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American multinational company Disney is one of the biggest production companies in Hollywood. The company has churned out several blockbuster films and has been said to have produced some of the greatest films of all time. However, the production house seemed to have hit a rough patch in the film business.
The American production giant has been on a cost-cutting rampage ever since Bob Iger, the company’s chief executive, retook control of the business in November of last year. Three months later, he wrote to investors to inform them that the studio needed to “reduce costs on everything we make because, while we’re extremely proud of what’s on the screen, it’s gotten to the point where it’s extraordinarily expensive.”
As Forbes reports, Disney has acknowledged that four of its most well-known streaming and film failures this year cost the company a whopping $965 million. Because studios don’t spell out their separate expenditures for each production but instead include them in their overall costs, movie and streaming program budgets are often kept a mystery.
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Productions created in the UK are an exception, as we have covered extensively. Studios must set up separate businesses to produce each one, and they are eligible for a monetary reimbursement of up to 25% of their expenses incurred in the UK. Each business is required to submit financial accounts, which highlight the spending.
Disney is taking advantage of this incentive to produce more content in the UK. Four of the studio’s most expensive pictures, which were released this year, also happened to be some of the least well-liked ones.
The first film on the horrible disaster list appeared in February and was Disney’s Ant-Man and the Wasp: Quantumania, a superhero adventure. Disney did not cut corners, as we previously indicated, spending a total of $193.2 million on pre-production and filming, even though the film garnered mixed reviews upon its release.
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