Disney’s Financial Disasters Are Even Worse Than Previously Reported
The modern Walt Disney Company is the poster child for the dangers of corporate political overreach. And it turns out that their financial situation is even worse than they’ve previously acknowledged.
Disney’s prolific ability to shoot itself in the foot has manifested itself in rapidly decreasing theme park attendance and interest. It’s manifested itself in an unnecessary conflict with Florida Governor Ron DeSantis that resulted in the company losing special governance over the Walt Disney World property.
And it’s manifested itself in box office grosses, with a string of openly political films flopping in spectacular fashion.
READ: DISNEY GETS EVEN MORE BAD NEWS AFTER SERIES OF FAILURES
It’s no wonder that the company’s share price recently sunk to the lowest levels in a decade.
But for all the unfolding disasters, newly released information has shown that the bad news for Disney was even worse than they’d previously acknowledged. And it’s all thanks to their remake of “The Little Mermaid.”
The company previously tried to claim that the 2023 release essentially broke even, with public reports that the film’s budget was around $250 million. Turns out, a new Forbes report revealed it was actually around $300 million. Before marketing and promotional costs, which usually close to double a film’s budget.
“The Little Mermaid” grossed $569 million worldwide, meaning it could potentially have lost Disney well over $100 million in losses. Things are going great!
SYDNEY, AUSTRALIA - MAY 22: Halle Bailey attends the Australian premiere of "The Little Mermaid" at State Theatre on May 22, 2023 in Sydney, Australia. (Photo by Don Arnold/WireImage)
Disney Refuses To Get Out Of Its Own Way
“Buzz Lightyear,” “The Little Mermaid,” “Strange World,” “Elemental,” “Haunted Mansion…” Disney can’t stop failing.
Former CEO Bob Chapek tried to keep his company out of unnecessary political battles, before being overwhelmed by woke employees demanding their ideology be publicly supported and conformity enforced.
Bob Iger initially stated he intended to continue fighting to incorporate politically progressive messages into children’s entertainment. But the company’s sinking finances forced him to admit that they need to tone down their culture war sentiments.
Something that they’re clearly already failing at, promoting and platforming Ibram Kendi on ESPN.
“The Little Mermaid” was doomed to failure before it was released, and Disney’s desperation was borne out of an effort to make it seem like less of the unmitigated disaster it actually was. But with the UK’s stricter reporting rules, they’ve been forced to tacitly admit the film was yet another flop.
Iger seems to have finally acknowledged that Disney needs to make dramatic changes, quickly, to recover some its financial future and reputation. Turns out he needs to work faster and harder than they’d been willing to admit.