Why Superhero Movies Are Proving to be WB Pictures' Kryptonite Part II - Opinion Piece
Researched, Written & Edited by: Lee Fenton
(click here for Why Superhero Movies Are Proving to be WB Pictures' Kryptonite Part I)
(click here for Why Superhero Movies Are Proving to be WB-Discovery’s Kryptonite Part III)
Now that I've established what 'sunk cost fallacy' is – and that most of WB Pictures recent business decisions seem to stem from a wholehearted attempt to avoid this pitfall, it should be clear why the heads of the company are cancelling projects all over the place.
From the much maligned pulling of ‘The Batgirl film’ just months before it's release - to the recent controversy over cancelling a completed Looney Tunes project (flagship characters of WB Animation) that starred the extremely bankable John Cena. In total, there are 18 or more television series and movies that have been cancelled by Warner Bros. Entertainment in the last few years.
"Why Are People Outraged Over John Cena’s Canceled Looney Tunes Movie?"
"Filmmakers are calling Warner Bros.’ decision to pull the plug on Coyote vs. Acme, a completed film with reportedly high audience scores, disgusting and anti-art." - Vanity Fair [1] (NOVEMBER 10, 2023 )
Current operating CEO of the Company David Zaslav says he's gearing the company towards theatrical releases. To illustrate this, since WB Entertainment merged with Discovery and became a joint company – his initiatives have insured that more than 25 moves and TV shows have been 'pulled' from the HBO Max Streaming service, HBO (Home Box Office) being a subsidiary of Warner Bros. Discovery. Although a few short years ago the streaming service was considered the most viable avenue for the parent company to earn revenue in an ever-changing digital landscape; the aim now is to pivot away from home releases and to instead attempt a return to the big screen properties that made the company a successful film studio, in the first place.
Then why are they cancelling projects that have the greatest chance at performing well at the box office? It seems that if the goal of the company is to restart a zestiest around their tent-pole releases and to recapture the word of mouth buzz that their pictures could garner in the past – then they should be pouring all they have into these larger projects. Instead Warner Bros. seems to be 'cleaning house', almost as if they are preparing for bankruptcy or a total change of the business model from the top-down.
Would it be surprising if WB Discovery decided to scale down the company and focus more on 3rd-party distribution?
Well, no.
It wouldn't be.
In fact, as I'm writing this - it dawned on me to do a little research; to support my point of view. Got to love when news articles support the conclusions being drawn in your writing.
“WBD is in the midst of a vast restructuring and cost-cutting exercise following the $43bn merger between Discovery and Warner Media, but the company’s CFO chief financial officer Gunnar Wiedenfels defended programming cuts while also pointing to untapped potential on library sales.” -TBI Vision [2] (September 9th/ 2022)
So what does this mean for the future of one of the largest film distributors in the world?
And more importantly, why is it that of all things it happened to be superhero fatigue that may have caused the greatest blow to this once powerful giant of the entertainment industry?
FIND ALL THIS OUT AND MORE IN THE NEXT PART OF:
Why Superhero Movies Are Proving to be WB Pictures' Kryptonite.
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SOURCES:
[1] https://www.vanityfair.com/hollywood/2023/11/why-are-people-outraged-over-john-cenas-canceled-looney-tunes-movie article by Savannah Walsh
[2] https://tbivision.com/2022/09/09/warner-bros-discovery-firing-up-third-party-distribution-as-fast-push-emerges/ article by Richard Middleton
