Disney is seeing record low theme park attendance after their stock was officially downgraded by KeyBanc, as the Wall Street Journal notes.
For the children’s movie and theme park behemoth, things are going from bad to worse.
The average wait time for the 4th of July weekend at Disney World was under 27 minutes. Disney World has EPCOT, Hollywood Studios, Magic Kingdom and Animal Kingdom under their umbrella. Compare those numbers to 2019, when Magic Kingdom had a 47 minute wait time on average. Animal Kingdom was at 37 minutes that year as well.
Hollywood Studios had its third slowest day of the year. An alarming fact for Disney, considering that the 4th of July weekend is typically one the top three busiest times of the year attendance-wise. One user who went during that usually high-attendance weekend showed the park to be a ghost town:
This comes after Disney announced they’d have to cut $5 billion in costs coupled with mass layoffs.
And on Wednesday, KeyBanc officially downgraded Disney’s stocks. Previously, the firm defined Disney’s stock as “overweight,” making it a most robust investment, as Fox Business notes. Now it’s been downgraded to the “sector weight” category, with a .89% change. In August of last year, Disney was trading at 124.26. Now, they’re at 89.50. And there’s been a .05 drop in the span of five days.
The most recent 2023 quarter saw a four million subscriber loss for Disney+ and its other owned platforms, ESPN and Hulu. This is the first time Disney has seen a net loss since the streaming service began in 2019.
Looks like Disney bit off more than they could chew, as they continue to go woke and thus broke.
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