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this post was submitted on 12 Jan 2024
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This is the best summary I could come up with:
Disney said it expects to get its streaming service out of the red by Q4 2024 as a result of the “restructuring” of the company that “enabled tremendous efficiencies,” CEO Bob Iger told investors during earnings.
Pixar’s “Elemental” was cited as one of the popular titles to hit the streaming platform in the quarter alongside other Disney and Marvel releases, like “The Little Mermaid” and “Guardians of the Galaxy Vol.
3.” “Elemental” had grossed half a billion worldwide, Disney said, and was the most-viewed film on Disney+ in the quarter, but was initially considered a box office bomb and one of the worst debuts in Pixar’s 28-year history.
The film made up for its poor opening over time, but had followed other under-performing titles like “Lightyear” and “Onward,” which forced Disney to reconsider its release strategy.
“Disney had more or less trained audiences to expect big, hot Pixar content at home,” explained Brandon Katz, an entertainment industry strategist at Parrot Analytics.
Earlier in 2023, Pixar laid off 75 positions including two executives behind “Lightyear,” Reuters reported, including longtime animators Angus MacLane (“Toy Story 4,” “Coco”) and Galyn Susman, who had been with Pixar since the original “Toy Story.” Those cuts were part of Iger’s plan to reduce headcount by 7,000 jobs and $5.5 billion in costs, the report said.
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