The Walt Disney Company started with a doodle of a mouse and has become and entertainment empire. The company was originally involved in only the production of small, animated films but has expanded into all facets of personal entertainment. Hoover's Online has characterized "The Walt Disney Company as the #2 media conglomerate in the world, with operations in television, film, theme parks, and the Internet." The ABC television network, ESPN, Miramax Films, and an Internet portal known as the Go network are among Disney's most visible commodities. Theme parks, strategically located around the globe, continue to be a valuable and profitable asset. Despite this overwhelming success, a commitment to growth, and revenues that exceed $23.4 billion, investors have become skeptical and wonder if Disney will continue to be an industry leader in the new century.
Theme parks continue to be the most stable of Disney's assets. Business Weekly contends that "The financial stability of the theme park division have served as a critical counterweight to the volatility at its network and movie studio businesses." These parks, most notably the Orlando facility, have become the most frequented vacation spots in the world. Consumers continue to flock to these parks with their wallets open and are always ready to spend. The sale of character merchandise has grown significantly over the past decade. Fashionable brand name merchandise, as well as higher quality food options have become extremely popular in this time of economic growth. Millennium festivities, as well as new rides endorsed by famous people such as the music band Aerosmith have given people another incentive to vacation with Disney. Overcrowding seems to be the only hindrance that the Disney Company faces in its theme park ventures. They have begun to solve this problem with advances in guest convenience. Disney has created a "Fast-Pass ride reservation system" that allows guests to take advantage of an express line to the more popular attractions. Disney believes that customers who are not constantly standing in line are more apt to enjoy the park going experience. As an added bonus, Disney has found that these customers have more time to browse through and purchase goods at the parks numerous shops, and food outlets.
The Walt Disney World Company's first theme park opened its doors in California in 1955. A second park, Walt Disney World, was added in Orlando Florida in the late 1960's. The Orlando location is the largest and has returned the highest profits since its creation. The 1990's brought expansion as the company opened a park overseas in Europe. "Euro Disney" was initially a company failure but has recently begun to turn around into a profitable business venture. Plans for a new theme park in Hong Kong have been established and are expected to provide Disney with large returns.
