Disney(US:DIS) 36氪·2025-12-01 09:29Core Viewpoint - Disney's success in China and globally is fundamentally a victory of the "experience economy" [4][24] Group 1: Box Office Performance - "Zootopia 2" achieved a record-breaking pre-sale box office of over 310 million yuan, surpassing "Nezha: Birth of the Demon Child" [5] - On its opening day, "Zootopia 2" grossed 228 million yuan, with total box office exceeding 1.945 billion yuan by December 1 [5][6] - The first "Zootopia" film earned over 1.5 billion yuan in China, making it the highest-grossing imported animated film [6] Group 2: Marketing and Promotions - The film's release was accompanied by extensive marketing efforts, including collaborations with brands like Luckin Coffee, which saw a significant increase in sales [7][13] - Social media engagement was high, with children sharing photos with movie characters, enhancing the viewing experience [8] - Disney's marketing strategy included numerous brand collaborations and promotional events leading up to the film's release [13] Group 3: Strategic Focus on IP - Disney's shift back to focusing on traditional IP models, emphasizing the synergy between films, theme parks, and merchandise [10][24] - The company plans to invest $60 billion in parks and experiences over the next decade, doubling previous investments [24] - "Zootopia" is highlighted as a key IP with strong emotional resonance in China, driving both box office and merchandise sales [11][27] Group 4: Industry Context and Challenges - Disney's recent financial reports indicate a shift from subscriber growth to profitability, with significant cost-cutting measures implemented [19][20] - The company faces challenges in maintaining originality while relying on established IPs, raising concerns about creative stagnation [31] - The competitive landscape in China has evolved, with local IPs also gaining traction and challenging Disney's dominance [28][31]