Parks are growing in value for Disney

$Disney(DIS.US)$ Chapek characterized the demand at the parks as "extraordinary," which indicates they could grow revenue further in the near term. Disney is continuing to open new rides and attractions to drive traffic, which in turn, could drive more high-margin revenue from Genie+.

The biggest new attraction is the Star Wars: Galactic Starcruiser that opens at Walt Disney World on March 1. It's an immersive two-night experience that makes the guests feel like they are role-playing through a Star Wars story. Chapek said Disney is "pleased with demand" ahead of launch.

As park traffic returns to normal, the improving profit margin can offset some of the losses Disney is experiencing from content investments for Disney+. The operating profit at Disney's media and entertainment distribution business plunged 44% year over year to $808 million in the quarter. But the recovery in Parks, Experiences, and Products pushed Disney's total operating profit up to $3.2 billion -- more than double the year-ago quarter.