But the slide in revenues is still disappointing because it occurred at a time when Walt Disney Studios put nearly all of its major franchises on the field — a show of firepower that enabled the company to pulverize records, racking up more than $11 billion at the global box office. With an arsenal that includes Lucasfilm, Marvel, Pixar, and — thanks to its $71 billion acquisition of much of Rupert Murdoch’s media empire — 20th Century Fox, Disney was able to control roughly 40% of the domestic marketplace.
It’s certainly a very special year for us,” said Cathleen Taff, Disney’s president of global distribution. “The key for us is all of our studios contributed to it in a major way. That’s the only way you get to a year like this.”
Even Disney’s box office torrid streak was overshadowed by larger changes that have been roiling the entertainment industry, changes that the conglomerate is playing a pivotal role in instituting. The reason that Disney crowded blockbusters “Avengers: Endgame,” “Star Wars: The Rise of Skywalker,” “Toy Story 4,” and “The Lion King” into the same calendar year was because it needed splashy movies to show on Disney Plus, the streaming service it launched in November. But Disney isn’t alone in trying to elbow into the space once controlled by Netflix. Apple has begun backing original content, Amazon is already in the game, and NBCUniversal’s Peacock, as well as WarnerMedia’s HBOMax will all debut in the coming months. Disney chief Bob Iger, not given to hyperbole, has stated that Disney Plus is “a huge statement about the future of media and entertainment and our continued ability to thrive in this new era.”
Clearly, the stakes for these companies could not be higher, nor could the perils. In an effort to attract customers, these players have stopped licensing movies and television shows, depriving themselves of tens of millions of dollars in profits. It’s also possible that if they offer too many compelling entertainment options at too great a bargain, an already eroding theatrical space could further constrict. That’s left studios scrambling to ensure that the movies they greenlight for theaters have a compelling hook in order to compete with a widening array of entertainment options.
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