We're reminded of that every year when ticket prices are regularly bumped up.

我們常注意到，每年票價固定上漲的時候，

It's usually paired with a bunch of news articles about Disney becoming an increasingly expensive experience.

它通常會與一系列關於迪士尼變得越來越貴的新聞一起出現。

However it wasn't always that way.

然而，事實並非如此。

Back when Disney World opened in 1971, an adult eleven ride ticket book cost $5.75 and a room at The Contemporary cost up to $44 a night.

當迪士尼世界於 1971 年開幕時，一張可以玩十一種設施的成人票價錢為 5.75 美元，而「當代度假酒店」一間房要價 44 美元一晚。

Even adjusted for inflation, that would come out to around $34.50 for the tickets and $264 for the hotel.

即使按通貨膨脹調整，現在的門票應該是 34.50 美元，旅館住一晚應該是264 美元左右。

In reality, a one-day Magic Kingdom ticket costs $132 with tax, and a night at The Contemporary, facing the theme park, can run around $675 a night.

而事實上，「魔幻王國」一日票含稅要 132 美元，而面對主題公園的「當代度假酒店」一晚則要價 675 美元。

So what happened?

所以到底發生了什麼事？

When did Disney World get so expensive?

迪士尼世界何時變得這麼貴？

Well the quick and short answer is that CEO Michael Eisner and CFO Gary Wilson happened.

快速而簡短的回答是，因為是執行長麥可．艾斯納，和財務長蓋瑞．威爾森在當家。

The long answer is that, circumstances at the time really made the decision simple and it's kind of hard to vilify them for what was otherwise a sound business move.

長一點的回答是，在當時的情況下確實會做出初步的決策並且很難批評他們不對，因為這是一個合理的商業行為。

You see, Disney as a company was in a bit of a rough spot when Eisner took over as CEO.

是這樣的，當艾斯納接任執行長時，迪士尼這家公司正處於艱困期。

With the death of Walt Disney in the later half of the 1960s, the 1970s were somewhat of a lost era for the company.

隨著 1960 年代後期華特．迪士尼的去世，1970 年代對公司來說就像是一個迷失的時代。

Sure today we can look back at projects like Robin Hood and The Rescuers and see them as classics, but the truth is the company wasn't growing financially during this time.

雖然那時候製作了「羅賓漢」和「救難小英雄」這些經典動畫，但事實上，公司在那段期間的獲利並沒有什麼起色。

A company once known for constant innovation at the hand of Walt Disney quickly became one that relied on its old tricks due to a "What would Walt do?" mentality.

曾經在華特．迪士尼手中以不斷創新而聞名的公司，因為太依賴「華德會做什麼？」的心態很快成為一個變不出新把戲的公司。

This lack of evolution and change was partially beneficial for fans, as it was an era in which admission prices at the parks didn't really rise too steeply.

在缺乏創新及改變的情況下，就某部分來說對粉絲其實是有利的，因為這是一個樂園門票沒有急遽上漲的時代。

Annual increases ranged from fifty cents to a dollar or so.

年度漲幅度只有 0.5 到 1 美元不等。

As CEO at the time Card Walker put it, "We have to keep our prices low, so that guests feel they've gotten good value."

正如當時的執行長卡爾．沃克所說的：「我們必須採取低價策略，以使客人覺得物超所值。」

It was a continuation of Walt's own approach to the parks.

這是華特的門票政策的延續。

Profit was secondary to making something people loved.

要做出一樣人們喜愛的東西，利潤不應是最主要的考慮因素。

Unfortunately corporate raiders on Wall Street didn't care about what Walt thought twenty years prior,

不幸的是，華爾街的企業併購者並不關心華特 20 年前的想法。

and so the stagnation of the company into the early 1980s made Disney a prime target for a hostile takeover.

因此公司在 1980 年代初的獲利停滯使得迪士尼成為敵方併購的主要目標。

Thanks to the efforts of Walt's nephew, Roy E Disney, the raiders were ultimately warded off.

由於華特的姪子羅伊．迪士尼的努力，他們最終躲過了併吞者的攻擊。

If you want to know more about how, I have a great book suggestion at the end of this video.

如果你想了解更多資訊，我會在這支影片結尾提供一本很棒的書給你參考。

Long story short, however, it meant a change in leadership at Disney, and that meant bringing in Michael Eisner and Frank Wells.

然而，長話短說，這意味著迪士尼的領導階層發生了變化，也就是說公司引進了麥可．艾斯納和法蘭克．威爾斯。

Even before officially signing on as CEO, Eisner saw the value that was being underutilized at the Disney parks.

