Take the park's platinum pass for example.

以白金入場票為例。

It's the standard option that grants access to all four parks with no blackout dates.

這是確保能暢行全部四個園區而不受限的標準配票選擇。

In February, the price went from $779 to $849.

二月時，價格從 779 美元漲到 849 美元。

Then, in October, its price jumped from $849 to $894 as Disney unveiled its dynamic pricing model.

接著在十月時又調漲到 894 美元。迪士尼揭開了浮動的定價模型。

That's a 15% increase in just one year.

僅僅一年內，就增加了 15% 的漲幅。

This is the fourth time in park history that annual pass prices were raised twice in the same year.

年票於一年內漲價兩次這個情形，在遊樂園歷史記載中是第四次。

The first time was 1997 in anticipation of Animal Kingdom's 1998 opening.

第一次是 1997 年時，為了因應即將於 1998 年開幕的「動物王國」區。

Similarly, the price markups in 2018 are in advance of Disney World and Disneyland's 14 acre Star Wars theme lands, called "Galaxy's Edge".

這次也是相似的情形，2018 票價的提高，是為了之後在迪士尼公園成立的 14 英畝大的「星際大戰」主題園區：銀河邊緣。

And Disney parks expansion doesn't stop there.

然而迪士尼的擴建不止步於此。

Hong Kong Disneyland is spending $1.4 billion on Avengers and Frozen themed attractions.

香港迪士尼樂園耗資 14 億打造「復仇者聯盟」與「冰雪奇緣」主題景點。

On top of that, it's adding capacity to Tokyo Disney Sea, and updating Epcot and Disney Studio park at Disneyland Paris.

除此之外，還要增加「東京迪士尼海洋」的容客量，以及更新巴黎迪士尼裡「未來世界 (Epcot)」與「迪士尼影城」的設施。

Despite all the costly expansions, Disney Parks and Resorts reported a $4.5 billion operating profit for the 2018 fiscal year.

即使擴建這麼花錢，2018 年的迪士尼樂園和度假區仍淨賺了 45 億美元。

That's over 100% increase from 2013.

從 2013 年起，漲幅超過 100%。

So, if it is steadily profiting, why are Disney Parks becoming so expensive?

所以，如果持續穩定地獲利，迪士尼樂園怎麼變得這麼貴？

From the mid-80s into the early 2000s, Disney Parks pulled way ahead of its competition.

從 80 年代中期到 2000 年初期，迪士尼樂園遙遙領先其他同行。

In 2002, Magic Kingdom's attendance alone nearly doubled its closest non-Disney competitor, MGM Studios.

2002 年時，光「神奇王國」湧入的人潮就幾乎是「米高梅影城」的兩倍，而米高梅還不是迪士尼的競爭者。

But in 2010, that changed when Universal opened the Wizarding World of Harry Potter.

到了 2010 年，情勢被扭轉了，因為環球影城的「哈利波特的魔法世界」開幕了。

It was game on in this business all of a sudden Disney had a competitor again.

突然之間，迪士尼在業界又多了競爭對手。

And Disney does not like to lose.

而迪士尼不喜歡輸的感覺。

Not just lose, Disney doesn't even like to compete.

其實不只不喜歡輸，迪士尼就是不想競爭。

Disney wants to dominate its competition.

迪士尼想要獨霸鰲頭。

Disney launched a full out retaliation against Universal and other competitors.

迪士尼對環球影城和其他競爭對手，展開一系列的報復行動。

In 2011, it announced Pandora, its Avatar themed attraction located in Animal Kingdom.

2011 年時，(迪士尼) 在「動物王國」推出了「潘朵拉」虛擬人物主題景點。

Then over the following six years, it opened new attractions in all four major parks.

接下來的六年，陸續在四大園區內開了新的景點。

And by 2017 Disney Parks claimed 55% of North American theme park attendance.

截至 2017 年，迪士尼樂園的遊客人數占了全北美樂園人數總和的 55%。

This has been really successful, so everybody wants to come during summer vacation and Christmas when their kids are out of school.

一切都進行得很順利，所以每個人都趁暑假和聖誕假期時，帶放假的孩子們前來迪士尼。

And the trouble is that if you've spent billions of dollars really to build these attraction facilities that are open 365 days a year, it's just not efficient to have them filled to the brim for four, five, six weeks out of the year and then not so much the rest of the time.

