Pixar's new animated film 'Elio,' an original space adventure, had its worst box office opening ever, earning about $21 million domestically, reflecting challenges for original animated stories in theaters amid streaming competition and economic uncertainty.
Hollywood studios are facing a significant decline in box office revenue, as evidenced by a 30-year low over Memorial Day weekend. Despite the success of original films like "Barbie" and "Oppenheimer," the summer lineup is dominated by sequels and prequels, which may drive audiences to wait for streaming releases. The industry's focus on safe, recycled content is failing to meet moviegoers' demand for original stories, threatening the future of theatrical distribution.
Pixar's latest original film, "Elemental," had a disastrous opening weekend at the box office, taking in only $29.5 million domestically, the worst in the studio's three-decade history. This adds to concerns about the health of the Pixar brand, which has been weakened by the studio's films being used to build the Disney+ streaming service. The success of animated movies based on established characters and franchises, such as "The Super Mario Bros. Movie" and "Spider-Man: Across the Spider-Verse," highlights the difficulty of selling original stories. Some in Hollywood and on Wall Street also worry that Pixar's creative spark has started to flicker, with the studio suffering brain drain and being pushed to expand into television production to keep Disney+ shelves stocked.