Core Viewpoint - The article discusses the decline of major theme parks in China, highlighting their financial struggles despite previous popularity and high visitor numbers. It emphasizes the shift in consumer preferences towards more affordable and value-driven entertainment options, leading to increased competition from local alternatives. Group 1: Financial Performance of Theme Parks - Beijing Universal Studios reported a continuous loss of 1.5 billion annually for two consecutive years [43] - Hong Kong Ocean Park sold for 2.3 billion due to financial difficulties, despite achieving record visitor numbers and revenue [10][12] - Disney's theme park division saw a 6% drop in operating profit to 1.66 billion in a recent quarter, attributed to decreased visitor numbers at Shanghai Disneyland [41] Group 2: Changing Consumer Preferences - There is a noticeable decline in secondary spending at theme parks, with a decrease of 10%-30% expected in 2024 [31] - Consumers are increasingly sensitive to value, with many opting for local alternatives that offer lower prices and better experiences [49][50] - The rise of local theme parks, such as Fantawild and Chimelong, is capturing market share from established brands by providing more affordable options [59] Group 3: Historical Context and Current Challenges - Theme parks once thrived on their large scale and famous IPs, attracting massive crowds and generating significant revenue [18][24] - The article notes that the era of relying solely on famous IPs for success is over, as consumer expectations have shifted towards value and experience [50] - Many parks are now facing operational challenges, with complaints about high prices and poor service quality leading to negative consumer sentiment [46][47] Group 4: Strategies for Recovery - Theme parks are encouraged to innovate and adapt by enhancing service quality and offering competitive pricing to regain consumer trust [61] - Successful examples include Hong Kong Disneyland's turnaround through improved customer experience and promotional pricing [56] - The need for theme parks to lower ticket prices and create targeted services for families and children is emphasized as a strategy to attract visitors [61]