The studio’s latest film, The Marvels, grossed just $206.1 million (£165 million) at the box office, falling short of its production budget of $274 million. The film was the lowest-grossing film in the series’ history, earning less than one-tenth of its most successful film, 2019’s Avengers: Endgame.
Iger said Disney will release two to three Marvel movies a year, down from its previous average of four, and cut TV series from four to about two a year. He said some of the upcoming TV programming is “basically a relic of a past desire to increase volume” and that in the future “it’s just a balancing act, and we think that’s the right thing to do.” ” he said.
The comments came as Disney posted its first quarterly profit in its streaming business, disappointing investors despite being a landmark moment for Iger’s on-demand video bet. It came out.
Profits from the company’s traditional U.S. broadcasting and sports businesses both fell. Meanwhile, the number of new Disney Plus subscribers was lower than expected, and the company said it expects growth to level off when it releases its next quarterly results.
“We’ve always said the path to profitability is not linear,” Iger said.