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During today’s first-quarter earnings call, The Walt Disney Company’s Boomerang CEO Bob Iger revealed that the Disney-Pixar favorite animation is returning to the big screen, telling attendees: “I’m pleased to announce that, We’re working on sequels from our animation studio to some of our most beloved franchises, Toy Story, frozen and Zootopia. We’ll share more about these titles soon, but this is a great example of how we can build on our unrivaled brands and franchises. “
Iger also revealed that he is returning the company’s content business to a state similar to the one he previously managed, creating the new division disney entertainment Accommodates its TV and movie brands while maintaining independence from ESPN and parks, experiences and products. Dana Walden and Allen Bergman Will be in charge of the new division, which will replace Disney’s media and entertainment distribution brand, created by former CEO Bob Chapek and run by Kareem Daniel until last year. “Our new structure is designed to put greater power back in the hands of our creative leaders and hold them accountable for the financial performance of their content,” Iger added.
While fans were excited about the anticipated sequel, there was also some downcast news, as Iger outlined a project aimed at Cost savings of $5.5 billionwhich will be achieved by cutting $3 billion in non-sports content and $2.5B in operating costs, echoing the $3.5B cut promised by Warner Bros. Discovery CEO David Zaslav, which led to HBO Max animation last summer. The big purge.
CFO Christine McCarthy detailed cuts in marketing by 50%, labor by 30% and technology, procurement and other expenses by 20%. The first billion reductions are underway and the goal is to complete these actions by 2024.The company expects 7,000 layoffs.
The first fully CG animated feature film, Toy Story Pixar Animation became a household name when it premiered in 1995, marking John Lasseter’s directorial debut. The first film earned Lasseter a Special Achievement Academy Award, as well as two nominations for songwriter Randy Newman and its first animation nomination in the original screenplay category.
Toy Story spawned three feature-length sequels (toy story 3 and toy story 4 both won Oscars for Feature Animation in 2010 and 2019) and last year’s spinoff light years. It is the third highest-grossing animated franchise of all time, with a worldwide total of $3.27 billion.
frozenWhen it premiered in 2013, the musical fairytale was the fifth highest-grossing animated series ($2.74B) despite comprising only two films, creating a buzz and breaking box office records. Created by Chris Buck and Jennifer Lee, who is now the studio’s chief creative director, the first film was Walt Disney Animation Studios’ first Oscar-winning feature film; – “Let It Go” by Kristen Anderson-Lopez and Robert Lopez won Best Original Song. Frozen 2 Premiered in 2019.
Disney’s Zootopia Released in 2016, the film also broke multiple regional box office records, with a global total of $1.02 billion.The critically acclaimed film from directorial duo Byron Howard and Rich Moore beat out studio sisters Moana For this year’s Oscars, audiences will be able to return to the animal-filled subway this fall Zootopia+ Disney+ series of short films.
[Source: Deadline]
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