Disney Update - What Else Can COVID-19 Do to Our Happy Place
It is so sad that we write the next few things and we really hate doing it. However, news is news and we must stay true to our following... Disney news, when its bad, just seems to be worse than others some times as when something effects Disney, the world is in pretty bad shape. Regardless, Off to Neverland!
It was announced on April 20, 2020 that the Disney Corporation is furloughing 100,000 hotel and theme park industry employees at Disney Locations. It is noted that just about 70,000 of these folks are set to face the long (virtual) lines of Florida State Unemployment. Things are looking pretty grim as the average worker will receive just $275 a week for a total of twelve weeks. Understanding that the rate to live in Florida is a bit cheaper than up here in brisk New Jersey, it still means that the average income for these cast members will be $1200 monthly. Now, hopefully, those effected will not have to wait twelve weeks for their kingdoms to reopen. We are hopeful that as we hit the peak of this virus, things will go back to normal; albeit a new one.
According to reports, it seems as though Walt Disney World in Orlando, Florida was hit the hardest. WDW employs 75,000 individuals throughout its massive resort which makes it one of the largest, if not the largest, single site employer in the United States. According to The Financial Times, these furloughs will save the Walt Disney Company around $500 million a month in an attempt to ride out the rest of the Coronavirus. It was also reported that the CEO of Disney, Bob Iger, is relinquishing the rest of his $3 million yearly salary and the Chief Executive, Bob Chapek will forgo one half of his remaining $2.5 million base salary in order to assist the company in its time of need.
Noting that Disney is having a tough go in 2020, the market has downgraded the company for the third time April. Stock Market professionals have claimed that all aspects of the corporation face setbacks due to the virus but none more than the parks and the way the revenue from its daily operation assists in the way the rest of the corporation runs. According marketwatch.com and UBS market analyst John Hodulik, Disney is currently in "the eye of the storm." From his analysis, Hodulik states the park gates may not open again until January 1, 2021. This news in particular is unsettling as the virus took form in the US in the direct days following the first of the year, 2020. How could this be true? Will we see a positive slide in the fate of our beloved WDW and park locations?
It seems that the worlds new normal may be largely influencing the way we do things in the upcoming months/years to come. The way we social distance, crowd control, large gathering bans, lack of travel, etc. are all instances where Disney Parks across the globe may cease to operate for the very foreseeable future. Hodulik does not seem to think the parks will be able to operate normally unless we see a vaccine. This, he states, could take up to 18 months to develop and become widely available.
Ugh, why does it seem that every time we think we are "out of the woods" we trot right back into them. I can agree that most individuals, including those in government, will look at things like medication or vaccines to use as guidelines for a mass reopening of our amenities.
What about movies?!? No worries, analysts agree that Disney will definitely recover from that form of media as their releases in 2020 were a bit weaker following their dominance in 2019. The pandemic gives a form of designation for creation in that Disney has to get creative in the way they see the release of their films in the upcoming months. I suppose Disney+ came at just the right time! 50,000 subscribers and counting!
What about sports?!? Well, we are not sure about that one as it seems a bit difficult to determine which season will be the first back on the field. According to analysts, Disney took a hit with ESPN as sports have been cancelled in all aspects. It looks like maybe football will be the first to be reconsidered for "active status" but all concur that time will tell.
Stock Market specialists who specifically cover Disney are split, buy and hold. I guess people are truly indecisive when it comes to the corporation. If I know anything about Disney, it's that they never cease to amaze me. For now, I guess it's just a waiting game!
So what can you expect in the mean time? A LOT OF DIFFERENT THINGS! My goodness, Disney Park Blogs (https://disneyparks.disney.go.com/blog/) has a number of different things going on with the Disney name. I believe ABC will have more specials. (Please! I'd love another sing-a-long.) There are virtual Disney runs happening across Disney platforms all over the world... and of course, you have your small shops to support! With the world changing, this may be our new normal! And that's OK! We are happy to be here for you all and we're happy to help. From all of us at Unboxed Magic, we thank you for hanging in there with us!
My only request, please donate as much as you can to those who are supporting one another. Bibbidi Bobbidi Brooke was asking for donations to assist with shipping as she is donating her time and materials to make masks for those who need them! That's just one example of someone in our Disney family who is giving back.
Until next time friends, I feel as if we've been to "Infinity and Beyond," and I'm ready to get back "on the road again." Much love, much magic.
<3 AED, Unboxed Magic