The Walt Disney Company lost nearly $900 million on recent movies, according to Hollywood analysis.
The Walt Disney Company suffered losses nearing $900 million on its last eight studio releases, according to box office analyst Valliant Renegade.
Disney struggled with staggering losses despite numerous notable movie releases. The financial losses of nearly $1 billion were encountered during the release of the following movies: “Lightyear,” “Thor: Love and Thunder,” “Strange World,” “Black Panther: Wakanda Forever,” “Ant-Man and the Wasp: Quantumania,” “Guardians of the Galaxy Vol. 3,” “The Little Mermaid,” and “Elemental.”
According to Valliant Renegade, the eight movies cost $2.75 billion, but only brought in $1.86 billion for Disney, totaling a loss of $890 million.
“Strange World” lost $197 million and “Lightyear” lost $106 million, according to Deadline.
Recent Disney movies have embraced “woke” storylines.
“Strange World” featured a gay romance.
The animated children’s “Lightyear” has a lesbian kiss in it.
“Elemental” talks about the evils of xenophobia, and boasts the entertainment company’s first non-binary character.
“One of the things that we always talk about here, that is the perfect time to remind everybody, is that Disney consumes all of its own content post-theatrical,” Valliant Renegade stated. “Meaning that Disney that used to license their big content out like the entire MCU [Marvel Cinematic Universe] to places like Netflix for years, those were billions of dollars’ worth of third-party contracts that have now been taken off the table.”
“So not only do we need to consider how much money Disney has lost at the box office, we also need to consider how much money Disney has lost in economic-opportunity costs,” the Hollywood analyst said in a YouTube video. “You see, that’s how much money they could have made had they actually taken these films and licensed them to Netflix, or Amazon Prime, or even similar to what Universal does with a split Pay 1 window.”
Valliant Renegade added, “If Disney had just taken the Universal-type deal with those two major streamers, Disney would have a lot more money in its pocket. But they’ve chosen to keep it all home to support Disney+.”
Bob Iger returned as Disney’s CEO last November, replacing Bob Chapek.
In February, Disney announced that the company was undergoing a “strategic restructuring.”
Last month, Disney said that it had cut 7,000 jobs.
Variety reported, “The 7,000 layoffs — which represent 3.2% of Disney’s total headcount of about 220,000 worldwide as of Oct. 1, 2022 — are part of Disney’s efforts to achieve about $5.5 billion in cost savings. Of that, $2.5 billion represents ‘non-content costs’ (including labor costs) and $1 billion of those targeted cost-reductions were already underway in February, Iger said. Disney is aiming for an annualized reduction of $3 billion in non-sports content costs, expected to be realized over the next several years.”
* Article From: The Blaze
