Lilo & Stitchis the latest in a long line of Disney live-action remakes, but the already staggering success of the film, grossing $183 million domestically over Memorial Day weekend,clearly indicates there are many important lessons to learn from its profits. Even after the recent box office failure ofSnow White, there are still severalupcoming Disney live-action remakesthat hope to break through with audiences. There is much to be learned from the triumph ofLilo & Stitchthat may be able to help these other films.
The box office success of films likeLilo & Stitchis incredibly illuminating for the Disney brand.Everything known aboutLilo & Stitchsuggests thatthe film was originally envisioned to be a streaming movie for Disney+, but pivoted early in its production to a theatrical release.This calls to mind comparisons with last year’sMoana 2, which was developed as a streaming series before switching to a theatrical film later into production. ConsideringMoana 2’s many box office milestonesand its worldwide gross of over $1 billion, these recent switches to theatrical seem to be the right move.
Lilo & Stitch Made A Record-breaking $183 Million At The Domestic Box Office
The New Film Set A Memorial Day Weekend Opening Record
Deadlinehas reported thatLilo & Stitchhas made an incredible $183 million at the domestic box office over the three-day Memorial Day holiday weekend. This number makes it the highest-grossing Memorial Day weekend release ever, usurping the previous record holder,Top Gun: Maverick, and its $160.5 million gross. This is a massive figure and putsLilo & Stitchon an incredible path to box-office success. Notably, these millions would never have been earned ifDisney had followed their originalLilo & Stitchplan.
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Lilo & Stitch’s ability to reach $1 billionat the worldwide box office now seems assured. The film has already made more than its budget and has plenty of runway in the coming weeks to make a great deal more money. With the worldwide figure already at $341.7 million, success is all but assured for the film, which may already be in the black.Notably,this is also the second-biggest opening for a live-action Disney remake, just behindThe Lion King.Notably, however,Lilo & Stitch’s holiday weekend release has given it an extra day gross compared to these other titles.
The Budget Was Much Smaller Than Most Live-Action Disney Remakes
One element that has gone into makingLilo & Stitch’s record-breaking success more notable is thatthe film was made on a $100 million budget.This number reflects the original intent to have the film released on streaming and is significantly lower than most other Disney remakes. This year’sbox office disappointmentSnow Whitewas burdened by a budget of between $240-270 million, making profitability that much more difficult for the film. The same was true of last year’sThe Little Mermaid, which cost a similar $240 million.
Following in the footsteps of the original animatedLilo & Stitch, which cost a modest $80 million back in 2002, the new remake took a pared-down approach. By keeping costs lower, the film’s bar to break even was not nearly as high. Considering the disappointing results of films likeThe Little Mermaid, scaling down budgets in this fashion is a smart choice for Disney. Doing so has especially paid off now, asLilo & Stitchlooks to become one of the highest-grossing live-action remakes yet.
Disney Must Learn This Major Lesson When It Comes To Budgeting Their Movies
A $100 Million Movie Has A Much Easier Path To Success
Budgeting has become a significant problem in Hollywood overall.Many films have become increasingly bloated and expensive,creating almost impossible numbers to make back.Eventhe budget for this weekend’sMission: Impossible - The Final Reckoning, which has earned a franchise-best $204 million worldwide in its opening days, will likely keep the film from becoming profitable, as it is rumored to have cost up to $400 million. With numbers like these, it is almost impossible for almost any film to succeed.
With marketing costs and the split of ticket proceeds with exhibitors, most films will need to make about 2.5x their budget to break even. By budgeting their films more modestly, such asLilo & Stitchhas done, that path to success is more attainable. Rather than having to gross $1 billion just to make a profit, asThe Final Reckoningmight need,the new Disney hit is likely already making money after its opening weekend.
Hollywood budgets are too high, andLilo & Stitch’s success, based on a $100 million budget, shows that they don’t need to be so expensive to connect with audiences. Certainly, the series has great international appeal due to its Stitch character and popularity, and not every $100 million film could hope to reach these highs. However,Lilo & Stitchsets an important example for Disney to follow with its upcoming releases. To ensure sustainable and consistent success, the budgets must be at least somewhat pared down.
