Posted on 12/06/2002 7:51:38 AM PST by Liz
LOS ANGELES, Dec 5 (Reuters) - The Walt Disney Co. (DIS) has taken a $140 million gamble on an epic cartoon and lost -- raising questions over whether the studio that once was "The Lion King" among animators has strength left to roar.
The box office failure of "Treasure Planet" has raised questions about the future direction of Disney's fabled animation unit amid reports that its chief, Thomas Schumacher, was already considering leaving the division.
The failure of "Treasure Planet" also puts extra pressure on Disney to continue its profitable ties with computer specialist Pixar Animation Studios Inc.(PIXR), creator of "Monsters, Inc.," analysts said. According to reports, Pixar wants to end its 50-50 split with Disney and pay the studio only a distribution fee.
Disney's animation unit helped launch the company. Hit "Snow White," the first full length animated feature, earned the money to buy the land for the studio lot, and the animation unit helped revitalize Disney in the 1980s and 1990s, thanks to "The Lion King" among other films.
"Treasure Planet", an interplanetary version of Robert Louis Stevenson's "Treasure Island," cost a reported $140 million to make but brought in only a paltry $16.5 million in the United States and Canada over the long Thanksgiving weekend, causing Disney to restate and lower its fiscal fourth quarter profits by $74 million before taxes.
Industry experts blamed tough competition and the blatant pitch for the fickle teenage boy market for the film's failure. Kaufman Bros. financial analyst Paul Kim wrote in a research note that the restatement meant that Disney's total fiscal fourth quarter operating profit was down 14 percent from a year earlier compared with a 2.2 percent drop before the restatement.
"It puts a lot of pressure on them. They rolled the dice on a $140 million picture," said lawyer Nancy Newhouse Porter, a partner at Newhouse Porter Hubbard which represents several animated film directors.
BOTTOM LINE
Disney had already said that "Treasure Planet" was the last of the series of big-budget animated blockbusters.
Studio Chairman Richard Cook, who declined to be interviewed for this article, told analysts recently that the company was now more than ever making creative decisions with a look at the bottom line.
He pointed to animated feature "Lilo and Stitch", made for a reported $80 million, as a template. The protagonist of that movie, Lilo, wore a dress that in early drafts had a rich -- and expensive -- pattern. Cook said Disney reaped substantial savings by giving the dress a simple print.
Many analysts say Disney has learned it has to control its wallet. "In today's economy, these films can't cost $140 million," said Heather Kenyon, editor in chief at Animation World Network, www.awn.com, a Web publisher and information clearinghouse. "I think Disney understands that."
She said Disney was a victim of its own phenomenal success with "The Lion King" at a time when there was not much competition for animated features.
Disney animation has about 1,200 employees, about half its peak of a few years ago and it is not clear if animation chief Schumacher will stay. "I think that will be the final piece of the puzzle for Disney animation's future," Kenyon said.
Aside from Disney's own animators the company has begun to work with partners like Pixar, the creator of hit "Monsters, Inc.", DVD sales of which contributed strongly to Disney's recent quarter.
Pixar is about to approve production of its first film beyond its current deal with Disney, and there is pressure on the studio to cut a new deal. "Pixar is a huge profit center for them," said animation lawyer Newhouse Porter. "You always want to hang onto one that is four for four."
Kaufman Bros's Kim said that the results of "Treasure Planet" spelled continued challenges for Disney. "This adjustment suggests that the company's core animation franchise could face some rough waters ahead," he said. REUTERS
© 2002 Reuters
I usually can't stand David Spade, but he was perfectly cast as a spoiled little bitchy brat.
He was very funny in the role, as was Eartha Kitt as the evil hag and Puddy from Seinfeld as her boyfriend/sidekick.
Have you seen "Spirit"? I'm not sure if it was Disney or not, but it was the most ridiculously PC movie I've ever seen. It's about a horse, who refuses to be broken by the evil white men moving west across the North American continent. He is befriended by an equally noble and wise Indian boy. Together, they manage to out smart (and out jump) the evil stupid racist white men.
Blech.
Hate to disagree, but Titan AE and Spirit are two examples that contradict your observation. Both of my kids loved those films and they're good enough that I haven't minded sitting through them a few times.
Fwiw, Titan AE didn't do well at the box office, but it was still a pretty slick film (kinda what I'm guessing Treasure Planet was hoping to emulate - in terms of production quality). Instead it sounds like it's doomed to the same lack of box office success).
A Disco Era Flashback! :-)
I've only seen the advertising on TV and it has the smell of a flop all over it. The idea of pirate ships flying through space is ridiculous. If they wanted to transport the RLS classic to space they should have gone all the way and given the characters space vehicles to fly in. The mis tehy came up with is awkward and doesn't work at all.
may I suggest the truth here
Left-wing Eisner doesn't share those values.
Eisner and the Disney wrecking crew he brought in are far, far left from the America we cherish.
Our America will flourish. Eisner and his lefty stooges are going down with the liberal ship.
For the Freeper audience I would also add that a lot of us have been down on Disney for promoting "alternative" life styles, and they do that here as well, but in "Treasure Planet" they are alternative life FORMS not styles.....and they are all "normal"
Also, I would say that there was a true bond between a Mother and her Son, and it showed the impact on them when the husband leaves them behind....This is the first time I can remember seeing the effect of a parent leaving, shown in such an easy to understand way that it might actually convince some future "sperm doners" that leaving has a price that is paid by those left behind
I don't want to tell too much, but old Long John Silver is going to touch your heart.
Here's the review:
The same way "Fantsia" was unappreciated in it's initial release, "Treasure Planet" has so much happening it's not surprising it opened to mixed response: it will take repeated viewings and some time for it to sink in, it's that good....
Opening to low box office, many were quick to lable it a bomb or dud, but far from that, this is a great film that will be around for years.
Incredible animation in an assortment of forms, (ie: simple, computer, saturday morning, anime, straight Disney, and combinations) it's as good as it gets.....I loved the Captain, an english woman with a lot of pluck, and a variety of supporting characters that are all blended in nicely to tell the story of a space age "Treasure Island"
There are many of the regular Disney touches, a very nice song, (only one, and that's fine) and a return to Parent and Child love and respect often missing these days...
I say, open your mind and allow it to wash over you, don't start with preconcieved notions, and you will leave the theater with a good feeling, a moist eye and the knowledge that you will have to see it at least once more to see everything...
Nope, kids are not stupid. They want helpful heros, not morons who fight for their sex privileges. G_d help us and them.
It's a miracle you are able to to sit up and type on the internet so late at night - it's about 6:00 PM EST.
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