麻煩的是，如果耗資幾十億打造全年無休的景點設施，而每年只有四到六週的高峰期，其餘時間的使用率則不是這麼高，那這樣效率是低落的。

So, they really want to use all of their pricing and promotions to try and equalize the crowds throughout the year.

因此，迪士尼真的想要利用定價與優惠來平均分配各個時間點的人潮。

Disney World's second price hike of 2018 included a switch to dynamic pricing, charging higher prices during those peak summer months and winter holidays and encouraging volume purchases.

迪士尼 2018 第二波的價格上漲包含：浮動的定價，即在尖峰的夏季和冬季假期收取更高的入場費，並鼓勵批量購買。

Disney understands the demographic changes that are happening in the United States at this point.

迪士尼深知當下美國人口的變化。

They understand what's happening with income and economic inequality.

他們了解收入和貧富差距的問題。

They know that the money is in the upper level–the top 10%, the top 1%.

他們知道錢都聚集在上層階級，最有錢的前 10%、前 1% 人口。

They've created a wide variety of new products to try and, frankly, extract more money out of the people who have money to spare.

他們推出很多新產品，老實說就是想盡辦法從有閒錢的人身上賺取更多錢。

Disney has several new offerings targeted at its wealthiest visitors, including dinners with Disney princesses, two Bibbidi Bobbidi Boutiques that offer a makeover, hairstyling, and costumes, and even private VIP tours of the parks.

為了瞄準最有錢的遊客，迪士尼有幾項新的服務，包含與公主共進晚餐，以及「神仙教母」精品店提供化妝、美髮，和治裝服務，甚至私人的 VIP 遊園之旅。

But the luxury offerings go beyond activities in the parks.

然而，奢華的服務不侷限於公園裡。

In 2014, Orlando's first five-star resort opened on the Disney grounds, a Four Seasons resort with rooms starting at $449 a night.

2014 年時，奧蘭多第一家五星級的度假中心進駐迪士尼，一晚要價 449 美元起跳的四季度假酒店。

And Bora Bora Bungalows that cost $29 dollars when the park first opened can reach prices of $3,400 today.

波拉波拉平房 (渡假酒店) 在樂園剛開幕時，一晚收費 29 美元，如今可高達一晚 3400 美元。

Now the down side with that, is if you are one of those remaining middle class people in America, you could get squeezed here.

缺點是如果你是美國中產階級的一員，你的荷包就會受到壓榨。

Since 2000, Disney World prices have steadily increased while wage growth has been falling from its 2001 high of 5.4%.

從 2000 年開始，迪士尼樂園的價格持續在上漲，可是薪水漲幅在 2001 年到達 5.4% 高點之後，就走下坡了。

And in 2018, Disney Parks reported a 5% increase in per capita spending in the parks and an 8% uptick in per room revenue in hotels.

2018 年時，迪士尼指出每人平均在樂園的花費成長了 5%，飯店營收也增加 8%。

Disney's done such a good job at becoming a cultural institution in the United States.

迪士尼在躍升美國文化機構這塊，做得非常出色。

It's done such a good job of becoming a lifestyle brand that some of the people who may have been early adopters to this brand are really feeling some pressure right now, because of the way the company is growing.

它成功變成一種生活品牌，但因為公司的成長，可能是早期採用者的人們，開始感到些許壓力了。

People who were early adopters to this were used to a middle class pricing model that just doesn't really work in the modern economy anymore.

早期採用者習慣了中產階級式的定價模型，然而這個模型已經不適用於現代的經濟社會了。

And they feel frustrated that they put a lot of loyalty into this brand, into this company and now they feel like they really have to stretch to keep up.

對迪士尼付出忠誠的同時，他們感到失望，因為現在他們必須付出全力才能跟上它的腳步。

And that's tough, but at the same time, if Disney's gonna grow, it's got to go where the money is.

過程十分艱辛，但與此同時，如果迪士尼要繼續成長，它就必須向「錢」看齊。

It's got to go in a direction that allows it to get maximum value from its investments and limiting itself only to its early adopters isn't going to allow the company to do that.

必須靠往最有報酬率的投資，而公司不允許迪士尼侷限於早期採用者。