Skip to main content

[Yanolja Research Insights] Vol.7 The Future and Strategies for the Domestic Theme Park Industry

The global theme park industry has seen a significant recovery following the impact of COVID-19. As the pandemic's grip loosens, theme parks are regaining momentum, but what does the future hold for theme parks?


South Korean Market Outlook: Short-Term ‘Sunny’, Long-Term ‘Cloudy’

  • Short-Term Recovery: Domestic theme parks have bounced back faster than many global markets, with significant recovery post-COVID, particularly in the Asia-Pacific region.

  • Long-Term Concerns: However, South Korea faces demographic challenges, such as a declining youth population, which may impact future market growth. In particular, theme parks' reliance on domestic visitors may become an issue as the population shrinks.


Key Insights from Disney's Strategy

  • Expansion Beyond Kids: Disney's successful move to attract adult audiences through beloved franchises like Marvel and Star Wars is a key trend. This strategy, along with advancements in AR/VR and robotics, is reshaping how theme parks engage visitors.

  • Senior Marketing: With an aging population, Disney’s efforts in senior marketing have proven successful in Japan. As South Korea faces similar demographic shifts, adapting to these changes could be critical for long-term success.


Domestic Strategy: K-Content Partnerships and Global Appeal

  • K-Content Collaboration: Partnerships with popular K-content are becoming a key strategy for enhancing theme park experiences. Everland's collaboration with SM Entertainment through EVER SMTOWN is an example of how integrating popular K-pop culture can boost engagement and attract both local and international visitors.

  • Global Reach through Local Partnerships: While developing original global IP may be challenging, theme parks in Korea are leveraging successful collaborations—such as Lotte World's partnership with Battle Grounds—to attract international fans and expand their customer base.



For a deeper dive into the South Korean theme park industry, read the full Yanolja Research Insights.
Labels:
Location: Seoul, Korea

Comments

Post a Comment

Popular posts from this blog

[Yanolja Research Insights] Vol.1 Digital Transformation and Globalization Strategy for the South Korean Tourism Industry

The South Korean tourism industry has substantial growth potential, but it still lags behind global counterparts in terms of its contribution to GDP. While tourism globally accounts for 10.3% of GDP, Korea’s tourism contribution is only 2.8%. To achieve similar growth seen in countries like Japan, Korea needs to prioritize digital transformation (DX) in its tourism sector, focusing on rapid adoption of technological innovations. Key Changes and Trends in the Tourism Industry: Automation and Technology Integration : The industry is moving towards automated, contactless services, transforming sectors like airports, hotels, and tourist centers into high-value operations. Growth of Tourism Solutions : Specialized solutions, such as cloud-based management systems, are improving operational efficiency and service quality for hotels and tour companies. Hyper-Personalization : Using big data, tourism services are increasingly tailored to individual preferences, exemplified by servic...
Post a Comment
Read more

[Yanolja Research Insights] Vol.3 Current Status of the Seoul Airbnb Market

  ✨Airbnb Market Trends in Seoul(As of April, 2023) Airbnb hotspots are centered around tourist and commercial areas. Mapo-gu had the highest number of listings and OCC, while Jongno-gu had the highest RevPAR. Airbnb rooms account for 18.7% of Seoul's lodging market in 2022. 📈Post-Pandemic Recovery Number of Bookings: 987,082 (2019) → 404,320 (2021) → 589,993 (2022) Transaction Volume: 237.3 billion KRW (2019) ➔ 78.9 billion KRW (2021; a decrease of -66.8% compared to 2019) ➔ 150.7 billion KRW (2022; an increase of +91.0% compared to the previous year) 🌍Seoul vs. New York vs. London Number of Rooms(As of December 2022): London(106,752) > New York(53,292) > Seoul(17,257) Airbnb market share in the accommodation market: London (41.5%, as of March 2023) > New York (27.4%, as of March 2023) > Seoul (18.7%, average for 2022) In Seoul, multi-unit hosts (operators managing multiple properties) dominate the market. In New York and London, single-unit hosts (operators man...
Post a Comment
Read more

[Yanolja Research Brief] Vol. 2 Inbound & Outbound Tourism S. Korea in the 2024 H1

South Korea’s Tourism in 2024 H1: A Dynamic Recovery with New Opportunities Foreign Visitors Bounce Back Strongly, But Spending Dips The number of foreign tourists visiting South Korea surged to over 7.7 million in the first half of 2024, reaching 91.2% of the pre-pandemic peak in 2019-a remarkable 73.8% increase from the same period last year. Notably, tourists from long-distance regions like the Americas, Europe, Africa, and Oceania grew significantly, with countries such as the U.S., Germany, France, and Australia showing impressive gains. However, key Asian markets like China, Japan, and Thailand saw declines, leading to an overall drop in Asian visitors compared to 2019. Despite more visitors, average spending per tourist fell sharply to around $1,000, down 18.3% from 2019. This resulted in only a modest 8.3% increase in total tourism income compared to 2023, still 25.4% below 2019 levels. South Koreans Travel Abroad More, But Spend Less Outbound travel also rebounded strongly, wi...
Post a Comment
Read more