Yahoo Finance Disney's (DIS) Wish Crosses $100 Million at Global Box Office
Disney’s DIS latest animated film, Wish, has finally crossed the $100 million mark at the global box office after three weeks of its release.
The film, which celebrates Disney’s 100th anniversary, follows the story of Asha, a young girl who makes a powerful wish and teams up with a cosmic force named Star to save her kingdom from the evil King Magnifico.
The film also faced stiff competition from other releases, such as The Hunger Games: The Ballad of Songbirds & Snakes and Napoleon. These two films outperformed Wish at the box office. However, Wish has shown some signs of resilience, as it has opened in several new markets, including France, Switzerland, Germany and Austria, where it has ranked among the top films.
Despite having a reported budget ranging from $175 million to $200 million, Wish is still at a considerable distance from reaching profitability. However, it marks a significant achievement for DIS, as this film is the first original animated film since 2017's Coco to surpass the $100 million mark at the worldwide box office.
Shares of Disney, which currently carries a Zacks Rank #5 (Strong Sell), have gained 6.8% year to date compared with the Zacks Consumer Discretionary sector’s rise of 12.8% due to the poor performance of the company’s recent movies at the box office.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Walt Disney Company Price and Consensus
The Walt Disney Company price-consensus-chart | The Walt Disney Company Quote
Disney to Release Pixar Movies From the Pandemic Era
The pandemic disrupted Disney's original plans for movie releases, leading to three highly anticipated Pixar films, which were initially intended for theaters, becoming exclusive to streaming platforms. Now, with the resurgence of cinema attendance, DIS is shifting these films — Soul, Luca and Turning Red — from home streaming to theatrical releases in 2024.
Soul, Turning Red and Luca are set to release on Jan 12, Feb 9 and Mar 22, respectively. While the films have been accessible for up to three years, their theatrical run could still draw audiences, especially considering the enduring popularity of family-friendly films.
This move might also help build anticipation for upcoming Pixar releases, including Inside Out 2, which is set to hit theaters on Jun 14. Disney, traditionally dominant at the box office, faced challenges in the past year, including delays caused by industry strikes. The release of older Pixar films in theaters fills scheduling gaps resulting from these disruptions. These movies are expected to aid the company’s top-line growth in the upcoming quarters.
The Zacks Consensus Estimate for DIS’ fiscal 2024 revenues is pegged at $92.05 billion, indicating year-over-year growth of 3.55%. The Zacks Consensus Estimate for earnings is pegged at $4.38 per share, indicating year-over-year growth of 16.49%.
Disney’s movies face significant competition from Sony SONY, Paramount PARA and Lions Gate Entertainment (LGF.A).
Sony is a diversified multinational conglomerate in the American entertainment industry. The company engages in the production, acquisition and distribution of filmed entertainment. It released movies like Spider-Man: Across the Spider-Verse, Insidious: The Red Door and Napoleon in the current year.
Paramount Global is an American multinational conglomerate in the mass media and entertainment industry, which is headquartered at One Astor Plaza in Midtown Manhattan, New York. PARA collected huge amounts with the releases of Mission: Impossible – Dead Reckoning Part One, PAW Patrol: The Mighty Movie and Scream VI in the current year.
Lions Gate Entertainment is a global mass media and entertainment company of Canadian-American origin. The company is presently headquartered in Santa Monica, CA. LGF.A also released successful films like John Wick: Chapter 4, The Hunger Games: The Ballad of Songbirds & Snakes and Saw X in the current year.
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