入达到48亿美元，同比增长222.36%。
In terms of breakdown, with the normalization of the epidemic situation and the improvement of the prevention and control capability, the U.S. As the government gradually eased control of the pandemic, the local Disneyland stayed open for the season, resulting in us $4.8 billion in revenue from domestic parks and experiences, up 222.36% from the same period last year
加州迪士尼乐园酒店
California Disneyland Hotel
国际公园和度假村方面，迪士尼来自国际公园和体验的收入8.61亿美元，同比增长127.78%；消费产品收入15.73亿美元，同比减少8.6%。这主要得益于巴黎迪士尼乐园游客入园率和入住夜数增加，以及香港迪士尼度假区较去年同期有所上升的游客人数。
In terms of international parks and resorts, Disney's revenue from international parks and experiences was 861 million US dollars, up 127.78% year on year. Revenue from consumer products was 1.573 billion US dollars, down 8.6% year on year. This is mainly due to the increase in the admission rate and number of nights of tourists at Paris Disneyland and the increase in the number of tourists at Hong Kong Disneyland over the same period last year.
数据显示，和去年同期（2021年第一财季）相比，巴黎迪士尼乐园仅开放26天，而在整个2022年第一财季完全开放；香港迪士尼度假区在报告期内开放68天，去年同期开放42天。
Statistics show that compared with the same period last year (the first fiscal quarter of 2021), Paris Disneyland was only open for 26 days and was fully open throughout the first fiscal quarter of 2022; Hong Kong Disneyland was open for 68 days during the reporting period, compared to 42 days in the same period last year.
香港迪士尼乐园 “小小世界”
Hong Kong Disneyland "Little World"
“美国在2021年下半年以来对于主题公园这些公共设施疫情管控措施是比较宽松的，没有清零政策，虽然没有国际游客，但是它本地游客的客流还是挺大的，因为大家约束了一段时间之后都需要去释放情绪。”中国主题公园研究院院长林焕杰告诉新旅界（LvJieMedia），“至于迪士尼门票的提升，一方面跟当地的物价指数有关，另一方面随着乐园内容的更迭，它的门票都会有一个周期性的调整，大概每3年就会有一次调整，这也为了吸引游客，同时能够快速地收回成本。”
"Since the second half of 2021, the United States has taken relatively loose measures to control the epidemic situation in public facilities such as theme parks. There is no zero clearing policy.Although there are no international tourists, the flow of local tourists is still quite large, because everyone needs to release their emotions after being restrained for a period of time. Lin Huanjie, president of the China Theme Park Research Institute, told LvJieMedia that "As for the increase of Disney ticket, on the one hand, it is related to the local price index, on the other hand, with the change of the park content, its ticket will have a cyclical adjustment, about every three years This is also to attract tourists and at the same time to recover the cost quickly."
奥兰多华特迪士尼世界
Orlando Walt Disney World
值得注意的是，位于美国佛罗里达州奥兰多的迪士尼日前宣布，自2月17日开始，将不再要求完全接种疫苗的游客佩戴口罩。此外，位于加州的迪士尼乐园也将自17日起实施类似的防疫政策。按此形势，迪士尼在美国本土的主题公园业绩接下来或将进一步拉升。
It is worth noting that Disney, located in Orlando, Florida, USA, recently announced that from February 17, tourists who are fully vaccinated will no longer be required to wear masks. In addition, In addition, Disneyland in California will also implement similar epidemic prevention policies from the 17th. According to this situation, the performance of Disney's theme parks in the United States may further increase.
押注元宇宙战略
Betting on meta-cosmic strategy
除了线下体验型项目，迪士尼该季在院线和流媒体服务方面也取得了不俗成绩。例如，尽管仍处于疫情期间，《蜘蛛侠：英雄无归》票房依旧大热；而在流媒体平台Disney+上发行的动画长片《魔法满屋》则带动了一长串产业链。
In addition to offline experience projects, Disney has also achieved good results in cinema and streaming media services this season. For example, although it is still in the epidemic period, "Spider-Man: Homeless" is still a big hit at the box office; and the animated feature "Full House" released on the streaming platform Disney+ has driven a long industry chain.
《魔法满屋》剧照
"Magic House Full" stills
同时，迪士尼旗下的流媒体服务Disney+订阅用户数增长迅速，达1.298亿，较上年同期增长37% 。Disney+每用户平均收入（ARPU）为4.41美元/月，同比增长9%。Disney+Hotstar用户总数达4590万，同比增长57%，ARPU为 1.03美元/月，同比增长5%。
At the same time, the number of subscribers to Disney+, the streaming media service owned by Disney, has grown rapidly, reaching 129.8 million, an increase of 37% over the same period last year. Disney+ average revenue per user (ARPU) was $4.41/month, up 9% year over year. The total number of Disney+Hotstar users reached 45.9 million, a year-on-year increase of 57%, and the ARPU was $1.03/month, a year-on-year increase of 5%.
