Not only is Disney gutting Pixar with layoffs, but now their theatrical re-release plan seems to have fallen flat on its face. ‘Soul’ was released to theaters and made less than $500,000 opening weekend. That’s ABYSMAL, especially for the number of screens it was playing on. Will ‘Turning Red’ and ‘Luca’ fare any better?
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Additional Context:
Disney’s decision to release “Soul,” “Luca,” and “Turning Red” in theaters in 2024, after they were originally released on Disney+ due to various reasons, including the pandemic, has been met with mixed reactions and challenges. “Soul,” despite its success on streaming platforms and critical acclaim (including winning two Oscars), had a disappointing box office performance when it was re-released in theaters, making less than $500,000 in its opening weekend. This was attributed to factors like the economic constraints of families, the availability of the film on Disney+ (which subscribers already pay for), and a lack of a significant marketing campaign to support the theatrical release.
Pixar, a subsidiary of Disney, is also facing layoffs in 2024. These layoffs are related to a reduction in the studio’s commitments to Disney+, with reports indicating that staff numbers could be reduced to less than 1,000 employees. This comes after Pixar had to deliver a significant amount of content both theatrically and for Disney’s streaming platform, including a large amount of short-form material.
Disney aims to make its streaming service profitable by the fourth quarter of 2024 through restructuring and efficiency improvements. However, Pixar’s recent releases, including “Elemental,” “Lightyear,” and “Onward,” have faced various challenges, including underperformance at the box office and changes in audience behavior and preferences.
The theatrical release of “Soul,” “Turning Red,” and “Luca” is seen as an attempt by Disney to generate box office revenue and possibly retrain audiences to embrace the theatrical experience. However, the success of this strategy remains uncertain, especially given the box office struggles of “Soul” and the upcoming releases of “Turning Red” and “Luca”.
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