Disney still king of the film jungle

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This article was published 19/07/2019 (2265 days ago), so information in it may no longer be current.

LOS ANGELES — The Walt Disney Co. doesn’t have to wait to be king, unlike the little cub Simba, as the release of its latest remake, The Lion King, should further cement the company’s rule at the box office.

Disney’s high-tech re-imagining of its 1994 animated hit is expected to lord over the multiplex this weekend. The big-budget film will probably collect US$150 million to US$175 million in ticket sales through Sunday in the U.S. and Canada, according to people who have reviewed pre-release audience surveys.

The movie, which uses innovative computer graphics to create a photo-realistic version of the animated musical, should become another hit for the Burbank entertainment firm, which has dominated the box office. So far this year, the company’s pictures have accounted for about 35 per cent of domestic ticket sales, according to the website Box Office Mojo, not counting the Fox films it has distributed.

Four of the top five movies at the global box office in 2019 have been released by Disney: Avengers: Endgame, Captain Marvel, Aladdin and Toy Story 4. The exception, Spider-Man: Far From Home (at No. 4), was released by Sony Pictures, but co-produced by Disney’s Marvel Studios.

As Disney feasts at cinemas, rivals have been left to scavenge for box office leftovers. Domestic ticket sales this year have been sluggish compared to the record-breaking business of 2018. Theatrical receipts have totalled US$6.2 billion through last weekend, down 8.6 per cent from the same period last year, according to data firm Comscore.

Theatre stocks have suffered as a result. Shares of AMC Entertainment, the world’s largest exhibitor, have fallen 41 per cent in the past three months, according to data compiled by FactSet. Plano, Texas-based Cinemark, the third biggest circuit, has declined 8.4 per cent, while big-screen company Imax Corp. has slid 17.9 per cent.

“It’s not like the industry’s falling apart, but there’s definitely been a lack of depth,” said Eric Handler, an analyst at MKM Partners who focuses on the theatrical market.

Disney’s run of hits is the result of the company’s long-term strategy of acquiring popular brands and franchises, including Pixar Animation Studios, Marvel Studios and Lucasfilm. The company in March completed its acquisition of 21st Century Fox, in a major consolidation of entertainment-industry power.

Multiple attempts by other studios to extend franchises have fallen short. Sony Pictures’ Men in Black: International and Warner Bros.’ Godzilla: King of the Monsters produced lacklustre results, and Universal Pictures’ The Secret Life of Pets 2 did worse than expected.

Some movies have faltered simply because of their perceived low quality. Dark Phoenix, which Disney inherited as part of its Fox purchase, bombed with US$65 million in domestic ticket sales. Last weekend, another poorly reviewed Fox holdover, the R-rated buddy comedy Stuber, opened with a weak US$8.2 million.

Box office for the second quarter (the three months that ended with June) was down 3.7 per cent from the prior year.

Pressure for The Lion King to perform is high. The beloved original grossed US$312.9 million in its first domestic theatrical run, marking a high point in the string of animated hits dubbed the “Disney Renaissance.”

The Lion King was nominated for four Oscars, winning two (for original score and original song Can You Feel the Love Tonight). The stage production, which debuted in 1997, won multiple Tonys, including best musical, and remains the highest-grossing Broadway play ever.

The 2019 version had an estimated budget of US$175 million.

— Los Angeles Times