Struggling Pixar has unveiled its plan to reboot its fortunes and restore its reputation after suffering a string of box office flops.
Since they created Toy Story in 1995, Pixar has leapt from success to success, making movies like Monsters, Inc. and Up that generated billions of dollars at the box office and won awards.
All of that changed in 2018 when the company suffered a downturn thanks to a series of flop films. Its offerings in the last two years include Lightyear and Elemental – which were slammed by critics and performed dismally in the box office.
Pixar president Jim Morris told Bloomberg: ‘We were all kind of gut-punched, and it was tough on morale.’
Now, in an effort to reverse their fortunes, the company is focusing its efforts on sequels and spinoffs to their previous big hitters like Finding Nemo and The Incredibles.
In 2018, Pixar suffered a huge downturn, creating a series of flops – including Lightyear and Elemental – which were slammed by critics
Pixar president Jim Morris told Bloomberg: ‘We were all kind of gut-punched, and it was tough on morale.’
Morris’ new strategy is designed to hone in on nostalgia, bringing back fan favorites to remind people of the glory days of Pixar.
Every franchise is up for renewal, but top runners for sequels are reportedly Finding Nemo and The Incredibles.
Pixar is also planning to increase output, with Morris aiming to make three movies every two years – as opposed to the typical one a year.
Additionally they are restructuring, firing 175 people and focusing on big-screen films, rather than Disney+ projects.
The first major test of the new plan will be the release of Inside Out 2 on June 4.
It is a sequel to the hugely-successful 2015 film about the personified emotions of Joy, Disgust, Fear, Anger and Sadness.
Morris’ new strategy is designed to hone in on nostalgia, bringing back fan favorites to remind people of the glory days of Pixar
It grossed $859 million at the box office and won the Academy Award for best animated feature.
If the crowds return to theaters for the release it will be a positive sign that the strategy will work.
But if numbers fail to materialize it will add to concerns that the ailing studio is increasingly irrelevant in a streaming age.
Also in the works is Toy Story 5 and Elio.
Morris told Bloomberg: ‘With a sequel, if you put something out there that doesn’t have the goods, then you will be punished for it.
‘Having had the doldrums we did, it will certainly be a good test with Inside Out 2 for us to see: Does this stuff still work, or does it not?’
