As we reflect back on 2023, there is a clear loser: the Walt Disney Company. As one of the most iconic and wealthy American corporations, it has captured the hearts of numerous generations around the world. Most BYU students grew up around the end of the Disney Renaissance in the 90's, with classics such as Beauty and the Beast, Aladdin, Toy Story, and The Lion King. In the 2000's who didn't imagine having a wand and drawing the Disney Channel logo during the commercial breaks? The 2010’s was another revival era, as Disney produced popular films while making record profits by acquiring Marvel and Star Wars and producing live-action remakes of their classic animated films.
However, something feels off with Disney these days. It is one of the greatest examples of American companies that have lost their way because of shareholder pressure to increase already huge earnings while prioritizing diversity and inclusion over excellent storytelling and character building. Newer films have failed to break even at the box office and millions of subscribers have canceled their Disney+ subscriptions. Disney’s stock is at its lowest level in almost a decade [1]. Everyone can agree that the feud between Disney and Florida Governor Ron DeSantis has not ended well for Disney. No matter where you lean on the issue, court battles, lawsuits, withdrawal of investments in Orlando, and loss of their special district in Florida have all damaged the brand [2]. There are two factors that Disney must change their approach to if they want to turn things around.
Greed
After Disney bought Pixar, Marvel, Star Wars, and Fox, there was more output of content which led to record high earnings. When Frozen was released in 2013, it became the highest-grossing animated film at the time. Each of the new Star Wars movies topped the charts, and no one will forget the epic 20 film Marvel saga that culminated with Avengers: End Game, which had the biggest weekend opening and held the record for highest-earning film of all time for years [3]. When COVID-19 struck, Disney+ arrived. By the early 2020s, Disney had amassed a staggering $28.7 billion in revenue [4].
To maintain these earnings, Disney has pushed to crank out content at an unprecedented rate. Unfortunately, this rush to produce movies diluted the quality of the films. More janky CGI Marvel films and TV series kept coming. Newer Star Wars movies have failed to captivate the loyal fanbase. The new live-action films and sequels to beloved franchises are simply quick cash-grabs. It is clear that the quality of these films has fallen into lackluster storylines and an overabundance of CGI, which has watered down the industry standard that Disney once set. Movies are not the only issue. Tickets to Disney World cost $40 (approximately $60 adjusted for inflation) 20 years ago. A visit to Cinderella's castle today will set you back more than $160 per person, not including the hotel and souvenirs. [5]
Diversity and Inclusion Index and Scores
Although it is good to include greater diversity and inclusion in Disney's properties, it has become an obsession that has been the emphasis of their most recent films. However, the company's approach to inclusiveness appears forced rather than natural. Many businesses now use a "Diversity and Inclusion Index" to determine how well they are performing in terms of inclusion. Disney has a perfect score, and to maintain that score, they are under pressure to cater to political correctness that sometimes comes across as cringey [6]. The Diversity, Equity, and Inclusion efforts are well-intended, but they are forcing a standard checklist of what filmmakers must include rather than using creative freedom. Companies are afraid of how they will appear in the public eye if they do not cater to everyone all the time.
The upcoming live-action Snow White remake is a prime example of Disney failing to understand why their audience is frustrated. Rachel Zegler, the lead actress, sparked outrage by dismissing the original film's premise in favor of a more progressive take on the classic Disney princess. Also, the film does not seem to feature the Seven Dwarfs authentically [7]. Instead of staying true to the charm of the original movie, Disney is taking an approach to make their properties something that they are not. People watch these films to escape to a fantasy world, not to have political and cultural agendas infiltrate the message, especially if they are aimed at children.
Time To Look Back To Move Forward
Disney can turn things around. Several of their most recent films produced by a number of their film studios demonstrate how they can produce a quality film that tells a meaningful story, has strong characters, and does diversity in a more natural way while still making a record profit such as Black Panther, The Mandalorian, and Encanto [8]. If Disney wants to have a better 2024 and beyond, they must look back at what made them so beloved in the first place. Instead of catering to their stockholders, Disney should cater to children and families. Make Disney accessible to everyone, not just those who can afford to spend hundreds of dollars on a visit to your theme parks. Doing all this will help them bring back the magic.