不过，该板块本季度亏损达6亿美元，亏损幅度扩大27%。迪士尼方面认为，Disney+的亏损，主要由于节目制作、营销和技术成本的上升。
However, the sector lost US $600 million this quarter, an increase of 27%. Disney believes that Disney + 's loss is mainly due to the increase in program production, marketing and technical costs.
但这并没有影响迪士尼继续争夺流媒体市场的决心，迪士尼公司CEO Bob Chapek甚至表示，未来，迪士尼既要在主题公园中创造出真实的世界，同时也要利用媒体、数字和虚拟元素，以流媒体平台为契机，将两者进一步结合。他指出，物理和虚拟体验的融合，即被称为元宇宙的概念，是迪士尼首要考虑的战略之一。
However, this has not affected Disney's determination to continue to compete for the streaming media market. Disney CEO Bob Chapek even said that in the future, , In the future, Disney will not only create a real world in theme parks, but also use media, digital and virtual elements, and take the opportunity of streaming media platforms to further combine the two.He pointed out that the integration of physical and virtual experiences, known as the concept of meta-universe, is one of Disney's top strategies.
随后，迪士尼很快就官宣了公司在元宇宙战略方面的高管。
Later, Disney soon announced the company's senior executives in the meta-universe strategy.
Bob Chapek日前在一份备忘录中表示，任命MikeWhite为高级副总裁，负责领导该公司的元宇宙战略。据悉，Mike White此前负责迪士尼的消费者体验与平台，在2011年加入迪士尼之前曾于雅虎等科技公司任职。
In a memo a few days ago Bob Chapek saidthat Mike White was appointed senior vice president to lead the company's meta-universe strategy. It is reported that Mike White was previously responsible for Disney's consumer experience and platform and worked for Yahoo and other technology companies before joining Disney in 2011.
Bob Chapek暂未提供迪士尼如何从元宇宙中获得营收的任何具体细节，但他表示，Mike White的任务将是为迪士尼“连接现实世界和数字世界”。
Bob Chapek did not provide any specific details on how Disney gets revenue from the meta-universe, but he said that Mike White's mission will be to "connect the physical and digital worlds" for Disney.
上海迪士尼乐园
Shanghai Disneyland
事实上，早在去年11月，Bob Chapek就曾表示元宇宙或将是迪士尼的未来，迪士尼有乐园和数字平台，具备了无可匹敌的元宇宙构建能力。“当我们展望下一个前沿领域时，鉴于我们将品牌、特许经营权、实体和数字体验以及全球影响力的独特组合，我们看到了无限的潜力，这让我们迪士尼的未来100年一如既往地感到兴奋。”
In fact, as early as November last year, Bob Chapek said that the meta-universe would be Disney's future.With parks and digital platforms, Disney has an unrivaled ability to build a metaverse. "As we look to the next frontier, given our unique combination of brands, franchises, physical and digital experiences, and global reach, we see limitless potential that makes us as excited as ever for Disney's next 100 years ."
对迪士尼进军元宇宙感到兴奋的还有林焕杰，他表示，迪士尼如果把元宇宙引入主题公园，将开创全球主题公园的新篇章。“迪士尼元宇宙的开发，肯定是要用到主题公园的，我认为目前只有迪士尼有实力率先把元宇宙引入主题公园。首先迪士尼有大量家喻户晓的IP；第二，它拥有丰富的动漫、大电影等内容产品和VR/AR等开发技术，而元宇宙就是将现实的东西向虚拟过渡的过程而已。在植入元宇宙之后，迪士尼线下场景的灵活性和展现能力将更强，娱乐性更加丰富，而且更迭的频率将更高。所以对于迪士尼入局元宇宙的前景我是非常看好的。”
Lin Huanjie was also excited by Disney's entry into the meta-universe.He said that if Disney introduced the Metaverse to theme parks, it would open a new chapter for global theme parks.""The development of the Disney Metaverse must use theme parks, and I think only Disney has the strength to take the lead in introducing the Metaverse into theme parks. . First , Disney has a large number of well-known IPs; Second, it has rich content products such as animation and big movies and development technologies such as VR/AR, while And the metaverse is just a process of transitioning from the real to the virtual. After being implanted into the meta-universe, After being implanted in the Metaverse, Disney's offline scenes will be more flexible and displayable, more entertaining, and the frequency of changes will be higher.. Therefore, I am very optimistic about the prospect of Disney entering the meta-universe. "
复仇者联盟园区
Avengers Park
