So, here's the thing. I think at this point it's abundantly clear that something needs to change with studios. Marvel is probably the most visible in this regard because (1) they had such a prolific output across a span of about 15 years, and (2) they had such box office dominance for much of that and seemingly could do no wrong. Towards that end, it feels to me like the obituaries were in the can for a long time now, and just got updated to reflect the current troubles when it finally hit.
But other studios have had similar issues. Lots of them posted weaker-than-hoped-for returns or "box office bomb" films where the amount spent to make the film was higher than the amount the film brought in at the box office.
For me, the issue comes down to one of managing budgets, pure and simple. I think audiences are basically only showing up in $1B box office numbers to things that are largely beyond prediction. I would not have pegged that Barbie would score $1B at the box office. I damn sure wouldn't have picked Oppenheimer as a nearly $1B film, especially considering its length and subject matter. But that's kind of my point: it's become much harder to predict what will bring audiences in in those numbers, and yet the studios keep spending on films with the expectation that audiences will show up.
The market is smaller, thanks to Russia's involvement in the Ukraine war. (Not sure how much smaller, but it's smaller, no question.) More than that, I think people are just being choosier about what they see at the theater. And I think the superhero thing, while still popular, isn't really "Guaranteed +$800M B.O." popular at this point. Could it be if you changed the content of the stories? ...I honestly don't know. I think some of it may just be that the shine is off the penny in those numbers.
The thing is, these films are still relatively popular. A $200M box office isn't bad...unless you've already spent +$300M getting there.
But I keep coming back to the "disappointing" Transformers movie from this year, as compared to the "surprisingly successful" John Wick 4 film...and they were separated by, what, like $2M box office? Until you look at the budgets, that is, and that's where the Wick film came out way ahead, having only cost about $100M to make, while Transformers cost around twice that much. So, it looks like the line between "success" and "failure" is really in the budget, not in the end result.
Like I said, something's gotta change. For Marvel, for big studios generally, but something's gotta change. The market has shifted, and you can't keep making films like you did before and expect to turn the same levels of profit.
Cultural influences affecting the entire market and Disney's rampant budgeting certainly are both factors at play in the downfall, but if we want to actually reverse this trend we can't ignore the fact that the quality of writing has taken a nosedive.
I'm not going to argue with anyone who wants to say there's nothing wrong with the writing, but this is apparent to a non-trivial number of fans.
It isn't just a matter of overbudgeting of otherwise quality productions IMO. Fans don't think about what was spent; they only know what they like or don't like. If these were still good movies the fans would not be turning their backs on the films in such large numbers or crying out about the "magic" being lost from MCU, Lucasfilm and PIXAR.
Any discussion about "wokeness" is a minefield. The issue of "wokeness" is typically misunderstood, misrepresented and mishandled by both the fans and the studio, but I do think some discussion of this is integral to a realistic analysis of Disney's decline.
Diversity, equity and inclusion are positive principles and necessary in the long run. The correct approach is when DEI is organically integrated into otherwise original and traditionally inspirational stories. The wrong approach (IMO) is to simply rainbow-wash every major production and raise flags while bulldozing over traditional themes of romance, humility, personal sacrifice for a greater cause than self etc.
Disney has done it right before. "Frozen" is a clever allegory for coming out of the closet (I stand by this claim) and did it well. "Andor" features a lesbian couple whose relationship is complex and engaging. (Vel is a flawed and tragic character played with heartbreaking delicacy.) The early MCU was already giving us multiple major female and black characters that stood on their own without having to make an underscored statement about it, and were part of a greater story.
Disney was already on the right track, but why did they have to give us films like, "Strange World"? I won't rehash the arguments about the overhaul of Star Wars and MCU. Once again, it isn't a problem with DEI - only in the way these IPs are seemingly being landscaped to displace just about anything white, cisgender or male. Pointing that out doesn't make me a bigot.
Somewhere along the way it feels as if a plan for peaceful integration gave way to plans for a "hostile makeover", and it is so sudden and hamhanded it is hard to digest.
Historically I have always been a SW and MCU apologist, but it is too hard for me to suspend disbelief anymore. I defended "The Last Jedi" until I watched "Rise of Skywalker" which reversed my opinion.
We accept that Harrison Ford can't be Indy forever, but they could have been more respectful about passing the torch. They could have certainly treated Luke and Han better. You can't ignore the fans who express outrage. If they were a trivial minority we wouldn't be having these discussions in the first place.
There was a time that every PIXAR film managed to make me cry and/or changed the way I saw the world. "Lightyear" was as far away from those principles as you could get. I can't even recall a single moment that made me laugh. (I liked the cat, though).
I am not writing as a gleeful Disney hater. I'm a fan, just like y'all, who has picked apart these IPs and appreciated what made them tick. I'd like to think I'm fairly observant, and I have an opinion that these franchises are conceptually off track. I am not trying to win an academic argument by pointing this out but, I believe Disney will continue to fail if we ignore their mishandling of DEI. I want to see Disney thrive again.
(I am writing this from a family vacation at Disney World.)