Marvel has decided to lay off 15 employees, including lower-level production and development staff at Marvel Studios in Burbank and employees in the Marvel Entertainment division in New York. This move was reportedly driven by the reduction in Marvel’s slate of film and TV titles, following the challenges of their 2023 releases. The company needed to reassess the rapid increase in production to support the launch of Disney+. Additionally, Disney’s decision in March 2023 to absorb the Marvel Entertainment banner into other divisions of the company led to redundant positions.
This decision resulted in the dismissal of Isaac Perlmutter from his position as chairman of Marvel Entertainment, along with two other top executives. Perlmutter was known for supporting Nelson Peltz’s unsuccessful attempt to join the Disney board of directors, reports Variety.
During the February earnings call, Walt Disney Company CEO Bob Iger announced a strategic initiative to recalibrate the studio’s production slate. The aim is to address various industry challenges while enhancing the quality of the company’s cinema offerings.
Marvel Studios is not anticipating any additional impacts. This refocusing comes after a content boom, as Marvel geared up to produce numerous films and TV shows a year to cater to Disney+. As part of this pullback, the studio is releasing only one film this year, July’s Deadpool & Wolverine, and is expected to have just two live-action TV shows. The Hollywood Reporter (THR) informs that Disney CEO Bob Iger hinted in recent months that he expected Disney as a whole to lower its output and concentrate on quality projects after several box office disappointments.
“We’ve reduced output, particularly at Marvel. When you fix or when you address these issues within movies, you do three things,” Iger said during an earnings call in February. “You get aggressive at making sure the films you’re making can be even better. Sometimes, you kill projects you don’t believe in. And, of course, you put new things in the pipeline that you do believe in and that you have much more confidence in, and we’re doing all of that.” reports THR.
These changes follow the busiest time in Marvel’s history, which saw diminishing returns on some projects. In 2021, it released four films and five TV shows, while in 2022, it put out three films and three TV shows, plus a few specials. The pullback was already evident in 2023, with three films and three TV shows.
The layoffs were also influenced by efficiencies created when Disney integrated the consumer products-focused Marvel Entertainment into Disney’s larger business units.
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