Disney makes devastating £700million loss after woke remakes flop at box office
A blow for The Walt Disney Company as their eight latest films fail in at the box office.
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Disney's latest series of movies have greatly underperformed compared to expectations, leading to significant financial setbacks for the company.
It is estimated that The Walt Disney Company could be facing a devastating £700 million loss.
Their most recent releases, including the remake of The Little Mermaid, have failed to sell as many cinema tickets as had been forecast.
The lack of success seems to be a growing trend after Disney's Strange World and Lightyear were box office flops.
Halle Bailey (centre) was cast as Ariel in the remake of Disney's classic, The Little Mermaid.
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The Little Mermaid gained a lot of attention when Disney annouunced the casting of Halle Bailey, a 23-year-old black actress as the title character.
Whilst some praised the progressive choice, it also led to a wave of remarks from people who accused Disney for not portraying the character accurately in an attempt to be woke.
The original voice actor of Ariel from the animated 1989 film, was quick to defend the casting, saying: "The most important thing is to tell the story."
Despite the casting criticism, Disney will not be discouraged with Snow White, due out next year, to have a Latina Actress taking the lead.
Disney movies are exclusively streamed on their own platform.
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On release, The Little Mermaid saw a slow start at the box office and pulled in a total of just under $500million in revenue worldwide at the box office.
The film was reportedly produced on a budget of $250million dollars and after its massive marketing campaign it was predicted that the film would need to earn $560millions to turn a profit.
On Rotten Tomatoes, there is a huge divide between the critics and the audiences score. While critics gave a 64 per cent rating, the audience gave a much more positive response of 94 per cent.
Similarly, last year's release, Lightyear brought in a modest profit of $226.7million compared to its $200million budget. It also garnered mixed reviews and was both loved and criticised for its representation of a same-sex couple.
Youtuber, Valliant Renegade, who investigates the financial side of Hollywood has suggested reasons for the series of disappointing performances.
He said: "One important aspect we always discuss here, which is worth reminding everyone about, is that Disney retains exclusive rights to its content after theatrical release.
"Disney ceased their licencing agreements with third-party streaming platforms, such as Netflix and Amazon, instead limiting their content to Disney+ subscribers.
"The once envied entertainment company is now struggling to find a profit on almost every single film released. Disney's bloated budgets for these projects are vastly higher than the competition on average, particularly considering the fact that every single film Disney releases comes with blockbuster production price tags."