Star Wars fans had high hopes for The Mandalorian and Grogu. However, whether it was a teaser trailer that drew comparisons to just another episode of The Mandalorian or a Super Bowl TV spot that proved a swing and a miss for Lucasfilm, it became clear early on that the movie wasn't connecting.
Ultimately, that was proven by the movie making only $345.2 million at the global box office. That made The Mandalorian follow-up the lowest-grossing Star Wars movie to date, despite largely positive reviews from fans and critics.
During a recent earnings call, new Disney CEO Josh D'Amaro acknowledged (via SFFGazette.com) that the movie underperformed. However, he pointed to The Mandalorian and Grogu being a win for the company...in terms of toy sales and theme park attendance.
"Even when our franchise films don’t meet our box office expectations, as with The Mandalorian and Grogu and the live-action Moana, our investments in these core properties fuel other parts of our company," D'Amaro told investors. "The Mandalorian and Grogu drove healthy growth in retail sales for the Star Wars franchise."
"[It] drew guests to the updated Millennium Falcon attraction at Disneyland and Walt Disney World, and led to significant engagement in gaming as well," he continued. "And the live-action Moana is expected to be a strong title on Disney+, building on the success of the original film, which is one of the most-streamed movies of all time."
A letter sent to Disney shareholders added, "While audience scores for both Star Wars: The Mandalorian and Grogu and fiscal Q4’s live-action Moana have been strong, both films underperformed our box office expectations. Even so, these franchise investments contributed to value creation beyond their theatrical releases."
Disney CFO Hugh Johnston doubled down on that narrative by stating, "Look, theatrical performance is important to us, of course, and we certainly aspire to deliver consistent financial results for our films, but the nature of the film industry is such that it is more of a portfolio game. The good news for us is our diversified business helps us basically cover the volatility that comes out of the film business."
What wasn't revealed is whether toys and theme park tickets were enough to make up for the money The Mandalorian and Grogu lost in theaters. It seems doubtful and may be hard to quantify, regardless.
It will also be telling to see what comes next for The Mandalorian. While a big-screen sequel seems unlikely, could we get Season 4 on Disney+? That's the hope among fans of Din Djarin and The Child, though the studio does appear to be moving away from pricey streaming series.
Now, all eyes will be on Star Wars: Starfighter, directed by Shawn Levy and starring Ryan Gosling. They'll reunite for Marvel Studios' Ghost Rider, and we'll soon find out whether fans are interested in a fully original Star Wars story (the movie is set after The Rise of Skywalker).
"The Mandalorian and Grogu is a fun, pulpy reminder that Star Wars doesn’t need to grow up; it just needs to be entertaining," we said in our review this past May. "Jon Favreau's action-packed love letter delivers exactly the crowd-pleasing adventure fans have been craving."
The Mandalorian and Grogu is now available on Digital platforms, including Amazon Prime Video, Apple TV, and Fandango, on July 21, and on 4K Ultra HD and Blu-ray on August 25.