Just my minimally unresearched opinion following Disney since I was a kid.
Everything Disney touches turns to Gold. The target demographic is still age 20 and under, but they have an unbelievable ability to keep an age 30-45 demographic (the younger demographics parents). With Hulu and ESPN they have an ability to capture "non-family" demographics also.
To this point, they have been able to maintain their brand without cheapening their premium. Hopefully they do not cheapen their product, because there is still a brand loyalty lasting generations in the US, and continuing to expand international.
In regards to theme parks, the US competition involves Six Flags, Sea World and a few others. They are all fun to go to, can even have "better" rides than Disney, but no one touches the International appeal of Disney Parks.
Imagine Disney branching into "mini-Parks" with takeovers of something like the Fiesta Texas and Sea World complex in San Antonio. Imagine them getting into Lego-Lands. How about a licensing agreement or other deal with Nintendo? Disney has been the Premium park, with only 2 locations in the US, and only several others scattered World Wide.
They have a debt/equity ratio of between .25-.4, running their business on profit. (Six Flags is approximately a 4). Overall, I believe Disney Parks can expand for almost nothing particularly when Six Flags Craters. Question is, does Disney want to? Is it worth their time? Would it cheapen their brand?
Disney has pounced into Netflix's domain, again, much less leveraged...not to mention removing what for many is considered premium content.
Even with Parks closed, how much is Disney paying to maintain their product (rents/taxes/employee salary.) Not much relatively. While they are "losing" in regards to past profit, how much money are they actually losing?
Overall, Disney can Dave Ramsey themselves to be the top player in amusement, potential streaming, branch into video games, hotels/real estate, or whatever else they wish. The other kids in their playground are getting their butts kicked, and Disney has the footing to stand there and watch.
Anyways, I've convinced myself to buy more.