领易咨询总经理邹毅对此则持保留意见，他认为，元宇宙目前还处于早期阶段，疫情放开后，线上体验很难比线下体验更有竞争力。“对于迪士尼而言，元宇宙可能就是迪士尼的电影实景场景游戏化的一种方式。迪士尼布局元宇宙，应该把游戏开发能力和社交平台的构建能力大幅加强才有可能。但这方面，迪士尼应该没有太大的基因，只能靠收购兼并了。但这两年受疫情的冲击，迪士尼应该囊中羞涩，资金不充裕，料想并购的力度不会很大，因此迪士尼要转型元宇宙，难度还是比较大的。”邹毅分析道，“至于元宇宙的线下落地，迪士尼已经干了上百年了，这个是他们老本行，只是换了个说法而已。”
Zou Yi, general manager of Lingyi Consulting, has reservations about this. He believes that the meta-universe is still at an early stage. After the epidemic situation is released, After the epidemic is lifted, it is difficult for online experience to be more competitive than offline experience. "For Disney, the Metaverse may be a way of gamifying Disney's real-life movie scenes. Disney's layout of the Metaverse should be possible only by greatly enhancing its game development capabilities and social platform construction capabilities.However, in this respect, Disney should not have too many genes and can only rely on mergers and acquisitions. However, due to the impact of the epidemic in the past two years, Disney should be short of money and have insufficient funds. It is expected that the merger and acquisition will not be very strong. Therefore, it is still relatively difficult for Disney to transform into the Metaverse.. "Zou Yi said," As for the falling of the meta-universe line, Disney has been doing it for hundreds of years, and this is their old line of work, but it is just a different statement. "
住宅房产故事怎么讲？
How do you tell the story of residential real estate?
作为最擅长讲故事的公司之一，迪士尼除了希望通过元宇宙讲“新一代的故事”，日前还推出了住宅社区业务，企图“将讲故事扩展到故事生活”。
As one of the companies that are best at telling stories, Disney not only hopes to tell "a new generation of stories" through the meta-universe, but also recently launched a residential community business in an attempt to "expand storytelling to story life".
资料显示，迪士尼这项住宅开发业务将被命名为“迪士尼的故事生活”（Storyliving by Disney）。Rancho Mirage的第一个项目正在计划中，该社区靠近公司创始人沃尔特·迪士尼曾经拥有的一处住所。此外，公司还在探索在美国的其他地点。
According to the data, Disney's residential development business will be named "Storyliving by Disney". The first project is being planned for Rancho Mirage, a neighborhood close to a residence once owned by company founder Walt Disney. In addition, the company is also exploring other locations in the United States.
根据规划，被称为“Cotino”的Rancho Mirage项目将由迪士尼与专门从事规划社区的DMB开发公司（DMB Development）合作建设，预计拥有1900个住宅单位。这个24英亩的项目将包括至少一个供55岁及以上居民居住的区域，有住宅楼、独栋住宅和共管公寓供购房者选择。设施将包括购物、餐饮和娱乐以及一个海滨酒店和会所，公众将能通过购买一日通行证来参观Cotino。
According to the plan, the Rancho Mirage project called "Cotino" will be built by Disney in cooperation with DMB Development, which specializes in community planning, aIt is expected to have 1900 residential units. The 24-acre project will include at least one area for residents 55 and older, with residential towers, single-family homes and condos for buyers to choose from. Facilities will include shopping, dining and entertainment as well as a waterfront hotel and clubhouse, and the public will be able to visit Cotino by purchasing a day pass.
据介绍，“Storyliving by Disney”旗下每个项目的社区运营，都将由经过培训的迪士尼演职人员负责。通过会员俱乐部的模式，迪士尼将提供从现场演出到烹饪课程在内的娱乐服务、慈善活动、康养服务等。负责迪士尼乐园设计规划的幻想工程师将在社区的创意设计方面扮演关键角色，并与其他开发商和建筑商合作，不过社区将不会与他们所设计的迪士尼乐园有任何关联。
According to reports, Community operations for each of the "Storyliving by Disney" projects will be run by trained Disney cast members. Through the membership club model, Disney will provide entertainment services ranging from live performances to cooking classes, charitable activities, wellness services and more, etc. from live performances to cooking courses. The fantasy engineers responsible for the design and planning of Disneyland will play a key role in the creative design of the community and work with other developers and builders, but the community will not have any ties to the Disneyland they are designing.
