Disney CEO Bob Chapek recently revealed that the company will continue to hold theatrical releases for its new movies despite its focus on online streaming services. On Monday afternoon, Disney shocked moviegoers worldwide by announcing that it will shift its primary objective to online streaming services as COVID-19 causes the continued closure of movie theaters across the globe. Streaming has so far been a success for the company, especially with the arrival of Disney+ last year, on which all of Disney’s family-friendly content can be found.
In September, Disney tested its new streaming focus by releasing the highly-anticipated live action Mulan remake on Disney+. Though the movie very controversial, Mulan found success on the online platform, bringing in an increased number of subscriptions and a total of $35.5 million for Disney on its opening weekend. Even before Mulan, Disney released Frozen 2 and Onward on Disney+ earlier than expected as the pandemic started, looking to boost the service's programming lineup.
In an interview with CNBC Television after the announcement of The Mouse House’s changed model, Disney CEO Bob Chapek assured audiences that it will not abandon theatrical releases despite its streaming focus. Chapek claimed that the new regulation will instead allow company officials to decide whether a film is made for the cinema or for streaming. Above all, Chapek promised that Disney will continue putting its consumers first, and that audiences’ transactions and viewing patterns will ultimately lead Disney into its future. Read a quote from Chapek below:
"As you know, we’ve benefitted from a tremendous relationship with theatrical exhibition for many, many, many years. As dynamics change in the marketplace, though, we want to make sure we’re giving consumers, who want to go to theaters to experience everything that a theatrical release can give them, we want to continue to give them that option."
For fans that love the cinema experience, it must be a relief to hear that Disney will not completely abandon its theatrical releases. After all, it’s moments like experiencing the Avengers: Endgame portal scene with a hall of other excited viewers that elevate the sense of community that Disney’s films bring, and show just how influential moving pictures can be. Luckily, Disney’s new decision means that it will place an emphasis on how audiences themselves want to consume Disney’s media, and hopefully when the Coronavirus pandemic finally goes away, the option to return to theaters for new movies may be more viable.
Last week, Disney announced that it will release Pixar’s Soul solely on Disney+, and it’s likely that many of its other scheduled projects will follow. Though Chapek asserted that Disney’s relationship with theaters is important, it is clear that the company’s attention lies in finding the best platform for its content and keeping its loyal consumers safe. With only three major films left for the 2020 release slate, Disney must also be in great need to bring in some profit, and it will be interesting to see how this is measured as Soul will be available with no additional charge to Disney+ subscribers. Either way, cinema-loving fans can rest assured knowing that Disney will not ditch theatrical releases despite its streaming focus, especially in a post-coronavirus world.
Source: CNBC Television