It will now cost you more to go to a Disney (DIS) theme park.
In an announcement early Wednesday, the company revealed more changes at Florida's Walt Disney World and California's Disneyland, which will include immediate price hikes on certain tickets and passes.
Annual passes for Walt Disney World will rise between $30 and $50 depending on the pass, with the highest price settling at $1,449 for its most expensive Incredi-Pass. Parking at the parks will rise by $5.
The company said it will not raise prices on its date-based theme park tickets, otherwise known as its standard ticket option, which will remain at $109.
Disneyland, meanwhile, will see a rise in nearly all ticket options with single and multiday ticket prices rising anywhere between $5 and $65. Its annual passes will increase by 3.1% and 21.5% depending on the plan with its highest annual offering, the Inspire pass, now costing $1,649 — up from the prior $1,599.
Park hopper add-ons will also increase between $5 to $10 while the Genie+ add-on will rise by $5.
The news comes after Disney announced plans to invest $60 billion into its theme parks business over the next 10 years. Shares were muted in early trading.
Amid the price hikes, the company said it will be introducing new offerings to improve the overall guest experience. Notably, Walt Disney World announced the return of all-day park hopper access beginning Jan. 9. Previously, attendees had to wait until 2 p.m. to switch between parks — a major frustration for consumers who wanted more flexibility.
The all-day park hopper access follows previously announced updates like the removal of park reservations on standard theme park tickets and the upcoming return of the Disney dining plan in January.
Disneyland will be adding two rides to the Disney Genie+ bundle, the company added, and will also extend the theme park reservation booking window to 120 days.
"We are constantly adding new, innovative attractions and entertainment to our parks and, with our broad array of pricing options, the value of a theme park visit is reflected in the unique experiences that only Disney can offer," a Disney spokesperson said in a statement on Wednesday.
Disney's parks business remains an important element of the company's bottom line, hence the need to keep customers happy. Revenue for the parks division beat expectations of $8.25 billion to hit $8.33 billion in the company's latest quarter. Operating income came in at $2.43 billion, ahead of estimates of $2.39 billion and above Q3 2022's $2.19 billion total.
Analysts have remained cautious about the future of the parks segment, however, as demand appears to have slowed, coupled with heightened risks to margins amid inflation.
Earlier this year, Disney announced long-awaited updates to its parks reservation system and annual passholder program following intense backlash from consumers over lengthy wait times and sky-high ticket prices.
The company has faced renewed scrutiny in recent weeks — most recently from activist investor Nelson Peltz, who launched yet another attack on the media giant earlier this week.
According to sources familiar with the matter, Peltz will seek multiple board seats, including one for himself, after his hedge fund Trian Fund Management boosted its stake in the company, which is now valued at a reported $2.5 billion for more than 30 million shares.
The renewed attack comes after the stock hit a new nine-year low last week as the company grapples with declines in the TV business, a potential asset sale, and succession questions.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on Twitter @allie_canal, LinkedIn, and email her at [email protected].
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