The Walt Disney Company and Universal are embarking on landmark expansions of their theme park businesses, signaling a strategic pivot toward experiences amid challenges in the traditional media landscape.
Universal Orlando Resort officially opened Epic Universe in May, marking the fourth theme park at its flagship Florida destination. The new park represents an estimated $7 billion investment, according to figures from the University of Central Florida. Comcast Chairman and CEO Brian Roberts described the project as the “single-largest investment Comcast NBCUniversal has made in its theme park business.”
Karen Irwin, President and COO of Universal Orlando, emphasized the park’s unique nature. “It’s so different than anything else that we’ve ever built, but certainly I think it’s different than anything anyone’s ever built,” she said.
In tandem with the new park, Universal has expanded its resort offerings by adding three new Loews-operated hotels, bringing the total number of on-property hotels to 11. The company aims to position Universal Orlando as a full-week vacation destination—a status traditionally held by Walt Disney World.
Meanwhile, Disney is undertaking its own ambitious expansion. In 2023, the company announced a $60 billion investment in its experiences division, which includes theme parks, cruise lines, and consumer products. Half of that—$30 billion—is allocated specifically to its domestic parks: Walt Disney World and Disneyland.
Michael Hundgen, portfolio executive creative producer with Walt Disney Imagineering, noted the creative and strategic focus behind the spending. “It’s about finding what strikes the best creative intent in the most value-oriented way possible,” he said.
The investments come as both Disney and Comcast reduce their exposure to traditional linear television, a segment facing mounting volatility. In contrast, theme parks have proven to be reliable sources of post-pandemic revenue, buoyed by a resurgence in tourism.
Despite the optimism, both companies face economic headwinds that could impact their returns. Epic Universe’s debut arrives at a time when concerns over a potential travel slowdown are growing due to broader financial uncertainty.
“If you’re uncertain how the economy is going to develop, then you’re going to try to be more cautious in your spending,” said Jorge Ridderstaat, associate professor at the University of Central Florida’s Rosen College of Hospitality Management.
As Disney and Universal double down on immersive experiences, the success of these massive undertakings may ultimately depend on the resilience of consumer spending in a turbulent economic environment.