艾斯納甚至在正式簽約擔任執行長之前，就看到迪士尼樂園的價值被嚴重低估了。

In order to keep away any future wall street raiders , Disney needed to start improving their bottom-line, and fast.

為了避開未來任何華爾街侵入者，迪士尼需要開始提高票價的底線，而且要快。

Eisner brought in a new Chief Financial Officer from Marriott named Gary Wilson, and without any hesitation, ticket prices started to go up.

艾斯納帶來了一位名叫蓋瑞．威爾森的新任財務長，沒有任何的猶豫，票價開始上漲。

Just to give you an idea of the rate and amount of the increases, consider this.

為了讓你了解上漲金額和漲幅，看看這個。

Just two years prior to Michael Eisner joining the company, Disney World ticket prices rose twice for a total of three dollars, from $15 for a one-day ticket to $18.

在麥可．艾斯納加入公司之前的兩年裡，迪士尼世界的門票上漲了兩倍共計 3 美元，一日票從 15 美元漲到 18 美元。

In the two years following his arrival, tickets rose in price five times, jumping eight dollars to $26.

在他上任後的兩年裡，門票上漲五次，共漲了 8 美元達到 26 美元 。

The surprising part for Disney was that even with the frequent price hikes, attendance wasn't dropping, proving Eisner right.

令人驚訝的是，即使迪士尼門票漲不停，入園人數並沒有下降，證明艾斯納是對的。

There was more value in the admission to the Disney parks than Disney was realizing.

事實上迪士尼樂園門票的價值，比華特．迪士尼意識到的大得多。

The new Disney leadership also saw value that was going unrecognized elsewhere, specifically in hotels on property and in VHS releases of Disney's classic films.

新的迪士尼領導階層，也看到了其他被忽視部分的價值，特別是迪士尼酒店和它發行的經典電影的錄影帶。

The company similarly cashed in on those opportunities, and by 1987 the company's operating income jumped from just under three-hundred million dollars to nearly eight-hundred million dollars.

該公司同樣地抓住了這些賺錢的機會，到 1987 年，該公司的營業收入從不到三億美元躍升至近八億美元。

The turnaround kept raiders at bay.

這個轉機遏止了企業侵入者的襲擊。

Prices continued to rise in the 1990s and early 2000s.

門票在 1990 年代和 2000 年代初繼續上漲。

Even into Bob Iger's tenor as CEO over the last ten years, tickets would see annual hikes that leave us at the prices we have today.

即使在過去鮑勃．艾格擔任執行長的的十年中，門票也是年年上漲，造就了今天的票價。

Now some might argue that Disney is very different from the state it was in thirty years ago, and so they should stop raising prices.

有人可能會說，現在的迪士尼已經不是三十年前的迪士尼了。所以他們應該停止漲價。

However even though Disney improved drastically, they weren't always totally in the clear.

然而，儘管迪斯尼做出大幅改善，但並非從此就免於受併購的威脅。

For instance, as late as 2004, Disney was the target of another takeover bid, this time by Comcast.

例如，直到 2004 年，迪士尼再度成為被併購的目標，這次是康卡斯特集團。

For better or for worse, the growth-focused mindset of Wall Street and the constant looming threat of being purchased, willingly or otherwise, by a bigger fish means companies like Disney are forced to try and grow every single year.

無論好壞，華爾街注重獲利成長的心態，以及不斷增加的被併購威脅，不管願意與否，都意味著，像迪士尼這樣的公司都被迫每年必須成長。

This means more revenue, and this means higher prices to get there.

這意味著更多的收益，這也意味著要用更高的票價來達到目標。

So ultimately Disney World is so expensive because historically the price hikes were crucial to elevating the company as a whole and closing a near 15 year gap of stagnation.

迪斯尼世界最終之所以會如此昂貴，是因為從歷史上看，價格上漲對於公司整體的提升，並結束近 15 年的停滯缺口至關重要。

It protected the company from outside buyers by making the company more valuable.

藉由使公司變得更有價值，來保護公司免受外在買家的侵害。

But beyond that the answer is because, when all is said and done after each price hike, people are still willing to pay for it.

但除此之外，答案是因為，畢竟當每次價格上漲後人們仍然願意買單。

If you're interested in learning more about the attempted hostile takeover of Disney in the early 1980s that resulted in Eisner stepping in as CEO,

如果你有興趣了解更多關於 1980 年代早期惡意併購迪士尼，導致艾斯納成為執行長的故事，

I suggest checking out Storming the Magic Kingdom by John Taylor.

我建議你去看看約翰泰勒寫的「風暴中的魔幻王國」 。

You can find a link to the book in my description below.

你可以在下方找到該書的連結。

I want to thank you for watching, and I'll see you next time.

感謝你的收看，下次再見。