Disney, the studio that dominated the box office for the past decade with its Marvel, Lucasfilm and Pixar properties, has hit a rough patch in 2023. Four of its major releases – “Ant-Man and the Wasp: Quantumania”, “The Little Mermaid”, “Elemental” and “Indiana Jones and the Dial of Destiny” – have failed to live up to expectations, losing tens of millions of dollars and failing to reach the $1 billion mark that Disney used to achieve with ease.
What went wrong for the once-invincible studio? There are several factors that contributed to these flops, ranging from the changing tastes of audiences, the impact of the pandemic, the lack of critical acclaim, and the competition from other studios.
One of the main challenges that Disney faced was the rise of exclusive streaming releases, which made audiences more selective about the kind of movies they would pay to watch in theaters. As Raj Veer Dhanak from Looper wrote, “As a result of the rise in exclusive streaming releases, audiences have become much more selective about the kind of movies they will pay to watch in theaters — given it often only takes a few weeks for those same movies to appear on streaming platforms, viewed in the comfort of their homes.”
This meant that Disney’s movies had to offer something more than just spectacle and nostalgia to lure viewers. However, some of its films failed to do so, either because they were poorly received by critics and fans, or because they were overshadowed by more original and innovative offerings from other studios.
For example, “Ant-Man and the Wasp: Quantumania” was a rare Marvel movie to receive negative reviews, with critics calling it “dull”, “repetitive” and “unnecessary”. The film also faced direct competition from Universal’s “The Super Mario Bros. Movie”, which was a surprise hit that grossed over $1.3 billion worldwide on a $100 million budget.
Similarly, “The Little Mermaid” was a remake of the 1989 animated classic that failed to capture the magic and charm of the original. The film was criticized for its lackluster visuals, bland performances and lack of diversity. The film also had to contend with Warner Bros.’ “Dune”, which was a critically acclaimed sci-fi epic that appealed to both old and new fans of the Frank Herbert novel.
Another disappointment was “Elemental”, an original story from Pixar that tried to introduce a nonbinary character and a new world of magic. However, the film was panned by critics and audiences alike for its weak plot, unlikable characters and preachy message. The film also had the lowest opening weekend for a Pixar film since 1995. As the Washington Times reported, “Disney appears to have another flop on its hands with “Elemental,” the animated adventure billed as the first to feature a nonbinary character, which registered the weakest weekend opening for a Pixar film since 1995.”
Finally, “Indiana Jones and the Dial of Destiny” was a nearly $300 million investment in one of cinemas’ most venerable franchises, which no longer seemed to have the same hold on today’s audiences. The film was met with mixed reviews, with some critics questioning the need for a fifth “Indy” adventure and others praising Harrison Ford’s return as the iconic archaeologist. The film also faced stiff competition from Sony’s “The Pope’s Exorcist”, a low-budget horror film that beat it at the box office. As Jeff Katz, producer of “The Pope’s Exorcist”, tweeted, “The moral of the story is that genre pictures should generally only be made for a smart price. Whole point is to be able to hit singles and doubles and still potentially come back for more. POPE’s will be profitable for Sony entirely because of this approach.”
Despite these setbacks, Disney still has a strong market share and a loyal fan base, but it may need to rethink its strategy of relying on expensive tentpole films. As Rebecca Rubin and Brent Lang from Variety wrote, “Because of its all-tentpole, all-the-time strategy, Disney’s movies each require production budgets of at least $200 million — plus marketing costs of roughly $100 million. That means the studio’s films have a higher benchmark than its rivals to break even at the box office. In the past, those budgets were justified with movies that crossed $1 billion worldwide with ease.”
Disney may have to diversify its slate with more original and diverse stories, as well as lower its costs and expectations. It may also have to balance its theatrical and streaming releases more carefully, as some of its films may perform better on platforms like Disney+ than in theaters. Disney still has some potential hits in store for 2023, such as “Guardians of the Galaxy Vol. 3” and “Haunted Mansion”, but it may have to work harder to regain its magic touch.
Relevant articles:
– Disney’s Harsh New Reality: Costly Film Flops, Creative Struggles and a Shrinking Global Box Office, Variety, July 5, 2023
– The Biggest Box Office Bombs Of 2023 So Far, Looper, May 21, 2023
– ‘The Little Mermaid’ Declared “A Massive Flop For Disney” By Box Office Analyst, Bounding Into Comics, June 5, 2023
– Top of the Times: ‘Woke’ Disney film flops, Washington Times, June 27, 2023