Throughout the Financial institution of America 2025 Media & Leisure Convention, Common Parks CEO Mark Woodbury mentioned growth plans for all three Common Orlando theme parks, how Epic Universe is grabbing market share from Walt Disney World, and endorsed the “rising tides raise all ships” thesis that’s been superior by Disney executives. It was a wide-ranging interview that additionally mentioned initiatives in Texas, Nevada, Japan, China, Hollywood and the UK, however we’re going to concentrate on Florida.
It is a significantly attention-grabbing interview as a result of it comes on the finish of Epic Universe’s opening season, and presents far better depth than Comcast’s latest earnings name. By any affordable account, it’s been an up-and-down summer season for Common Orlando. As mentioned in our 2025 Epic Universe Crowd Calendar a pair months in the past and extra just lately in Epic Universe Ticket Trickery & Crowd Adjustments, wait instances have been via the roof on the new park…regardless of comparatively low park capability and attendance.
On the one hand, our high publish concerning the new park is Why You Ought to Skip Epic Universe. Our recommendation for almost all of vacationers is to remain on the sidelines and wait till Epic Universe improves its operations and effectivity, which possible means avoiding the park till 2026. Alternatively, I adopted my very own recommendation about choosing days properly for the brand new park, and simply loved an Wonderful Expertise at Epic Universe, notching 20+ points of interest in in the future. And I simply may’ve performed extra had I not spent a lot time consuming and taking pictures.
I used to be significantly curious concerning the Financial institution of America interview as a result of Mark Woodbury is as an attention-grabbing govt. He turned Common’s theme park chief in 2022, and set his sights on lifting Common out of Disney’s shadow after the theme parks had develop into a shock progress engine for NBCUniversal. “How will we develop into the vacation spot of selection in every of the markets that we function in and in all the markets that we select to develop into?” he mentioned throughout an interview with NYT earlier this yr.
This isn’t hyperbole. Common is within the midst of unprecedented growth, even except for Epic Universe. The corporate opened one other fully-fledged theme park, Common Studios Beijing, just some years in the past. Along with Epic Universe, the Florida advanced has debuted a number of resorts and new points of interest lately.
With regard to Epic Universe, Woodbury desires households to view the Common Orlando Resort as a weeklong vacation spot and never only a 1-2 day add-on to a Disney trip. Common clearly has excessive hopes for Epic Universe, sees ample alternatives for additional progress of its theme park enterprise, and can proceed to maneuver aggressively to seize extra market share from Disney (one thing that has already occurred within the final decade).
Listed here are a couple of key feedback from Woodbury throughout the Financial institution of America Media Convention. First, on the visitor reception to Epic Universe because it opened, what’s gone proper and unsuitable:
“Outcomes have been actually robust. [Epic Universe is] doing precisely what we needed to do by way of driving incremental attendance to the resort as an entire and the efficiency on per caps, very robust since we opened the doorways. You may see it in merchandise, you see it within the meals choices, numerous nice inventive work went into each of these.”
“It’s not with out challenges whenever you open a complete theme park without delay. Whenever you take the expertise that we ship, even on the stand-alone points of interest, it’s at all times a bit of sophisticated to get it to ramp as much as full velocity. And we’re within the strategy of doing that now, nothing that we didn’t anticipate. So we’re very happy with how issues are shaping out.”
For what it’s value, that is utterly in line with Comcast’s most up-to-date quarterly earnings report. Listed here are a few govt quotes from the name transcript:
“We anticipate Epic to proceed to scale over the course of the yr, with greater attendance and per caps in addition to considerably improved working leverage.”
“As anticipated, our near-term focus is on increasing experience throughput to scale back early attendance constraints. Epic is trending in keeping with our expectations and effectively on its strategy to reworking Common Orlando into a real week-long vacation spot.”
I view this as a optimistic that high-level management is cognizant of the operational woes, they usually’re going to proceed discovering methods to extend attendance whereas additionally enhancing operational effectivity. That is reassuring, and signifies even executives understand that they’ll’t merely pack the park–the reliability must first enhance. I admire that.
Woodbury was subsequent requested about his high 3 priorities for the following 12 to 18 months to cement Common Orlando as an extended period trip vacation spot. Right here was his response:
“Whenever you take a look at what we’re centered on, this enterprise is admittedly pushed by making a pipeline of nice product, and telling the world that you’ve it with breakthrough advertising. Most significantly, delivering it with world-class service throughout the board to create that consciousness, create that intent to revisit. That’s primary; proceed to drive that.”
“Two, get the message out to all through the U.S., proceed to drive consciousness, proceed to drive share of voice and proceed to drive enterprise to {the marketplace}. And we predict that we’ll see [Universal Orlando] proceed to develop visitation to the market in addition to take market share within the course of.”
When requested a comply with up as as to whether Epic Universe will raise the general Orlando market or shift market share to Common: “We predict each. We’ll drive incremental visits to the market and can drive share shift. And we’re seeing that within the first 2-3 months of operations.”
