Bob Iger, CEO of Disney, stated that a reduction in content expenditure and production for the Star Wars and Marvel franchises is in the works. At the beginning of this year, Disney declared that $5.5 billion in expenses would be cut,$3 billion of which would be regarding content outside of sports. Iger reported that the sharp rise in Marvel TV shows in recent years "altered the concentration and consideration" for the brand.
CEO Bob Iger of Disney declared on CNBC Thursday that the company is reducing the number of movies and TV series produced for Marvel Studios and Lucasfilm. This is due to the company's efforts to reduce costs since a few recent movies, from Marvel to animation, have failed to meet expectations at the movie theater. Iger also pointed out that this move is to ensure support for Disney+ and acquire more customers. He noted that Marvel was an example of Disney's focus on providing original online content, but this has stretched the franchise in terms of focus and attention. Disney bought Marvel for over $4 billion in 2009, and the franchise has since brought in billions of dollars in revenue for the company. In 2021, Disney moved films such as "The Mighty Ducks," "The Sandlot" and "Thor: The Dark World" off Disney+ to be available on Hulu, ad-supported.
At the start of the year, Iger commented that the Marvel Cinematic Universe needed to evaluate how many sequels each character should generate, and that it was the right time to look for innovation in the brand. He stated that there was nothing wrong with the Marvel brand at an investor conference. At the start of 2021, the 31st installment of the MCU, "Ant-Man and the Wasp: Quantumania," premiered, commencing the fifth phase of the 15-year franchise. The flick witnessed the most dramatic decrease of ticket sales from its first to second week on show in MCU history. It also gathered mixed to unfavorable reviews. In contrast, Marvel's "Guardians of the Galaxy Vol. 3" has made over $800 million worldwide.
As for Lucasfilm, there has not been a Star Wars movie in theatres for the past two years, and its priority has been on series, such as "Andor" and "Obi-Wan Kenobi," both of which have been nominated for Emmy awards, that stream on Disney+. Although "Indiana Jones and the Dial of Destiny," the fifth installment of that franchise, was released around the Fourth of July, it failed to impress at the box office. Nonetheless, Lucasfilm has provided Disney with a significant source of income. Disney purchased Lucasfilm for roughly $4 billion in 2012, and it recouped that investment within six years thanks to the successful trilogy of films and standalones like "Rogue One."
For Disney and its streaming opponents, original content is only broadcasted on its primary streaming platforms, rather than being granted to other streaming networks—a revenue generator that has sustained the classic TV and film market for quite a while. On Thursday, when asked about the possibility of releasing content on other streaming sites, Iger responded that it was plausible. He went on to say that licensing was an integral part of the traditional TV model, and that restraining content for its own platform was the correct move when streaming was still in its early stages. Warner Bros. Discovery has apparently been discussing licensing HBO content to Netflix among other platforms, and has also taken down titles from its Max service and permitted them to be shown on ad-supported streaming platforms, such as Fox Corp.'s Tubi. Disney has also done likewise by withdrawing shows like "The Mighty Ducks," "The Sandlot" and "Thor: The Dark World" from Disney+ and having them displayed on Hulu with ads.
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