Buzz
The year 2023 marks the first time since 2014 that Disney couldn't release a billion-dollar movie.
2023 was supposed to be a glorious year for Disney, celebrating its 100th anniversary. However, Disney fell short of expectations (even disappointing) with dismal box office revenues. Out of Disney's 8 major theatrical releases this year, 7 films performed poorly in the North American market and internationally.
Let's Take a Look Back at Disney's Tough Year with VTV News:
Superheroes on the Decline
It's undeniable that one of the most famous film franchises of the 21st century is Disney's Marvel Cinematic Universe. Since Iron Man in 2008, the superhero roster has attracted millions of Americans to theaters every year. However, in 2023, two out of three Marvel films released had disappointing outcomes.
The first failure came in February with Ant-Man and the Wasp: Quantumania. Despite featuring a star-studded cast including Paul Rudd, Michael Douglas, Michelle Pfeiffer, and Bill Murray, the $200 million-budgeted film only grossed $215 million in the North American market and $476 million globally, far from the $600 million needed to break even.
The second failure was The Marvels in February. Compared to the staggering $1.1 billion of the first installment Captain Marvel in 2019, The Marvels was expected to be the box office hit of 2023. However, the film only opened with $46 million and amassed about $200 million in total revenue. This made The Marvels the lowest-grossing film in the Marvel Cinematic Universe.
The Failure of Reboot Films
In 2023, audiences seemed to grow weary of Hollywood's recycled films, including those from Disney.
Specifically, despite massive promotion and being hailed as Disney's ace card, The Little Mermaid suffered a disastrous failure upon its release in May. The film only brought in $297 million in North America and $267 million internationally, despite its whopping $250 million budget. Compared to the 2019 live-action release of The Lion King which grossed $1.6 billion, The Little Mermaid paled in comparison and faced criticism from audiences worldwide.
The following month, Disney released Indiana Jones and the Dial of Destiny starring Harrison Ford. However, despite high expectations, the film only grossed $174 million domestically and less than $400 million worldwide. This left the studio unable to recoup the nearly $300 million budget for the project, not including marketing costs.
Disney wraps up the summer with a reboot of Haunted Mansion, yet only brings in a mere $117 million in global revenue. This marks a colossal failure despite the star-studded cast including Tiffany Haddish, Jamie Lee Curtis, and Jared Leto.
The Struggle of Animated Films Beyond the Box Office
Disney has created a series of beloved animated films cherished by generations, such as Snow White, Beauty and the Beast, Toy Story... However, 2023 signifies a decline for Disney as it grapples with its latest animated releases.
In June, Elemental only brings in nearly $500 million in global revenue. This pales in comparison to Inside Out released in 2015 with $860 million in revenue. Moreover, Inside Out only cost Disney $175 million to produce, whereas Elemental consumes $200 million.
Amidst a flurry of reports of the film's failure, Disney rebuffed in August: 'Director Peter Sohn's film has crossed the $400 million mark last week. Of this, the film earned $148 million domestically, nearly five times the opening weekend revenue in North America. This is a rare feat in the box office world where most audiences buy tickets during opening weekends.'
Finally, Wish was released ahead of Thanksgiving, promoted by Disney as a film 'a century in the making' to commemorate the studio's 100th anniversary. Sadly, Wish only brings in over $125 million worldwide, facing a massive loss. Compared to Disney's pre-Thanksgiving film in 2021, Encanto, which grossed over $250 million amid the post-COVID-19 cinema landscape.
This downturn at Disney is predicted to extend into next year due to production changes, a consequence of the prolonged strikes by Hollywood writers and actors. Inside Out 2 and Deadpool 3 are still set to release next year, however, the live-action version of Snow White has been pushed back to 2025.
