Disney's turmoil: A gamble to reclaim its storytelling throne
Recently, we discussed the disastrous performance of Disney movies, which have recently become a laughing stock in Hollywood. The renowned studio has released a statement indicating it lacks a tangible plan to rectify its situation.
9 May 2024 | updated: 9 May 2024 10:05
This marks the worst period for Disney in several decades. Four of the five biggest financial disappointments last year were productions by this celebrated studio. Over the years, Disney has invested billions to acquire studios like Pixar (known for computer animations), Marvel (famous for comic book adaptations), 20th Century Fox (producer of "Avatar"), and Lucasfilm (creator of "Star Wars" and "Indiana Jones"). This positioned them as an unmatched titan in the film industry. Yet, its reign of absolute dominance appears to have ended.
Last year, "Marvels," "Indiana Jones and the Artifact of Destiny," "Wish," and "Haunted Mansion" resulted in losses for Disney, totalling approximately $636 million (CAD). Moreover, series from the Marvel universe and "Star Wars" created for the streaming platform did not live up to expectations, leading to a decline in Disney+ subscribers.
Regrettably, The Walt Disney Company's statement to the press suggests that its only strategies for improvement involve scaling back productions and concentrating on established titles. This approach is surprising for a company that remains the world's largest media conglomerate despite its recent setbacks.
New strategy
Bob Iger, the film studio chief, mentioned that the new overarching strategy will focus on producing less content but with higher quality. As such, there will now be only two comic book adaptations per year (three in exceptional cases) and two series from the Marvel universe, effectively halving their production output.
This year, we will only see one MCU film—"Deadpool & Wolverine," premiering in July. The rest have been postponed to 2025 as "Marvel Studios aims to take time to enhance their quality." We shall see what happens.
Regarding future projects, Iger stated, "We aim to find a middle ground between sequels and original concepts, particularly in animation. There was a time when our original movies and animations, from Disney and Pixar, ruled cinemas. We strive to return to that era while incorporating some sequels." Upcoming sequels include "Toy Story 5," "Moana 2," "Inside Out 2," and "Frozen 3."
