Media giant Walt Disney Co. DIS has had a 2023 to forget with box office struggles and shares hitting a nine-year low.
As the company looks to 2024, a return of old movies to theaters could be one way to offset a light movie slate.
What Happened: Disney could be one of several media companies that experience setbacks with their movie and television slate lineups due to the impact of the Hollywood Strike.
As a result, Disney may have fewer movies to release in theaters and fill its Disney+ streaming platform with as it tried to balance both revenue drivers.
On Tuesday, the company announced that three of its previous Pixar movies that were not released in theaters will be hitting the big screen in 2024. The movies are:
"Soul": Jan. 12
"Turing Red": Feb. 9
"Luca": March 22
"Experience all the emotions for the first time ever IN THEATERS!" the Pixar Twitter account posted.
The three movies were all released exclusively on Disney+ back in December 2020, June 2021 and March 2022, respectively. The movies were released on Disney+ as part of the company's plan to boost the streaming platform and as a result of the COVID-19 pandemic which saw movie theaters closed or open with minimal demand.
Related Link: Let It Go To Infinity And Beyond: Disney Turns To Sequels For Future Movie Growth
Why It's Important: Disney saw several theatrical releases struggle at the box office in 2023.
The company had four movies crack the top 10 domestically with "Guardians of the Galaxy Vol. 3," "The Little Mermaid," "Avatar: The Way of Water" and "Ant-Man and the Wasp: Quantumania," ranking fourth, sixth, seventh and eighth for 2023, respectively.
"Guardians of the Galaxy Vol. 3" grossed $845.5 million worldwide, ranking fourth in the year. This meant Disney broke a streak dating back to 2014 where it had at least one movie pass the $1 billion mark theatrically each year, with the exception of the 2020 and 2021, years impacted by COVID-19.
News of the Pixar movies hitting big screens comes after Disney CEO Bob Iger said the company may have diluted several franchises with increased output for Disney+.
Disney recently pushed back Pixar movie "Elio" from a March 2024 release date to June 2025. The company's Pixar unit will release "Inside Out 2" in theaters in June 2024.
Several movies originally planned for 2024 release from Disney have been moved to 2025 and Iger previously said more could be moved depending on the end date for the strike.
Disney previously announced delays for movies in the Avatar, Marvel and Star Wars franchises, including the third "Avatar" movie moving from 2024 to December 2025.
Other movie studios have also made similar moves, which could lead to a weaker-than-expected box office and release slate for theaters in 2024, especially the first half of the year.
DIS Price Action: Disney shares trade at $90.79 versus a 52-week trading range of $78.73 to $118.18.
Photo: Shutterstock
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