Variety Article: Disney is on a roll, but Snow White could halt momentum

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When Bob Iger returned to the Disney CEO throne at the end of 2022, his first order of business was to dismantle a structure that saw the studio’s distribution and creative divisions operating separately. Instead, he put distribution and marketing under the control of Disney Entertainment co-chairman Alan Bergman. One year later, Iger made clear that Disney would stay far away from the culture wars that had taken a toll on the company’s stock price amid a revolt from conservative consumers. “Creators lost sight of what their No. 1 objective needed to be,” he said at the DealBook Summit. “We have to entertain first. It’s not about messages.”

Fast-forward to 2024, and “Moana 2” marks the fulfilment of those two adjustments — a movie able to pivot from its planned release on Disney+ and escape the wrath of right-wing influencers who believe the studio had been pushing a “woke” ideology, a perception stoked by activist shareholder Nelson Peltz. The animated sequel, which features a voice cast led by Dwayne Johnson — an actor whose appeal straddles both sides of the political divide — shattered Thanksgiving box office records en route to a $386 million worldwide haul. Disney appears to have got its groove back following misfires like “The Marvels” and “Wish.”

“Disney had been for a long time on top, and everything had been smooth sailing,” says box office analyst Jeff Bock of Exhibitor Relations. “And then they ran into some rough waters. And this is ‘Moana’ sailing away from that and back to the promised land.”

Less than a year ago, the “Moana” follow-up was poised to be a streaming series rather than a feature theatrical release.

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Looking ahead, analysts believe that a live-action “Mufasa” and “Lilo & Stitch” and an animated “Zootopia” sequel will extend the studio’s streak. But one upcoming release, March’s live-action “Snow White,” has been dogged by expensive reshoots and controversies related to star Rachel Zegler’s social media posts. The actress declined to take down a tweet thread that promoted the $240 million movie with a “free palestine” postscript but did apologize for a “frick Donald Trump” and “May Trump supporters … never know peace” Instagram post. Wading into divisive issues, as Zegler has done, isn’t part of Disney’s new playbook.

“We just had an election, and in very rough terms, half of the voters supported one side and half supported the other side,” says Guggenheim Securities’ Michael Morris, speaking generally and not about Scherzinger or Zegler specifically. “And if I am a company that is trying to connect with the broadest potential audience and I cut that addressable market in half before I even release the product, I’m really limiting my ability to maximize the value of the product. That’s why it’s important to entertain first and foremost.”

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Meanwhile, the live-action division headed up by David Greenbaum will continue to mine some of the most valuable IP in Hollywood. All eyes are trained on the $4.53 billion “Pirates of the Caribbean” franchise and the prospect of another sequel. Sources say the studio has not engaged with Johnny Depp, the franchise’s biggest draw, who found himself exiled by Disney after ex-wife Amber Heard accused him of domestic abuse. But Depp prevailed in a 2022 defamation case against the actress and has been on the comeback trail.

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