Shanghai Disney Resort has been around for 10 years—how selling happiness has become a business

Ask AI · How does Shanghai Disney achieve ten years of sustained growth through IP operation?

Jiemian News Reporter | Special Correspondent Bai Fan

On March 20, 2026, nearly three months before Shanghai Disney’s first opening on June 16, 2016, Shanghai Disney has already entered its 10th anniversary celebration. This celebration will last a full year, serving as both a summary of the past decade and a new starting point for its deep cultivation of the “happy economy.” The market’s answer is clear: Disney has successfully “launched” in China.

From entering the Chinese market a decade ago to becoming a benchmark in the country’s theme park industry today, Shanghai Disney has used ten years to successfully root the unfamiliar “happy economy” in China. Looking back, the gains and losses of Shanghai Disney over the years are also valuable lessons for China’s theme parks to explore.

Using 10 Years to Replicate the “Happy Economy”

At 12:20 p.m. on March 20, Shanghai Disney’s 10th-anniversary special parade as scheduled, with visitors along the parade route enthusiastically participating, dancing to the music. Then, Disney characters like LinaBell, the Seven Dwarfs, Strawberry Bear, Snow White, Nick, and Judy appeared one after another, eliciting cheers from visitors.

In addition to the parade, Shanghai Disney launched new performances such as the “Wonderful Heart” castle show and the nighttime “Dreams of Light” illusion show for the anniversary. These emotionally engaging performances are key factors behind the park’s visitor numbers, revenue, and profitability.

The so-called “happy economy” centers on emotional satisfaction, joyful experiences, and emotional value, with consumers paying for “happiness, healing, belonging, and ritual.” Disney is undoubtedly a benchmark in the “happy economy,” using content IP as a foundation to create immersive physical parks and derivative products, forming a closed loop of ticket sales, dining, accommodation, shopping, and annual passes. After bringing joy to visitors, it further deepens emotional repeat purchases, turning happiness into a standardized, large-scale, high-margin business.

Looking back at the past decade of Shanghai Disney’s development, the park has attracted fans with Disney film IPs while continuously creating new characters. It’s hard to imagine that a claw-shaped ice cream made from animated characters, priced at 45 yuan, once accounted for 60% of all ice cream sales at Shanghai Disney. This demonstrates the commercial potential of IP derivatives. Even more surprising is LinaBell, a virtual character not based on Disney films, which became a viral marketing success upon launch in 2021 and remains popular today.

The opening of the “Zootopia” themed area in 2023 is another successful case for Shanghai Disney. Data shows that over 90% of visitors knew about Zootopia before visiting Shanghai Disney, and a quarter of them specifically came for it. The “Hot Pursuit” ride within the area has consistently ranked as the most worthwhile attraction at Shanghai Disney. Driven by this, Shanghai Disney’s visitor numbers in 2023 exceeded 14 million for the first time, ranking fifth globally.

By leveraging Disney’s immersive experience standards, refined operational philosophy, and precise IP management, Shanghai Disney has become a “profit cow” for Disney Group’s parks division over many years. According to publicly available data, in 2019, Shanghai Disney’s annual revenue reached 7 billion yuan, making it the most profitable Disney theme park worldwide and the first Disney park to break even financially in its first year of operation.

Shanghai Disney Resort has also become a symbol of Shanghai, boosting regional economic development. According to the “Happy Tourism Trend Report” released by the China Tourism Academy, from June 2016 to June 2019, fixed asset investment in Shanghai Disney contributed an average of 0.13% to Shanghai’s GDP annually, while park-related consumption contributed 0.21%. Industry expert Lin Huanjie has also stated that every yuan of operating income from theme parks can generate 3.8 yuan of economic output for the city, with upstream and downstream industries earning between 6 and 15 times that amount.

Over 100 Million Visitors, Disney’s Effectiveness in China Is Evident

Shanghai Disney’s rise was both expected and somewhat surprising.

According to the “2024 Global Theme Park and Museum Report” by the Themed Entertainment Association (TEA), Shanghai Disney attracted 14.7 million visitors in 2024, ranking fifth worldwide and first in China. Its visitor growth rate of 5% led global theme parks. At this point, Shanghai Disney had been open for less than eight years. By October 2025, its total visitors surpassed 100 million.

Meanwhile, the number of foreign and retired visitors to Shanghai Disney is increasing. “I saw many foreigners this time, some chatting with me are from Southeast Asia, and there are quite a few from Europe, Japan, and Korea. I didn’t expect that,” said a Chinese visitor interviewed by Jiemian News.

Shanghai Disney reports rapid growth in inbound tourists, mainly from Malaysia, Thailand, Singapore, South Korea, and others. The park plans to strengthen cooperation with travel agencies to attract more inbound visitors. Additionally, Shanghai’s convenient transportation and visa-free policies further attract foreign tourists. The continuously updated Shanghai Disney is an essential part of their Shanghai travel experience. Lin Huanjie also mentioned that China’s stable and safer consumption environment is a strong factor in attracting foreign visitors.

Moreover, Lin noted that Shanghai Disney focused on attracting retired visitors in recent years—those who might not have been interested in Disney before but were successfully engaged through targeted initiatives. This helped supplement off-peak visitor numbers. He believes these factors are key to maintaining or increasing visitor numbers despite less favorable economic conditions.

Visitor spending habits have shifted from “bringing their own food” to “paying for experiences.” Initially, there was controversy over visitors bringing their own food, sparking discussions about localization. Now, cultural and themed dining, as well as merchandise, are standard. During peak hours, themed restaurants are often fully booked, and many visitors from provinces like Guangxi and Guangdong buy annual passes and revisit multiple times. As Lin Huanjie said, Shanghai Disney has built a strong emotional connection with visitors, resonating deeply.

Beyond 10 Years: What More Is Possible for Shanghai Disney?

From initial doubts about entering the Chinese market to being affectionately called “Shangdi” by visitors, Shanghai Disney has completed a local transformation over ten years. Standing at its 10th anniversary, the park still holds many development trump cards for the next decade.

Steady project development remains a core strategy for maintaining Shanghai Disney’s popularity. Currently, a Spider-Man-themed area is under construction, which will become its ninth major themed zone; the “Fly Over” expansion of the “Soaring” project has begun; in addition to two existing hotels, two more are under construction; after the 2025 release of “Zootopia 2,” the “Hot Pursuit” ride will undergo a complete overhaul to enhance the experience.

Globally, Disney is increasing investment in its parks. In 2023, Disney announced a $60 billion investment over the next decade into park expansion—twice the amount of the past ten years—with Shanghai Disney included in this plan. There is growing market speculation about Disney building a third park in China, with Shanghai Disney’s second phase potentially on the horizon.

Lin Huanjie emphasized that Disney’s core approach is based on “operational logic,” not “construction logic.” The focus is on continuously introducing new content to boost visitor numbers and repeat visits. Over ten years in China, Shanghai Disney has become increasingly adept at integrating Chinese elements. The proportion of Chinese management in leadership roles has risen, and localized management and content operations are key to its deep roots in the Chinese market.

The past decade has been about Shanghai Disney establishing itself amid challenges and setting industry standards. The next decade will still face common industry issues and changing visitor environments. However, the core model of “deep IP operation + immersive experience” will remain central to unlocking the value of the “happy economy.” Shanghai Disney’s decade of practice offers a valuable reference for the development of China’s theme park industry.