Disney suffers significant financial losses due to the failure of its latest movies at the box office
OAN’s Abril Elfi
4:01 PM – Tuesday, November 28, 2023
Disney’s Recent Movies Prove Costly
Disney’s last 13 movies have reportedly cost the company millions of dollars.
Disney’s latest film “Wish,” which premiered during Thanksgiving weekend, flopped at the box office and brought in only $31.6 million over the five-day period, far below box office analysts’ expectations of between $45 million and $55 million. The budget for the film was $250 million, its break even was $500 million, the global gross was $150 million, and the deficit was -$175 million.
Disney has never historically underperformed at the box office on Thanksgiving.
The company has been releasing top-grossing animated movies from Wednesday to Sunday for over ten years. The media company has even broken records for the highest-grossing openings for Thanksgiving movie releases.
However, since the pandemic, the company has struggled to bring in as many customers as in the past.
The company lost $106 million on their 2022 movie “Lightyear” and another $152 million on ”Strangeworld,” which both included LGBTQ+ themed characters and plotlines.
Paul Dergarabedian, senior media analyst at Comscore, said that there are hard lessons being learned in the film industry.
“A set it and forget it strategy based on past performance can no longer be employed by any studio,” said Dergarabedian. “There are some hard lessons being learned as this confounding movie marketplace continues to re-write the rules and audiences make their preferences known with either their presence or the absence at the multiplex.”
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How has the COVID-19 pandemic impacted the box office revenue of theaters worldwide?
R their absence in theaters.”
Disney’s recent struggles at the box office can be attributed to multiple factors. Firstly, the COVID-19 pandemic has significantly impacted moviegoing habits, with many people opting to stay home and watch movies on streaming platforms instead. This has resulted in a decrease in ticket sales for theaters worldwide.
Secondly, the inclusion of LGBTQ+ characters and plotlines in Disney’s recent films has sparked controversy and led to boycotts from certain audience members. While Disney has been praised for its efforts to promote diversity and inclusivity, it seems that these choices have had negative financial consequences for the company.
Lastly, it is important to consider the overall quality and appeal of Disney’s recent movies. While the company has a long history of producing critically and commercially successful films, their recent releases may have failed to captivate audiences and meet their high expectations. With a budget of $250 million, “Wish” was expected to be a major hit, but it fell short in terms of both box office revenue and audience reception.
Despite these setbacks, Disney remains a powerhouse in the entertainment industry. The company’s theme parks, merchandise sales, and streaming services continue to generate significant revenue. Additionally, Disney has a strong lineup of upcoming movies and franchises that are expected to perform well at the box office.
However, these recent failures should serve as a wake-up call for the company. Disney needs to carefully evaluate its strategies and adapt to the changing landscape of the film industry. This may involve rethinking release schedules, diversifying content offerings, and finding new ways to engage and attract audiences.
In conclusion, Disney’s recent movies have proven to be costly ventures for the company. The combination of the COVID-19 pandemic, controversial choices in storytelling, and potential quality issues have contributed to disappointing box office results. Nevertheless, Disney is a resilient and innovative company that has the ability to bounce back from these challenges. By learning from these experiences and embracing change, Disney can continue to dominate the entertainment industry and capture the hearts of audiences worldwide.
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