Disney Lost Money on ‘Ant-Man and the Wasp: Quantumania’ and ‘The Marvels,’ But the Financial Impact May Be Overstated

While Marvel Studios is once again at the top of the Hollywood heap after the unprecedented success of Deadpool & Wolverine, just months ago, many people believed the studio had lost its magic touch.

Marvel’s box office redemption came after a particularly difficult 2023, which saw Ant-Man and the Wasp: Quantumania drastically underperform and The Marvels bomb.

It has long been assumed that Disney did not make money on the theatrical release of the two Marvel films, largely due to the inflated budget that traditionally accompanies an MCU installment.

Image: Marvel

A new report from Forbes, however, has shed some light on just how much of a hit the studio took on Quantumania and The Marvels.

Forbes Calculates That Disney Lost $296.4 Million on the Films

According to Forbes’ analysis of Disney financial documents, Quantumania and The Marvels cost $762.4 million to make. However, because the films were largely shot in the United Kingdom, Disney was able to get $124.9 million in government incentives back. The credits brought down the total spent to $637.5 million.

In total, the two Marvel films grossed $682.2 million at the box office, a far cry from Disney’s expectations. Using industry consultant Stephan Follow’s standard equation, which states that studios keep roughly 51% of the box office gross of their movies, Forbes calculates Disney would have grossed $341.1 million from the two films, for a net loss of $296.4 million.

Image: Marvel

While it is clear that the two Marvel movies drastically underperformed and that Disney lost money on them, Forbes’ numbers may paint a more dire picture than reality.

The Numbers May Have Been Slightly Better Than That Reported

While Forbes’ 51% number used to calculate Disney’s gross intake from Quantumania and The Marvels makes for a fine generalization, studios’ cuts are often more complicated than that.

Image: Marvel

Traditionally, studios receive a higher percentage of a film’s first-week intake and domestic totals. As with other Marvel films, Quantumania and The Marvels were heavily frontloaded, making the bulk of their intake over their first weekends.

With that in mind, Disney likely made more than the $341 estimated by Forbes.

Photo: D23

While we may never know the exact amount that Disney lost on Quantumania and The Marvels, the films were clearly box office failures, especially by Marvel’s standards.

Marvel’s Rebound

It should be noted, however, that Guardians of the Galaxy Vol. 3 was a much-needed hit for Marvel in 2023, and Deadpool & Wolverine grossed over $1.3 billion at the box office this year, on its way to becoming the highest-grossing R-rated film ever.

Photo: Marvel

If Marvel can continue its momentum into 2025, with the releases of Thunderbolts*, The Fantastic Four: First Steps, and Captain America: Brave New World, the struggles of 2023 will simply be a bump in the road.

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