HOLLYWOOD, CALIFORNIA – OCTOBER 26: Letitia Wright attends Marvel Studios’ “Black Panther 2: Wakanda … [+]
The Ryan Coogler directed “Black Panther: Wakanda Forever” now holds the record for the biggest movie opening in the month of November. This Marvel movie opened to an estimated $180 million in North America, according to Disney. As the company continues to face headwinds across its portfolio brands, it seems like diverse audiences are a major key to success.
The Breakdown You Need To Know:
CultureBanx note that for theaters, there have been very few notable films in recent months. Ticket sales for Disney’s latest blockbuster were fueled by huge amounts of Black and hispanic moviegoers. Specifically, African American and hispanics represented 36% and 13% of ticket buyers respectively, according to EntTelligence. The African American audience turnout for this film was more than double the demographic size typically represented for other Marvel films. These ethnic groups are responsible for making the film such a huge success since the cast is predominantly Black with several hispanic actors.
Data from EntTelligence “Wakanda Forever” is estimated to pull in 12.7 million patrons during its opening weekend. Only second to Marvel’s “Doctor Strange in the Multiverse of Madness” that brought 13.7 movie patrons back in May.
Vibranium Needed:
Disney is in the midst of a rough patch and movies like Wakanda Forever and along with its diverse audience could be part of what’s needed for a strong turnaround. The media giant’s shares sank 13% Wednesday after the company reported its streaming business lost $1.4 billion last quarter and missed Wall Street analysts estimates.
Disney is planning to freeze hiring and cut some jobs as it strives to move the Disney+ streaming service to profitability, according to Reuters. The fast-growing service added 12 million subscribers in its fiscal fourth quarter and plans to become profitable in fiscal 2024, with losses having peaked in the quarter.
In regards to the companies increasing streaming costs, MoffettNathanson analyst Michael Nathanson wrote in a note “the company has to prove that their pivot to DTC will be worth the investment price that is currently being paid.”
This is also being addressed by Disney’s CEO Bob Chapek who wrote in a memo “While certain macroeconomic factors are out of our control, meeting these goals requires all of us to continue doing our part to manage the things we can control – most notably, our costs.”
What’s Next:
The film has made $330 million globally so far. As Disney looks to cut costs going forward and increase its revenue, seeking a more diverse audience for all of its films should be top of mind.
