I really think building a park around IP based lands is just a mistake. Maybe it's just me, but aside from WWoHP, no IP has even proven to me that it's even worth having a land. I just don't think IP lands work well.
Diagon works because it's supposed to be a shopping area in the books, but I feel like other lands like Cars Land, SWGE, SNW, etc look/feel like shopping malls with a ride or two rather than how lands used to be created with rides/shows around every corner and the occasional exit gift shop. And i'm not just talking MK or DL, USF was like this, too.
Pandora, TSL, and Avengers Campus doesn't either look like it takes the "shopping mall" approach, butnone of those lands are great, either. Pandora is the closest thing in that bunch, and it only has two rides, one which isa fine step up from Soarin, and another which is just a big WTF.
Idk, I feel like i've sort of lost track of my point and I started rambling a bit, but I just think that Universal will come to regret theming these lands so tightly to IPs, especially ones like HTTYD and Fantastic Beasts. HTTYD has never been as popular as some other Dreamworks properties here in the states and FB has sort of... never been all that popular. People only went to see the first one out of curiosity.
One issue is the world building process for certain IPs doesn't lead well into story building for a theme park. TSL fits that which is why it doesn't feel great.
Potter worked as an IP based land because it was fully thought out world with locations that were rich in content. The book had food and restaurants that could come to life easily. They had stores in which Universal/WB could replicate and create for the masses. The two were locations that even the characters went to relax and enjoy which made it easy for us to relax and enjoy.
Super Nintendo World works well as an IP based land because the world is a living arcade and you are truly just a character that was just added to the games. The games are so robust that even the merch fits. As for powerup bands, you can do all activities except one from what i was told which is the boss challenge.
Based on how robust Berk is with activities and things showcased in the plans and permits, I'm not seeing an issue with the land being outdated and not popular because it seems rich enough in story telling and worldbuilding.
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Second Issue is not understanding why people enjoyed certain IPs or understanding the IP. (cough cough Fast and Furious)
While creatives may love certain IPs, they may not full understand an IP or why people enjoy it and then comes the question why certain locations.
An IP based in Star Wars in which the IP was consumed is mainly through films its important you highlight locations and things people loved about those locations and why. Disney did not do that which also impacted Batuu.
An IP like Pokemon which is so broad and consumed through games and media, theme parks and creatives have way more options when constructing a land/narrative as each game generation/spin off created new regions and pokemon.
Avengers Campus for me doesn't resonate because the location and the decisions they chose don't resonate in the things I enjoy from Marvel. Avengers has created the problem of having too many heroes that the lack of representation of certain heroes becomes a turn off.
Also understanding LOTR is part of the reason why LOTR would be an awful land. Any single location wouldn't have much to do because they would have to create so much backstory just to add a ride depending on location.