Magical spirits, living toys, talking animals…oh my! Disney CEO Bob Iger confirms Frozen 3, Toy Story 5, and Zootopia 2 are in the works during the company’s first-quarter earnings call for 2023.
On Wednesday’s Q1 earnings call for 2023, Disney CEO Bob Iger dropped not one, not two, but three new projects that are in the works. Though release dates are still to come, Iger confirmed that Disney fans can be on the lookout for Frozen 3, Toy Story 5, and Zootopia 2 in the coming years. As some of Disney’s best-performing franchises, it’s no wonder why the company is choosing to invest in the expansion of these universes.
“Today I’m so pleased to announce that we have sequels in the works from our animation studios to some of our most popular franchises,” said Iger during the call. “We’ll have more to share about these productions soon, but this is a great example of how we’re leaning into our unrivaled brands and franchises.”
The announcement solidifies Disney’s strategy for combatting the significant struggles and losses the company has faced over the past few years. Disney’s recent original projects like Strange World and Lightyear saw massive box-office dips that have undoubtedly shaken Disney’s desire to invest in new stories that have no pre-existing material. Iger’s belief is that the company’s best path forward is to enhance and expand on its most successful and profitable content.
Racking in $1.45 billion, Frozen II shattered records as the highest-grossing animated film of all time upon its release in 2019. Toy Story 4, which also debuted in 2019, grossed $1.073 billion worldwide. Zootopia, having preceded the challenges of pandemic-era original content, brought in $1.025 billion in 2016.
By investing in established franchises, Disney can count on the fans they know they already have to make their sequels a success. With the wildly popular Frozen and Toy Story rides at Disney World and Disney California Adventure, and with the upcoming opening of Shanghai Disneyland’s Zootopia-inspired land, there is no denying the role that park experiences also play in deciding what content to invest in.
Though encouraging, the news of these projects comes on the heels of Iger’s announcement that Disney anticipates 7,000 layoffs as the company is restructured into three divisions: entertainment, parks, and ESPN. “While this is necessary to address the challenges we face today, I do not make this decision lightly,” said Iger. The news is not all too surprising given the massive hit its streaming platform took at the end of last year. Between October and December 2022 alone, Disney+ lost a whopping 2.4 million subscribers.
As film and television continue to be rattled by the impacts of the pandemic, it is clear that the company is focused on striking a delicate balance between blockbuster hits and streaming sensations, while also creating a cohesive brand from screens to parks. It’s no secret that Iger’s reinstatement at Disney would present a host of challenges, but he is confident in the direction he plans to take the company.
“Our company is fueled by storytelling and creativity, and virtually every dollar we earn, every transaction, every interaction with our consumers, emanates from something creative,” he said. “I have always believed that the best way to spur great creativity is to make sure the people who are managing the creative processes feel empowered.”
What do you think of the new slate of sequels? Let us know in the comments!