实际上，住宅房地产对迪士尼来说并不是一项全新的业务。1996年，该公司打开了佛罗里达州Celebration的大门，这是一个靠近迪士尼世界度假村的总体规划的社区。2011年，迪士尼它在同一州开设了豪华的Golden Oak度假村，彼时房屋价格最初为160万美元起。此外，沃尔特·迪士尼本人也曾想开发一个乌托邦式的“未来城市”，命名为Epcot（代表“明天的实验原型社区”），但这一构想也曾一度被搁置。直至如今，迪士尼开拓房地产板块业务的“野心”再度浮出水面。
In fact, residential real estate is not a brand-new business for Disney. In 1996, the company opened the door to Celebration, Florida, a community near Disney World Resort's master plan. In 2011, when Disney opened its luxurious Golden Oak resort in the same state, home prices initially started at $1.6 million. In addition, Walt Disney himself wanted to develop a utopian "future city" named Epcot (for "experimental prototype community of tomorrow"), but this idea was once shelved.but this idea was once shelved. Until now, Disney's "ambition" to develop real estate business has resurfaced.
华特迪士尼世界明日世界中的单轨列车
Monorail Train in Walt Disney World Tomorrow World
邹毅分析指出，迪士尼开拓房地产业务，是近期美国宏观经济的缩影。“近两年，美国受到美联储量化宽松政策影响，美国各地的房地产市场大涨。由于前两年迪士尼亏损对企业实力影响较大，要想快速回复实力，发展新的盈利增长点是他们的必然选择。在迪士尼原有的电影、电视、线上娱乐的原有赛道上，已经竞争激烈。如果能开辟新的赛道战场，肯定是不错的选择。”
Zou Yi pointed out that Disney's development of real estate business is a microcosm of the recent US macro-economy. "In the past two years, the United States has been affected by the quantitative easing policy of the Federal Reserve, and the real estate market in various parts of the United States has soared. Since Disney's losses in the past two years have had a great impact on the strength of the company, if they want to quickly recover their strength, developing new profit growth points is their inevitable choice.On Disney's original track of movies, TV and online entertainment, competition is already fierce. If we can open up a new track battlefield, it is definitely a good choice. "
同时，他认为，度假房产本质是可选消费，它们的消费需求跟经济实力有很大关系，也跟宏观经济增长预期有很大关系。美国近期房地产市场高涨，老百姓购房意愿是不错的，这时候推出度假房产应该也会有一定市场。但如果美国宏观经济后期遭遇衰退，收入增长预期不足，度假房产这类可选消费是率先受冲击的领域。因此这类项目关键取决于宏观经济走势，IP引流只是促进购买的一个因素而已。“购买力不足的市场，不管是多牛的IP，也不会有多少购房者。”
At the same time, he believes that the essence of vacation real estate is optional consumption, and their consumption demand has a great relationship with economic strength and macro-economic growth expectations.The real estate market in the United States has been booming recently, and the willingness of ordinary people to buy houses is good. At this time, there should be a certain market for the launch of vacation properties. However, if the U.S. Macro-economy suffers a recession in the later period and income growth expectations are insufficient, optional consumption such as vacation property will be the first to be hit. Therefore, the key to such projects depends on the macro-economic trend, and IP drainage is only one factor to promote purchase. "In a market with insufficient purchasing power, no matter how good the IP is, there will not be many buyers."
奥兰多华特迪士尼世界神奇王国 “总统名人堂”
Orlando Walt Disney World Magic Kingdom "Presidential Hall of Fame"
而在林焕杰看来，迪士尼这项业务意在利用在全球的影响力来促进房地产的销售。“我始终认为主题公园或者旅游项目，附带房地产是一件好事情。因为主题公园有两个效益，一个是经济效益，另外一个是社会效益。主题公园可以作为一个核心吸引物，把周边的价值拉动起来，把比较偏僻的区域的市场、商业和零售等带动起来是很好的。但是国内为什么没做好？就是因为他们有点喧宾夺主了，公园还没建好就把地产搞好了。但是迪士尼这个住宅开发计划其实跟主题公园关系并不大，只是利用它品牌主题来植入营销罢了。”
In Lin Huanjie's view, Disney's business aims to use its global influence to promote real estate sales. "I always think theme park or tourism projects, with real estate is a good thing Because the theme park has two benefits, one is economic efficiency, the other is social benefits Theme park can serve as a core attractions, the value of the surrounding pull up, in a remote area of the market business and retail and so on are driven is very goodBut why hasn't it been done well in China? It is because they are a bit presumptuous and have done a good job in the real estate before the park is built. However, Disney's residential development plan has little to do with the theme park. It just uses its brand theme to implant marketing. "
加码流媒体、押注元宇宙、拓展房地产业务……总体看来，迪士尼接下来新的业务战略布局已初现雏形，但在这些领域的“故事”迪士尼还能讲出什么新意？新旅界将持续关注。
Increase streaming media, bet on meta-universe, expand real estate business... Overall, Disney's next new business strategic layout has begun to take shape, but what new ideas can Disney tell in these "stories"? The new travel industry will continue to pay attention.
（注：以上图片均来源于“迪士尼中国”官微）
(Note: The above pictures are all from "Disney China" official posts)
