Walt Disney will build a new ‘Avatar’ experience at its Disney California Adventure theme park based on the second film in the science fiction franchise, Avatar: The Way of Water, the company announced Saturday.
This is the first in a series of expected announcements at the D23 Disney fan club event taking place this weekend, where it will reveal how the company will deploy $60 billion in capital investment.
Disney has announced it will increase its investment in the parks, nearly doubling spending over the next decade, while redesigning attractions at its 12 parks around the world and increasing the capacity of its cruise line.
“Everything we’re about to share with you tonight is in active development,” said Disney Experiences Chairman Josh D’Amaro. “That means plans are being drawn. That means the earth is moving. I want to be clear to all the fans out there. This is not the moon.”
D’Amaro then turned the stage over to a 70-piece orchestra that played Disney musical numbers while images of the company’s theme parks flashed across the screen.
Disney’s parks have become a reliable profit engine, helping to cushion the impact of the decline in its traditional television business and losses in its video streaming business, which turned a profit last quarter.
The Experiences division, which includes parks, cruise ships and consumer products, contributed 60% of the company’s operating profit last quarter, up from 30% ten years ago.
Disney CEO Bob Iger has announced that the company plans to invest $17 billion in the Walt Disney World Resort in Orlando over the next ten years.
These investments would build on recent attractions such as Tiana’s Bayou Adventure – inspired by Disney’s animated film “The Princess and the Frog” – and the Guardians of the Galaxy: Cosmic Rewind roller coaster and the Tron lightcycle/run.
The company is facing increasing competition in Central Florida from rival Universal Studios, which plans to open Epic Universe next year. The 750-acre site will feature Harry Potter, dragons from the Viking world of “How to Train Your Dragon,” classic Universal movie monsters like Frankenstein and Nintendo’s Donkey Kong.
In Anaheim, California, Disney received approval earlier this year for a development plan that paves the way for a $2 billion investment in the Disneyland Resort.
The company has not yet announced details, only saying it is seeking the flexibility to combine hotels, shops and attractions within the same themed world, as is the case with Fantasy Springs at Tokyo DisneySea Park.
“We have a commitment to continue to develop these huge businesses and amazing experiences that we have here in California and in Florida,” D’Amaro told Reuters in June. “And we will invest aggressively, heavily and intelligently.” (Reporting by Dawn Chmielewski in Anaheim, California; Editing by Sandra Maler and Christian Schmollinger)
