By Dawn Chmielewski ANAHEIM, California, - Walt Disney will build a new 'Avatar' experience at its Disney California Adventure theme park, based on the second film in the science fiction franchise, “Avatar: The Way of Water", the company said on Saturday. This is the first in a series of anticipated announcements at the D23 Disney fan club event being held this weekend revealing how the company will begin deploying $60 billion in capital investments. Disney has said it would deepen its investments in the parks, nearly doubling its spending over the next decade, as it re-imagines attractions at its 12 parks around the world and increases the capacity of its cruise line.
"Everything that we’re going to share with you tonight is in active development," said Disney Experiences Chairman Josh D'Amaro. "This means that plans are drawn. This means that dirt is moving.
I just want to be clear with all the fans out there. This isn’t blue sky." D'Amaro then yielded the stage to a 70-piece orchestra performing Disney musical numbers as images of the company's theme parks flashed across the screen.
Disney's parks have become a reliable profit engine, helping to cushion the impact of declines in traditional television and losses in its video streaming business, which last quarter turned a profit. The experiences unit, which includes parks, cruise ships and consumer products, contributed 60% of the company's operating profit in the most recent quarter - up from 30% just a decade ago. .