Disney had a somewhat unsuccessful 2023. To halt the downward trend, the studio is resorting to drastic measures.
2023 wasn't a particularly good year for Disney. Not a single one of their movies managed to surpass the billion-dollar mark. That might sound like a lot, and it is. But the last time Disney failed to do so was in 2014 (excluding pandemic years). Disney is one of the largest film studios ever, but now it seems to be stumbling a bit.
"You Have To Kill Things You No Longer Believe In" – CEO Opens Up About Cancelled Projects
At the end of 2023, a typical Disney fairy tale called Wish was released, aiming to capitalize on the Christmas season. However, the musical somehow didn't resonate with the audience at all. With its current box office earnings of $252.6 million, the film has probably been barely profitable at a production cost of around $50 million. The most-recent slate of Disney releases hasn't been as successful as people have been used to from the company. Additionally, the Hollywood strikes complicated the production of major films.
CEO Bob Iger was asked at a conference in San Francisco how Disney deals with such setbacks and how they attempt to turn around their film output. As it turns out, Disney is also implementing strategies to tighten the belt.
You have to kill things you no longer believe in, and that’s not easy in this business, because either you’ve gotten started, you have some sunk costs, or it’s a relationship with either your employees or with the creative community. It’s not an easy thing, but you got to make those tough calls. We’ve actually made those tough calls. We’ve not been that public about it, but we’ve killed a few projects already that we just didn’t feel were strong enough.
He didn't delve into specifics regarding which kind of films are off the table, but he ruled out the decline in Disney's success being due to people being tired of superhero movies.“A lot of people think it’s audience fatigue, it’s not audience fatigue. They want great films." To achieve this, they have reduced the output of Marvel films and series.
With Kingdom of the Planet of the Apes, Deadpool & Wolverine and the upcoming sequels of Inside Out and Moana, significant Disney films are scheduled for release in 2024. It remains to be seen whether they are able to free Disney from its streak of bad luck.