Streaming Services A Race To The Bottom<\/strong><\/h3>\n\n\n\nMany production studios moved to release movies on streaming services during the pandemic. Since people were unable to go to the theatres, streaming services provided the only hope of making revenue during the pandemic.<\/p>\n\n\n\n
However, streaming services are plagued with issues such as password-sharing, as well as the fact that it works on a subscription-based model for the service rather than payments for each individual show, making it difficult to monetise.<\/p>\n\n\n\n
In 2020 during the pandemic, Pixar (along with other Disney studios) was producing original shows for Disney+ as Disney invested heavily to attract subscribers to its own streaming service. However, these efforts have not been successful, only getting 154 million subscribers, which is still far from its 260 million target.<\/p>\n\n\n\n
Streaming services have just not been as profitable as Disney had hoped, and while it was the only way to make revenue during COVID, that has since changed with audiences now free to return to the theatres.<\/p>\n\n\n\n
Read Also: <\/em><\/strong>How Shopback Help Its Employees To Move On From A Retrenchment<\/em><\/strong><\/a><\/p>\n\n\n\nPeople Are Not Turning Up To Theatres<\/strong><\/h3>\n\n\n\nThe movie industry was hit hard during COVID-19, where audiences worldwide were unable to physically go to the movie theatres to watch movies. This had trickle-down effects not just on the movie theatres itself, but the production studios, actors, and Hollywood in general.<\/p>\n\n\n\n
While the world welcomed movies like Top Gun: Maverick, Barbie and Oppenheimer post-COVID, the movie industry has still failed to entice audiences to go back to the theatres. This can be seen in box office numbers where Barbie, the top box office film for 2023, only managed to earn $1.4 billion, only about half of Avengers Endgame, which grossed $2.8 billion in 2019.<\/p>\n\n\n\n![\"\"](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2024\/05\/Pixar-Job-Cuts-SS1.jpg\")
<\/figure>\n\n\n\nSource: Boxofficemojo.com<\/a><\/em><\/p>\n\n\n\nA comparison of the top 10 movies in 2019 versus 2023 shows the top 10 with roughly half the revenue of their 2019 counterparts. In addition to this, only the top 2 movies made more than $1 billion, whereas the top 9 movies in 2019 made more than $1 billion.<\/p>\n\n\n\n
The poor general movie theatre attendance has similarly affected Pixar, with \u201cLightyear\u201d (2022), a \u201cToy Story\u201d Spinoff, earning just $118 million, only a fraction of the $434 million that Toy Story 4 earned in 2019. <\/p>\n\n\n\n![\"\"](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2024\/05\/Pixar-Job-Cuts-SS2.jpg\")
<\/figure>\n\n\n\nSource: <\/em>Boxofficemojo.com<\/em><\/a><\/p>\n\n\n\nPixar’s poor box office performance comes on the back of poor movie theatre attendance across the industry. “Elemental”, “Soul” and “Turning Red” were previously released on Disney+ during the pandemic, resulting in the poor viewership numbers when it was finally released in the theatres.<\/p>\n\n\n\n
People Are Not Turning Up To Theatres<\/strong><\/h3>\n\n\n\nThe movie industry was hit hard during COVID-19, where audiences worldwide were unable to physically go to the movie theatres to watch movies. This had trickle-down effects not just on the movie theatres itself, but the production studios, actors, and Hollywood in general.<\/p>\n\n\n\n
While the world welcomed movies like Top Gun: Maverick, Barbie and Oppenheimer post-COVID, the movie industry has still failed to entice audiences to go back to the theatres. This can be seen in box office numbers where Barbie, the top box office film for 2023, only managed to earn $1.4 billion, only about half of Avengers Endgame, which grossed $2.8 billion in 2019.<\/p>\n\n\n\n<\/figure>\n\n\n\nSource: Boxofficemojo.com<\/a><\/em><\/p>\n\n\n\nA comparison of the top 10 movies in 2019 versus 2023 shows the top 10 with roughly half the revenue of their 2019 counterparts. In addition to this, only the top 2 movies made more than $1 billion, whereas the top 9 movies in 2019 made more than $1 billion.<\/p>\n\n\n\n
The poor general movie theatre attendance has similarly affected Pixar, with \u201cLightyear\u201d (2022), a \u201cToy Story\u201d Spinoff, earning just $118 million, only a fraction of the $434 million that Toy Story 4 earned in 2019. <\/p>\n\n\n\n<\/figure>\n\n\n\nSource: <\/em>Boxofficemojo.com<\/em><\/a><\/p>\n\n\n\nPixar’s poor box office performance comes on the back of poor movie theatre attendance across the industry. “Elemental”, “Soul” and “Turning Red” were previously released on Disney+ during the pandemic, resulting in the poor viewership numbers when it was finally released in the theatres.<\/p>\n\n\n\n
<\/figure>\n\n\n\nSource: Boxofficemojo.com<\/a><\/em><\/p>\n\n\n\n A comparison of the top 10 movies in 2019 versus 2023 shows the top 10 with roughly half the revenue of their 2019 counterparts. In addition to this, only the top 2 movies made more than $1 billion, whereas the top 9 movies in 2019 made more than $1 billion.<\/p>\n\n\n\n The poor general movie theatre attendance has similarly affected Pixar, with \u201cLightyear\u201d (2022), a \u201cToy Story\u201d Spinoff, earning just $118 million, only a fraction of the $434 million that Toy Story 4 earned in 2019. <\/p>\n\n\n\n Source: <\/em>Boxofficemojo.com<\/em><\/a><\/p>\n\n\n\n Pixar’s poor box office performance comes on the back of poor movie theatre attendance across the industry. “Elemental”, “Soul” and “Turning Red” were previously released on Disney+ during the pandemic, resulting in the poor viewership numbers when it was finally released in the theatres.<\/p>\n\n\n\n<\/figure>\n\n\n\n