Feedback like this seize headlines as a result of folks don’t perceive what market share means. This isn’t actually as noteworthy as it would sound. In reality, we mentioned precisely this matter again in 2023: Attendance Will increase As Walt Disney World Loses Market Share to Common Orlando.
Earlier this yr, Disney CEO Hugh Johnston conceded that Common would possible acquire market share on Disney, however it wouldn’t matter as a result of each will profit from class progress. Which means that Disney may have a proportionately smaller piece of the pie…however that it received’t matter, as a result of it’s an even bigger pie.
This needs to be pretty self-evident, however in case not, Common is just about assured to realize market share by advantage of including a 3rd theme park. As long as the attendance beneficial properties aren’t utterly cannibalizing the present Common Orlando parks (they usually aren’t) and the general attendance progress is disproportionate to Common and never Disney (virtually assuredly additionally true), Common beneficial properties market share. However each can see attendance progress, at the same time as Disney loses share.
That is just like Orange County attributing record-setting occupancy tax collections to Epic Universe. Sure, after all that occurred. Filling extra resort rooms crammed is what will increase the potential occupancy tax pool–and Common simply opened three new ones, thereby growing the county’s whole room stock!
This doesn’t in some way harm Disney. On the contrary, Walt Disney World’s occupancy proportion additionally elevated throughout the identical timeframe (as reported throughout the latest earnings name). Epic Universe obtained the credit score, however each Disney and Common contributed to the report. Disney was accountable for extra of it, however in all probability additionally misplaced resort market share on the similar time.
The purpose is that the success of 1 doesn’t have to return on the expense of the opposite. It could come at nobody’s expense due to class progress; or it might come on the expense of smaller-scale Orlando choices that may’t sustain.
Woodbury was requested later within the Q&A if he finally expects a extra even attendance break up with Disney. Right here’s his response:
“Our chief competitor, Disney, is a robust competitor. They’re going to be investing fairly closely available in the market, too. I feel it’s a case of all ships rise with the tide, will each drive viewers to {the marketplace}, and we’ll have the ability to take our share of that.”
There it’s, the rising tides raise all ships idea, simply acknowledged a bit in a different way. That is one thing Disney management has acknowledged repeatedly, and historical past bears it out with the opening of previous parks in addition to the Wizarding World of Harry Potter, after which each operators noticed attendance will increase.
I do suppose there’s extra nuance and limits to this idea, as the common American trip period is shrinking and worldwide guests with lengthy holidays don’t account for sufficient of the attendance combine. However it’s pretty plain that new parks and lands draw new guests to Central Florida who then do different issues. That is very true when the growth is oriented round IP with a passionate fanbase who might in any other case not have visited theme parks (Harry Potter, Nintendo).
In all probability probably the most attention-grabbing portion of the Q&A got here when Woodbury was requested concerning the potential for Epic Universe growth, together with a sixth Depraved world. Right here’s his response:
I stirred the pot once I noticed the Depraved units and mentioned it was a theme park ready to occur. In the event you fly over Epic Universe or take a look at Google Earth, you’ll see how we deliberate the park [with] greenfield house between the present worlds. And that’s strategically positioned to present us flexibility to develop a world or create a brand new world.”
“I don’t have something to announce…however I can let you know that there are a number of points of interest within the works, not simply at Epic Universe. When you may have the three parks, the cadence of product supply throughout the resort to proceed to drive [attendance] is known as a key a part of our technique going ahead.”
“Now we have a transparent line of sight into how far we will take this. It’s appreciable. And we have now a fairly subtle and well-thought-through long-range plan that takes us out one other decade by way of product choices, not simply in Orlando however world wide.”
“If you end up attempting to drive that full-week vacation spot over the long run, which Epic is, it’s a long-term play. You’ve obtained to have a robust pipeline of constant to deliver new [attractions] to {the marketplace}.”
Our Commentary
This sentiment doesn’t shock me within the least. Each interview with Woodbury suggests a thirst for aggressive growth. Common theme park management saying this doesn’t imply it’ll occur, however it’s a captivating window into his thought course of and ambitions. Nevertheless, it’s nonetheless early within the ballgame for Epic Universe, and it’s unclear whether or not the brand new theme park resides as much as Comcast govt and investor expectations.
This isn’t about whether or not followers prefer it or if Common executives do a public victory lap. It comes all the way down to how Wall Avenue and Comcast really feel concerning the close to and medium-term ROI. Remember that they simply dropped a reported $7 billion on a brand new theme park, they usually may need to recoup a few of that earlier than dumping extra money into the gate.
In fact it’s anticipated to be driving meals & beverage and merchandise gross sales, greater per visitor spending, and stealing market share from Disney. All of these are givens. However $7 billion is some huge cash, and people givens don’t equal monetary success.
In the case of Common, there are additionally questions concerning the initiatives in Texas, Las Vegas, Nice Britain, and different current gates. All can think about to Comcast’s future funding in Common Orlando. In fact, there’s additionally the broader economic system. Epic Universe could possibly be far exceeding investor expectations, but when there have been one other black swan occasion (e.g. Nice Recession or COVID), a few of these plans can be placed on ice.
