Adam Maguire

It's obviously seeing its revenues and profits rising as well.

And whether it's an intentional strategy or not, you know, even if the company is losing the kind of regular, casual, low value visitors, they've been able to seamlessly kind of swap those out for people who are happy or at least willing to spend more.

And that includes people who might see a trip to Disneyland as a once in a lifetime or a once every few years kind of a trip.

They're willing to splurge then for the sake of the experience.

And they take up as much space as the people coming for a day trip, but they'll spend many multiples while they're there.

But Disney is also tapping more and more into the Disney adult market, which, as the name suggests, are these grown-ups who are committed fans of the brand.

They're not just bringing their kids along.

And in fairness, Disney has been getting, you know, seeing the value in the adult market for years.

Walt Disney himself said, you're dead if you only aim at kids.

And Disneyland has been offering more kind of grown up facilities and attractions since the 1980s.

But Disney adults, that market has really grown dramatically in recent years for a number of reasons.

You know, people starting families at an older age, not having kids at all, young adults having more disposable income.

Online communities kind of encouraging that fandom.

We have a rise of nostalgia as an economic force.

Well, all these things come together are making the Disney adult very, very valuable.

But what it means is that, you know, have more singles and couples who are huge Disney fans.

They're going to the likes of Disneyland, maybe as their annual summer holiday instead of going to a resort in Spain or Portugal.

And maybe they're going more often than that as well.

And they're generally willing and able to spend a lot more per person than your average family might.

And this is the problem, you know, it has worked out for them financially, but there is a tipping point there where you're going to price too many people out.