Credit: Edited by Inside the MagicIt would appear that Walt Disney Pictures is no longer the number-one entertainment giant in the world.
Walt Disney Pictures Loses Top Spot for Hollywood’s Top-Grossing Studio for First Time in Several Decades
Multiple news outlets are reporting that Disney is no longer reigning king of the global box office. That crown has now gone to Disney’s direct competitor. In a surprising turn of events, Universal Studios has clinched the top spot as the highest-grossing studio at the 2023 box office, dethroning Disney for the first time since 2016, as reported by Variety magazine on Tuesday. Universal’s diverse slate of 24 films, featuring hits like The Super Mario Bros. Movie, Oppenheimer, and M3GAN, amassed an impressive $4.907 billion global ticket sales. Notably, this marks the end of Disney’s reign as the worldwide box office leader, a position they held since 2015.
Disney, with its lineup of 17 new films, including highly anticipated titles like Guardians of the Galaxy Vol. 3, Indiana Jones and the Dial of Destiny, and The Little Mermaid, slipped to second place in market share, securing $4.827 billion worldwide. In response, Disney attributed the $80 million difference to releasing seven fewer movies than Universal in 2023. Despite this setback, Disney emphasized its dominance with titles in the top 10, including four of the highest-grossing global releases and three major domestic successes.
However, a significant shift occurred as Disney failed to secure a spot among the top three movies for the first time since 2014 (excluding pandemic-affected years). Warner Bros.’ Barbie ($1.4 billion), Universal’s The Super Mario Bros. Movie ($1.3 billion), and Oppenheimer ($950 million) claimed those coveted positions. Strikingly, none of Disney’s movies in 2023 crossed the $1 billion benchmark, a departure from their usual track record.
Despite Disney’s undeniable box office prowess, the reality is that several 2023 tentpoles, apart from the successful Guardians of the Galaxy Vol. 3, fell short of expectations. Underperforming sequels and remakes, such as Ant-Man and the Wasp: Quantumania, The Marvels, and Haunted Mansion, contributed to Disney relinquishing the box office crown to Universal.
It’s worth noting that what might be considered modest wins or even outright flops for Disney would be deemed significant successes for its competitors. The challenge lies in that Disney’s films are high-budget endeavors, typically ranging from $200 million to $250 million in production costs, setting a demanding profitability standard. This became evident when Ant-Man and the Wasp: Quantumania, despite ranking as the 10th-highest-grossing movie of the year with $476 million, ended up in the red for the studio during its theatrical run.
To top everything off, Disney failed for the first time since 2014 to cross $1 billion at the global box office, giving more evidence that Disney seems to have lost that magic touch it once had on its audience worldwide.
In the fierce race for box office supremacy, Universal and Disney battled closely for the top spot, leaving their competitors trailing in the distance. Warner Bros. secured a distant third place with $3.84 billion globally, spearheaded by successes like Barbie, The Nun II, and Wonka.
Sony, with a lineup featuring Spider-Man: Across the Spider-Verse, the third installment of the Denzel Washington-led Equalizer series, and Ridley Scott’s Napoleon, claimed the fourth position with $2.094 billion worldwide.
Paramount, boasting major releases like Mission: Impossible – Dead Reckoning Part One, Dungeons & Dragons: Honor Among Thieves, and PAW Patrol: The Mighty Movie, concluded the top five with $2.026 billion in global earnings. The competition was fierce, and each studio brought its A-game to the cinematic arena, making the 2023 box office a battleground of blockbuster proportions.
Decrowning aside, Disney is still pushing forward with its parks, films, locations, and more. The Disney family includes Walt Disney Co., Walt Disney Imagineering, Walt Disney Productions, Walt Disney Animation Studio, Disney Springs, Animal Kingdom, Disneyland Paris, Walt Disney Archives, Disneyland Resort, and CEO Bob Iger.
The Disney parks, Walt Disney studio, Walt Disney family museum, and other locations in the United States are still succeeding in more ways than one, especially with park attendance up at Walt Disney World Resort.
With the Walt Disney Company holding a shareholder meeting in April, the House of Mouse is eyeing its former return to glory. But of course, the theme parks continue to thrive, and all looks good for Disney – for now.