Big Changes Are Coming To Disney's Strategy In 2024
2023 was a historic year of movie and TV show flops for Disney. The Marvel Cinematic Universe floundered at the box office, with entries like "Secret Invasion" and "Ant-Man and the Wasp: Quantumania" widely scathed by critics. Smaller releases like "Haunted Mansion" failed to get major attention (despite being a fun family romp), and big releases like "Indiana Jones and the Dial of Destiny" fell short of box office expectations.
The company's streaming arm continued to struggle as well. While Disney has already begun enforcing its policy of cutting back on streaming budgets and prioritizing quality over quantity, "The Mandalorian" got its harshest criticism for Season 3. Reports show that it remained the most-watched streaming original of the year, but with multiple other Star Wars projects being delayed (due in part to the Hollywood union strikes), the plan for the future of the franchise is still up in the air.
With all of that in mind, it should come as no surprise that Bob Iger and Disney are shifting things up in 2024. The company's release lineup across all studios and subdivisions is substantially smaller than in more recent times, and the approach to what projects are coming out is a good deal different. In short, big changes are coming to Disney in 2024. Let's break them down!
Budget cuts and layoffs are the name of the game
Unfortunately, "change" in the corporate world is often code for mass layoffs and budget cuts. In 2023, Disney laid off roughly 7,000 people. And according to The Hollywood Reporter, this trend may not be over for Disney in 2024. The outlet reported that the company will cut content spending down to $25 billion in 2024 — down $2 billion from 2023's $27 billion. That new budget will be split with roughly $10 billion going to the company's sports programming and $15 billion to entertainment. Sadly, that big of a cut suggests more Disney jobs are being put in jeopardy.
According to TechCrunch, Pixar intends to lay off up to 20% of its current 1,300 employees. The studio, which historically focused exclusively on high-craft animated theatrical films, was expanded in recent years to develop more content for Disney+. With those streaming plans now pared back significantly, it looks like Pixar will be shrinking once again.
Disney is releasing fewer films in 2024
As the release schedule currently stands, Disney is only putting out seven full theatrical films in 2024 — eight if you count the limited release planned for Daisy Ridley's "Young Woman and the Sea." That's roughly half as many major theatrical premieres as the company had in 2023. The planned releases include the horror legacy prequel "The First Omen" (April 5), Kingdom of the Planet of the Apes (May 10), "Alien: Romulus" (August 16), and "The Amateur" (November 8), all from 20th Century Studios. Marvel Studios, Pixar, and Walt Disney Pictures are only putting out one film each — "Deadpool 3" (July 26), "Inside Out 2" (June 14), and the CGI prequel "Mufasa: The Lion King" (December 20), respectively.
The MCU hasn't released less than two films in a single calendar year since 2012 — except for 2020 when the COVID-19 pandemic forced major production delays and no Marvel movies came out. Disney Animation Studios has nothing for 2024, and huge franchises like James Cameron's Avatar and Star Wars don't have the next theatrical releases planned until much later.
It remains to be seen how this restricted roster ends up playing out for Disney. "Inside Out 2" could be a big hit given how popular the first film remains, and Marvel fans have high hopes that "Deadpool 3" could help breathe some life into what currently looks like a dying franchise. Only time will tell...
Pixar's Disney+ movies are heading to theaters
Disney is trying something new in 2024 — releasing movies previously made for Disney+ in theaters for the first time. Right now, that tactic is being applied to the Pixar films "Soul," "Turning Red," and "Luca." The first of the three made its theatrical debut on January 12, with the latter two hitting the big screen on February 9 and March 22, respectively.
One of the big things Disney has tried to move away from since Bob Iger returned as CEO is overspending on streaming-exclusive content. From that perspective, it makes a lot of sense to put these movies — all of which scored over 90% from critics on Rotten Tomatoes — out in cinemas where more people can see them.
So far, though, the plan doesn't seem to be working well. "Soul" bombed in its theatrical debut, grossing less than $600,000 over its four-day Martin Luther King Jr. holiday weekend premiere. Disney's lack of promotion is likely to blame for that failure, which is a shame to see after the film soared amidst its streaming debut. Yes, there's a chance that the company could learn from this and shine a bigger spotlight on "Luca" and "Turning Red." Still, dropping these films in theaters within three months and shortly before "Inside Out" premieres might lead to audience fatigue.
D23 is going live this year
Movie lineups and production strategies aren't the only things changing for Disney in 2024. The company's biennial live fan event, previously known as D23 Expo, is coming to Anaheim, California from August 9-11 under the rebranded title of D23: The Ultimate Disney Fan Event. According to Deadline, parts of the event will be live-streamed on Disney+ to audiences for the first time. The celebration will also feature the standard slate of "shopping, exhibits, panels, presentations, and more," per Disney's official website.
D23 has always been a big event for the company, but it seems that Disney is trying to make it even bigger and expand beyond the fans who already fly out to take part in person. More streaming coverage theoretically means more folks engaging with the company's announcements and legacy programming, such as the Disney Legends awards.
Knowing Disney, there may be opportunities for long-distance viewers to engage with the exclusive D23 "shopping" options. Even without direct means of commodifying the experience, streaming to international markets could be a way for the company to reassert itself worldwide — a reputation that's taken plenty of hits from plenty of directions in recent years.
What the 2024 changes mean for Disney long-term
All in all, Disney's big 2024 changes paint a picture of a company playing defense. There's the battle against its overload of middling content over the past several years, which has cheapened many of the brands that brought Disney success. Combine that fight with dwindling theme park attendance, constant accusations of poor working conditions, and a culture war that's drawn fire from all sides, and you have a company with tons of capital and an immense legacy but no obvious path forward.
Taking a step back and reducing the release catalog may be a good place to start, though the thousands of employees who've already been laid off from Disney would probably disagree. At the very least, fan fatigue for properties like Marvel and Star Wars could have a chance to die down, paving the way for a triumphant return in upcoming years.
Of course, that all depends on the quality of the material, which, of late, has been pretty hit or miss. Regardless, it'll be interesting to see how Disney fares in 2024, but the real test for the company's future will be in the years to come.