The Walt Disney Co.’s DIS “Raya and The Last Dragon” was the top grossing film over the weekend, albeit with a somewhat anemic $8.6 million at the domestic box office and an equally underwhelming $17.6 million in box office returns from 32 global markets.
What Happened: The first animated film theatrically released by Disney since the COVID-19 pandemic began, “Raya and the Last Dragon” is a tale of a warrior princess who teams with a juvenile dragon in a war against an army of evil spirits.
The film opened to mostly positive reviews. But critical praise is no guarantee of box office returns: last week’s box office champ, “Tom & Jerry” from AT&T T subsidiary WarnerMedia, raked in $13.7 million for its premiere despite mostly withering reviews.
“Tom & Jerry” continued to have legs in its second weekend, grossing $6.6 million at the domestic box office. Furthermore, “Tom & Jerry” was available as a free streaming title for HBO Max subscribers, while “Raya” was made available for a $29.99 rental fee on the Disney+ streaming service, which makes the latter’s weak box office all the more curious.
What Went Wrong: Several factors are working against “Raya” and in favor of “Tom & Jerry.” For starters, “Raya” is a brand-new Disney property, with only the Disney brand to guarantee it name recognition with audiences. Despite a heavy marketing campaign, the Disney magic didn’t seem to click.
In comparison, “Tom & Jerry” already had brand recognition with both adults who grew up on watching the slapstick cartoons on television and with children familiar with both the classic cartoons and a series of direct-to-DVD titles featuring the raucous cat and mouse duo. WarnerMedia also arranged for its title to hit theaters one week ahead of the Disney production, stealing whatever thunder "Raya" would produce.
Complicating matters was the refusal of several exhibition chains, including Cinemark Holdings Inc. CNK and Cinépolis, to carry “Raya.” This was based on a rental fee dispute with Disney that was not settled in time for the film’s debut.
The Cinépolis dispute kept the film out of the Latin American markets dominated by the Mexican-headquartered chain.
DIS Price Action: Disney shares were up 3.8% at $197.11 at last check Monday.
A scene from “Raya and the Last Dragon.” Photo via Disney.
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