Movies

‘Moana 2’ was destined for streaming. Now it’s breaking box office records

BBG News

As a seasoned cinema enthusiast who has witnessed the evolution of Disney productions since my childhood, I must say that the success story of “Moana 2” is nothing short of inspiring. Having grown up with the original Moana and humming along to its enchanting soundtrack, it brings me immense joy to see this beloved tale return to the big screen.

As a movie lover, I was thrilled to witness the incredible success of “Moana 2” from Walt Disney Animation Studios. This sequel sailed smoothly to the top spot at the box office over the Thanksgiving weekend, setting a new record for its domestic debut – an accomplishment even more remarkable when you consider that the return to the enchanting island of Motunui was initially uncertain.

In the role of lead actors Auli’i Cravalho and Dwayne Johnson, the film “Moana 2” raked in an impressive $221 million domestically during the five-day Thanksgiving period. Globally, its earnings reached a staggering $386.3 million, as per Sunday’s studio estimates. This figure comfortably surpassed the previous record-holder for Thanksgiving weekends, Disney’s smash hit “Frozen 2” from 2019.

In the box office race, “Moana 2” managed to surpass Universal’s widely promoted musical “Wicked,” which earned an impressive $117.5 million in its second weekend, pushing its domestic earnings to a total of $262.4 million. Meanwhile, “Gladiator II” from Paramount Pictures took the third spot with a weekend gross of $44 million, adding up to a current total of $111.2 million.

Initially planned as a series for Disney+’s streaming platform, the follow-up to the 2016 animated adventure “Moana” was later reconsidered. The change was announced in February during their fiscal first quarter earnings conference.

During the conversation, CEO Bob Iger expressed his admiration for what was presented, stating that it warranted a cinematic premiere.

The shift in strategy indicates Disney’s confidence in the box office industry, its potential to earn hundreds of millions in revenue, and its contribution to boosting and maintaining subscriber numbers for Disney+ – a crucial aspect for the company as they work towards strengthening the financial foundation of their streaming platform.

Joe Rosenberg, who works as the director of industry relations at Chapman University’s Dodge College of Film and Media Arts, stated that movie production companies need to create and show their films in cinemas since it’s their line of business. The notion that they could outdo Netflix by using the strategy they had didn’t seem to be effective as it turned out for those companies who tried it.

The initial release of “Moana” was incredibly popular, earning over $643 million globally at cinemas. Its soundtrack featured numerous hits, including the enduring tune “How Far I’ll Go,” which has made a lasting impression on family road trips and continues a well-established trend of memorable Disney songs. (Notably, an animated sequel and a live-action adaptation of “Moana” are both being developed.)

Reviews are far more mixed for the sequel, but that’s not stopping families from rushing out over the holiday. The reported budget for the film was $150 million.

Instead of releasing “Moana 2” directly on a streaming platform, as was Disney’s previous approach to boost their service, they have chosen to show it in theaters first. This represents a change of direction in their strategy.

Ever since Disney+ made its grand entrance in 2019 at an unbeatable price point, I’ve been all hands on deck, cranking out heaps of shows tailored exclusively for this streaming powerhouse. The goal? Cultivate curiosity and devotion among subscribers. In the midst of the COVID-19 pandemic, under Bob Chapek’s leadership, Disney took a bold move – they beamed a few Pixar masterpieces, like “Turning Red,” straight to our cherished Disney+ platform, offering a cinematic escape during challenging times.

However, it turned out to be quite costly, with Disney losing billions due to unrealized box office income. Upon his return as CEO in 2022, Iger revealed a multibillion-dollar cost-saving initiative aimed at reducing costs through layoffs. The goal was to shift Disney’s focus from producing large quantities of content towards improving the quality instead.

The upcoming release of “Moana 2” in cinemas indicates that Disney has faith in the project’s success, as stated by Rosenberg. Despite the ongoing recovery of the movie theater market from pandemic-related issues, Disney has seen significant financial success this year with two blockbuster hits, “Inside Out 2” and “Deadpool & Wolverine,” earning over a billion dollars at the box office each.

When considering films such as ‘Barbie’ and ‘Oppenheimer’, among others, which people flocked to watch and had a great cinema experience with, it becomes apparent that the traditional movie business, or “theatrical”, is profitable. We can generate substantial income by releasing suitable films initially in theaters, followed by streaming platforms serving as a secondary platform post-theater release.

In other words, Disney stands to earn profits in two ways: initially from the box office sales of “Moana 2”, but also by generating more interest for its streaming service, Disney+, due to the hype surrounding the sequel. This is because new theatrical releases have historically encouraged viewers to revisit previous installments within a franchise on Disney+, such as the increased sign-ups for “Inside Out” (2015), as well as earlier versions of “Deadpool” and “Planet of the Apes” films.

According to Laurent Yoon, a senior analyst at Bernstein, providing higher-quality content on a streaming service can lead to an increase in subscribers, lower the rate of cancellations (churn), and make it easier to raise prices.

In October, Disney raised the cost of its streaming service, coinciding with the release of “Inside Out 2” on their platform, and approximately a month prior to the arrival of “Deadpool & Wolverine”.

In the end, our goal is to generate as much income as possible from the money we’ve invested in that content,” he explained.

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2024-12-01 20:01

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