Conversely, the economic system may warmth up and customers may proceed their robust spending on journey. Comcast may see the writing on the wall with its legacy companies and underperformance of Peacock, comparative overperformance of its ‘locations’ enterprise, and determine to go all-in on theme parks.
Suffice to say, what Common is planning right now may find yourself being very totally different based mostly on how the primary yr or two goes with Epic Universe. I’m not suggesting a preemptive cutback–I’m saying that the vary of outcomes remains to be unknown. Ambitions could possibly be scaled down…or ramped up. Each are potential!
That is an unpopular opinion, however Epic Universe’s experience roster truly appears robust to me. I’ve seen numerous complaints about this–principally from visitors visiting on “unhealthy” days when wait instances are all 60+ minutes–however I feel that operational inefficiency is an enormous driver of this.
Epic Universe has a fairly sturdy experience roster for a brand new theme park within the post-Euro Disneyland period. The one latest exception to this has been Shanghai Disneyland, which was an anomaly. Enlargement at Epic Universe additionally strikes me as a superb ‘drawback’ to have, because it’ll probably be wanted resulting from demand (just like what we’re seeing at Magic Kingdom).
Whereas some questionable choices have been made with the variety of outside points of interest, the actual fact of the matter is that Epic Universe has extra points of interest than Animal Kingdom right now, over twenty years after it opened. Epic Universe does have loads of growth pads between its worlds, and I believe at the least a type of can be put to make use of earlier than 2030.
Redevelopment on the two current gates, particularly Common Studios Florida, is crucial. Not a superb drawback to have–only a drawback.
At any time when followers hype up Epic Universe and declare that it’s going to be what places Common Orlando excessive to assert Walt Disney World’s throne, I can’t assist however surprise after they final visited Common Studios Florida. To explain a number of of its lands as in want of refreshes can be an understatement. Dino-Rama or Animation Courtyard–two lands within the strategy of substitute–can be proper at residence in USF.
Common Studios Florida has obtained a few placemaking initiatives lately, neither of that are something particular. Incremental enhancements achieved rapidly and cheaply, so at the least there’s that. Islands of Journey is usually in higher form with an incredible experience roster and superior placemaking, however related criticisms could possibly be levied at that park, too.
To place it bluntly, there are areas of each parks that really feel rundown. Actually, it’s to the purpose that I wonder if we’ll look again in one other decade and query the knowledge of constructing Epic Universe versus saving infrastructure prices, fixing and increasing USF and IoA. In all probability not, since theme park followers love new gates even when it means the present ones get uncared for. (See additionally, Walt Disney World followers’ need for a fifth gate regardless of Animal Kingdom’s lackluster lineup.)
The difficulty that Common Orlando has is that Epic Universe is incredible, and makes the 2 current theme parks look worse by comparability. Simply final week, I spent almost 2 full days at USF and IoA, adopted by Epic Universe. It was like going from the All Stars to Wilderness Lodge.
We already know that Rip Journey Rockit is being changed, and Common has wasted no time getting began on demolition of that. There are rumors that Springfield is subsequent on the chopping block, to get replaced by a Pokémon-themed space.
With out realizing something or having any insider connections, my guess is that Common Orlando will construct new Nintendo points of interest in every of the present parks, versus constructing within the Epic Universe growth pad adjoining to Donkey Kong Nation. Nintendo goes to be the marquee draw that will get households reserving journeys to Orlando, so Common may as effectively borrow a web page from its personal Harry Potter playbook and unfold Nintendo out amongst all 3 gates.
It’s additionally our understanding that Common Orlando intends upon returning to its cadence of an annual new main opening. That is in line with latest precedent previous to Epic Universe, a number of govt interviews and earnings calls. It’s additionally what Walt Disney World can be doing as soon as once more beginning in 2027.
There’s each cause to imagine the rivals will undertake the same strategy. Epic Universe can be the marketable attract Central Florida for a few years, however Common clearly doesn’t need their pipeline operating dry as Disney begins bringing new points of interest and lands on-line.
If all goes in line with plan and expectations, the following decade-plus ought to see a revival of the theme park wars in Orlando, with each Walt Disney World and Common Orlando visitors being the most important winners of all! We will’t wait to observe this unfold, and sit up for having fun with the experience as each compete for visitor {dollars} and attendance.
Want journey planning ideas and complete recommendation in your go to to Central Florida? Make certain to learn our Common Orlando Planning Information for every part about Islands of Journey and Common Studios Florida. Additionally take a look at our Walt Disney World Trip Planning Information for every part about these parks, resorts, eating places, and a lot extra.
Your Ideas
What do you consider the formidable plans for additions at Common Orlando? Anticipate it’ll be full steam forward on growth and redevelopment at Epic Universe, Islands of Journey, and Common Studios Florida? Do you agree or disagree with our evaluation concerning the want for brand spanking new points of interest and refreshed areas on the two current gates? Any questions we may also help you reply? Listening to your suggestions—even whenever you disagree with us—is each attention-grabbing to us and useful to different readers, so please share your ideas beneath within the feedback!