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Glo^al^jc^y............................... MSBWKSMHBBmmmizm ickev Mouse is every bit as popular around the globe as Coca-Cola's soft drinks and McDonald's burgers. Indeed, the mouse's famed silhouette is no doubt just as recognizable in Brazii, India, Italy, or Nigeria as is the shape of a Coke bottle or the golden arches of McDonald's. But the Walt Disney Company has done a surprisingly poor job of capitalizing on the global potential for its various products. In 2002, for instance, 86 percent of Disney's S25.4 billion in rever.ues came from the United States, a country with only 5 percent of the worltTs population. This contrasts markedly with Coca-Cola and McDonald's, which each derive about two-thirds of their revenue from outside the United States. Perhaps Disney's most public effort at internai-nalization has been it< theme park operations. Its first theme park, Disneyland, opened in Anoheim, California, in 1955 and was soon generating huge profits. The firm's next major theme park development, Walt Disney World, opened near Orlando, Florida, in 1971 and also was a major success. Because the two parks generate enormous profits, Disney has continued to invest in them by building new attractions and on-site hotels and by ODening new parks adja- cent to the existing ones. The fourth Walt Disney World theme park, the Animal Kingdom, opened in 1998 and a new park adjacent to Disreyland, Disney's California Adventure, opened in 2001. Given the enormous popularity of Disney characters ahroad, the firm saw opportuni- ties to expand theme

park operations to foreign markets. :, first venture into a foreign market, Tokyo Disneyland, opened in 1984, The Japariese have long been Disney fans, and many Japanese tourists visit Disneyland and Disney World each year. Market research also showed the Japanese enthusTsstically supported the idea of a Disney park in Japan. To limit its risk, though, the firm did not invest directly in the parka deci- sion Disney managers would eventually come to regretul; stead, a Japanese investment group called the^Oriental Land Company financed ar.d entirely owns Tokyo Disneyland. Disney oversaw the park's construction snd manages it but receives only royalty income from it. Tokyo Disneyland has bsen an enormous success from the day it opened its gates: It greeted its 100 milliont . visitor after only eight years, a milestone that Disneyland took twice as long to re3dh. And Tokyo Disneyland is Japan's number- one tourist attraction.