Disney CEO Bob Iger had plenty to say about the MCU‘s current issues at The New York Times‘ annual BookDeal summit yesterday. But CNN reports that Iger also had a multilayered explanation for why “The Marvels” did so poorly in theaters earlier this month, taking in just $47 million domestically its opening weekend. For the Disney head, Nia DaCosta‘s film didn’t fail due to only the increased output in the MCU’s recent Phases and the subsequent lapse in overall quality. “The Marvels” also bombed because of the the lack of executive supervision during its production at the height of the COVID-19 pandemic.
“”The Marvels” was shot during Covid, there wasn’t as much supervision on the set, so to speak, where we have executives there, really looking over what’s being done day after day after day,” Iger explained to Aaron Ross Sorkin in an interview at the summit yesterday. The CEO also attributed the movie’s failure to major shifts streaming platforms have started throughout the entertainment industry. For Iger, the rise of streaming affects audience’s expectations, making tentpole releases feel less like cultural events than a diversion accessed quickly in the comfort of one’s home.
“I think we’ve conditioned the audience to expect that these films will be on streaming platforms relatively quickly and that the experience of accessing them and watching them in the home is better than it ever was,” Iger continued. “One, easier to access in terms of the technology and two, just the visuals — better sets in your living room than before — and a bargain when you think about it.” Iger hopes to address these concerns in his second tenure as Disney CEO by course correction: less overall releases on the Marvel front, with a focus on quality and original stories.
Iger returned to Disney last November, less than a year after retiring as executive chairman in December 2021. Bob Chapek took over for Iger as CEO in February 2020, something Iger now considers a “mistake.” “I was disappointed in what I was seeing in the transition period and while I was out,” said the CEO. Iger denied that he wanted to return to Disney after retirement even though he handpicked Chapek as his successor. “I worked hard to build the company into what it was over that long period of time. I was proud of those accomplishments,” he said. “It hurts when something that you’ve put your heart and soul into and care about so much is going through a difficult time.”
In July, Disney renewed Iger’s contract to 2026, which means Iger will navigate the industry giant through some of the choppiest waters of its recent history. Suppose Marvel regains its cultural cache, and the new “Star Wars” films and upcoming sequels to proven franchises like “Frozen,” “Zootopia,” and “Toy Story“ do well. In that case, Iger’s legacy remains secure. But if things don’t go well under Iger’s second tenure as CEO, he may become a scapegoat for the company he helped build into a juggernaut. Either way, Iger sees 2026 as the final year he’ll be CEO. “Yeah, I’m definitely going to step down,” he confirmed to Sorkin.
“Deadpool 3” is the only MCU film on Marvel Studio’s 2024 theatrical release calendar, with other upcoming films pushed to 2025 and beyond. If that film does well, expect people to praise Iger for the drastic shifts he’s called for this year. But if Shawn Levy‘s film does as poorly as “The Marvels” next summer, even more radical pivots may be in the MCU’s future, with Iger getting the brunt of the blame. Will Iger’s course corrections pay off by the time he retires again in 2026? Only time will tell