Xspand Products Lab, Inc. (NASDAQ: XSPL), a full-service product development company, has provided an operational update on its sales initiatives in the Asia-Pacific theme park industry.
In the six months ended June 30, 2018, the Asia-Pacific region represented the fastest growing market for Xspand’s theme park vertical, which grew approximately 20% to $1.2 million when compared to $1.0 million in the same year-ago period. Notable Xspand theme park customers include Hong Kong Disneyland Resort, Tokyo Disney Resort, Universal Studios Singapore and Universal Studios Japan. Xspand services its Asia-Pacific theme park clients through its wholly owned subsidiary in Hong Kong.
According to EuroMonitor, the Chinese theme park industry is forecast to grow from $4.6 billion in 2015 to $12 billion by 2020, overtaking the U.S. and Japan as the world’s largest market. A 2018 report by the Themed Entertainment Associated found that attendance at Chinese theme parks increased nearly 20% YoY, with 134 million total theme park visits across the greater Asia-Pacific region in 2017.
“Our Asia-Pacific theme park vertical growth has continued unabated, growing approximately 20% in the first 6 months of 2018, compared to the same period in 2017,” said Chris Ferguson, Chief Executive Officer of Xspand Products Lab. “We have seen rapidly growing demand within the theme park market for custom manufacturing of innovative, licensed products, featuring leading brands such as Marvel, Monsters Inc. and Star Wars. We continue to work closely with our Asia-Pacific theme park customers to develop innovative new products to support their aggressive future expansion plans.
“Our ability to service our Asia-Pacific theme park clients through our wholly owned Hong Kong subsidiary enables us to continue serving Asia-Pacific customers in spite of the current trade uncertainty between the United States and China, providing us with a distinct competitive advantage.”
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