Pixar's 'Elemental' marks studio's second-lowest box office debut
Pixar's animated movie "Elemental" took in roughly USD 30 million at US and Canadian box offices over the weekend, the second-lowest debut in the history of the acclaimed studio behind the "Toy Story" franchise, "Finding Nemo" and other classics.
"Elemental," a story about overcoming outward differences, added USD 15 million overseas for a global total of USD 45 million from Friday through Sunday, distributor Walt Disney Co (DIS.N) said. The film opened in just three major international markets and will expand to other countries in the coming weeks.
For all latest news, follow The Daily Star's Google News channel. "The Flash," the latest DC superhero movie from Warner Bros (WBD.O), also underwhelmed at the box office. It topped the domestic charts with an estimated USD 55.1 million, according to researcher ComScore, at the low end of pre-weekend forecasts.
Analysts had predicted that "Elemental" would open with at least $31 million at domestic theaters. The USD 30 million estimate, which will be finalized on Monday, would rank just ahead of the USD 29.1 million for 1995's "Toy Story," Pixar's first movie. "Toy Story" became a global blockbuster that spawned multiple hit sequels.
The studio is looking to rebound from the box office disappointment of its 2022 release "Lightyear," the origin story of "Toy Story" hero Buzz Lightyear. The movie brought in an earthbound USD 226.7 million in global ticket sales, a fraction of the USD 1 billion take for 2019's "Toy Story 4."
The director and producer of "Lightyear" were laid off last month, Reuters first reported, as Disney shed 7,000 jobs across the company in a cost-cutting effort.
"Elemental" is set in Element City, where Fire, Water, Earth and Air characters live together. An unexpected friendship between Fire and Water borrows from director Peter Sohn's relationship with his Italian-American wife, which he initially hid from his parents.
Tony Chambers, head of theatrical distribution at Disney, said he was disappointed by the domestic ticket sales for "Elemental," which received positive feedback from movie critics and audiences and was heavily marketed. Audiences gave the film an "A" rating in polling by CinemaScore.
Chambers noted that both live-action and animated films based on original stories and characters have struggled at theaters since the COVID-19 pandemic. Franchises based on well-known intellectual property (IP), such as current hit "Spider-Man: Across the Spider-Verse," are drawing mass audiences.
"Original IP has a harder time cutting through in the market," Chambers said. "At this point in time, it's a very busy marketplace."
During the pandemic, former Chief Executive Bob Chapek decided to release three Pixar movies - "Soul," "Luca" and "Turning Red" - exclusively on the Disney+ streaming service.
That taught audiences to expect Pixar movies would be available to watch at home, said Jeff Bock, senior box office analyst at Exhibitor Relations Co.
At theaters, "they're going to go back to the drawing board, and in this case what the drawing board means is sequels," Bock said, pointing to next year's "Inside Out 2" and the planned "Toy Story 5." "Disney knows how to sequel," he said.
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