In the past year, Disney experienced a significant shift in its position among the world’s largest media companies, slipping from the top 100 on Forbes’ prestigious Global 2000 list to spot number 155. This notable decline comes after a series of unfortunate box office releases, despite the broader industry seeing a revenue increase of 21% to $8.9 billion.
Among the year’s top-grossing films were Warner Bros. Discovery’s “Barbie” and Universal Pictures’ “The Super Mario Bros. Movie,” both raking in $1.4 billion globally. However, Disney struggled at the box office with several major flops. According to Deadline, “The Marvels,” “Indiana Jones and the Dial of Destiny,” “Wish,” and “The Haunted Mansion” were among the biggest underperformers, collectively losing hundreds of millions.
This rough patch in film production hit Disney’s financials hard, leading to a 26% drop in net income year-over-year for the fiscal year ending September 2023. It’s a decline unprecedented since the early 2000s, excluding extraordinary events like the aftermath of the September 11 attacks. To counterbalance these economic blows, Disney CEO Bob Iger announced a strategic pivot towards higher quality, fewer releases, and more efficient production spending.
The television advertising sector didn’t fare much better. Warner Bros. Discovery reported a notable 13% drop in ad revenue, while other major players like Paramount Global and Comcast also experienced declines. This enduring slump adds to the challenges faced by media companies hoping for a stronger post-pandemic resurgence.
Disney fans, what do you think about these developments? Do you believe Disney’s strategy to focus on quality over quantity will help them bounce back? Share your thoughts in the comments and let’s get the conversation started!
For more details, check out the original Forbes article [here](https://www.forbes.com/sites/brandonkochkodin/2024/06/13/the-worlds-largest-media-companies-2024-disney-charter-communications-and-warner-bros-discovery-all-fall/).
