Credit: ABCThe future of Disney movies is uncertain. As the House of Mouse reportedly destroys Disney+ by cutting content, CEO Bob Iger revealed that he plans to further change the company’s creative direction.
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The recently-returned CEO discussed Disney Parks revenue, a potential Apple buyout, and more during The Walt Disney Company’s Quarterly Earnings Call on Wednesday afternoon.
Iger shared that The Walt Disney Company is undergoing “an unprecedented transformation,” and his goal is “restoring creativity to the center of our business.” How does he plan to do that? It starts with a lot of axing.
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To cut costs, Disney will reduce the number of releases annually and think carefully about introducing new IP over existing franchises. Iger also plans to lower the amount Disney is spending on each release.
“While there is still more to do, I’m incredibly confident in Disney’s long-term trajectory because of the work we’ve done, the team we now have in place, and because of Disney’s core foundation of creative excellence and popular brands and franchises,” Iger said.
He might be onto something. With the prevalence of streaming, audiences are caught in release fatigue. That is, they’re unable to catch up with every Disney film they want to see.
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For example, The Little Mermaid (2023) dominated the Memorial Day weekend box office. The Walt Disney Studios film broke records and outperformed its animated counterpart, despite years of racist backlash. (Many objected to Halle Bailey, a Black actress, playing a white animated Disney Princess.)
Just weeks later, Pixar premiered its original animated film, Elemental (2023). It saw excellent critical reception and audience scores but failed to perform initially. Ticket sales increased after a few weeks, becoming Pixar’s most successful original release since Toy Story (1995).
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Alternatively, Lucasfilm expected an instant hit with Indiana Jones and the Dial of Destiny (2023). It flopped at the box office, failing to resonate with audiences.
Walt Disney Animation Studios, Lucasfilm, Marvel, Pixar, and other Disney-owned properties release film premiere calendars years in advance. Inside the Magic will report any updates to future Disney movies and TV shows.
Should Walt Disney Pictures focus on existing franchises or release new content? Share your thoughts with Inside the Magic in the comments.