When the Walt Disney Company bought the virtual world of Club Penguin in 2007 for $700 million, they set expectations for where they wanted to be in 2010 – but sadly the company has failed to meet the profit expectations.
Club Penguin CEO Lane Merrifield said about the targets:
No, we didn’t meet them. We set [the targets] three years ago, long before we knew about the economic crisis, and when our business was two years old. They were guesstimates at best. From our perspective, it doesn’t mean that much. We [felt] the target was more of a bonus if the business skyrocketed. It has grown beyond the expectations Disney had set.
The site has also seen a drop in traffic, reading 6 million unique visitors in April 2009, which is a 10% drop from April 2009.
Are you a member of Club Penguin? It’s free to play on the site, but your time is limited unless you sign up and pay $5.95 per month.
Source: www.vancouversun.com
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