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Wednesday, February 1, 2023

Disney’s $180M animated movie bombs at box office amid CEO shake-up

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As "Black Panther: Wakanda Forever" continued to top the box office over the Thanksgiving holiday – earning $63 million over a five-day period — a new Disney movie tanked at $4.2 million on Wednesday. 

The animated movie, "Strange World" boasted a budget of $180 million, as the disappointing results – over a five-day period — totaled just $24 million, according to Variety.

The plummeting box office results of Disney’s "Strange World" comes on the heels of the announcement of Bob Iger returning as chief executive of the Walt Disney Company after less than a year in retirement. 

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The company's board announced Iger's shocking return Sunday night and said Bob Chapek, who succeeded Iger in 2020, had stepped down from the position.

Strange World Disney

This image released by Disney shows a scene from the animated film “Strange World.” (Disney via AP) (AP / AP Images)

"The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period," board Chair Susan Arnold said in a statement.

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Disney Bob Iger

The plummeting box office results of Disney’s “Strange World” comes on the heels of the announcement of Bob Iger returning as chief executive of the Walt Disney Company after less than a year in retirement.  (Photo by Charley Gallay/Getty Images for Disney / Getty Images)

Meanwhile, "Strange World" is considered to rank poorly compared to other Disney animated films, such as the popular family film "Encanto."

Disney logo at the NYSE

The company’s board announced Iger’s shocking return and said Bob Chapek, who succeeded Iger in 2020, had stepped down from the position. (Reuters/Brendan McDermid / Reuters Photos)

In 2021 over the Thanksgiving holiday, "Encanto" raked in $40.3 million, according to the media outlet.

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"Strange World" follows a family of explorers whose differences put them at risk during a critical mission into tumultuous territory.

Directed by Don Hall and composed by Henry Jackman, the star-studded cast includes Jake Gyllenhaal, Dennis Quaid and Lucy Liu. 

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Other newly released flicks that ranked in the box office over the Thanksgiving holiday is Sony and Black Label Media’s "Devotion," an inspirational drama focused on two US Navy fighter pilots, which grossed $1.8 million. 

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"The Fabelmans," directed by Steven Spielberg is slated to earn approximately $3 million, while Warner Bros. and DC’s "Black Adam" is expected to gross $4 million over the holiday.

FOX Business' Landon Mion contributed to this report.

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