Jeffrey Katzenberg discusses the challenges faced with ‘Turbo’

Jeffrey Katzenberg, the CEO of DreamWorks Animation, is candid about what he sees as the primary reasons for the lukewarm domestic performance of “Turbo,” the animated film about a racing snail. He attributes it to, in his words, “a bad date” and an over-saturated market.

According to Katzenberg, the film’s slow start was the result of a crowded release schedule and an unfavorable release date. He characterized the summer of “Turbo’s” debut as an unprecedented time with a significant number of animated titles vying for the attention of young audiences and families. These included notable releases like Disney’s “Monsters University” and “Planes,” Universal and Illumination Entertainment’s “Despicable Me 2,” Sony’s “The Smurfs 2,” and Fox’s “Epic,” amounting to nearly 50% more animated films than in the same period the previous year.

DreamWorks Animation considered an earlier release date, but it would have meant pitting “Turbo” against “Fast & Furious 6,” an association that the marketing team wanted to avoid. “We had an unprecedented jam-up of animation releases,” Katzenberg noted, emphasizing that such a scenario was relatively rare in the industry. He also believes it won’t occur again for several years, if ever.

Despite its slower start domestically, “Turbo” has shown promise in international markets, and Katzenberg maintains that it will be a profitable venture for DreamWorks Animation. The film has earned over $42 million overseas, with more significant territories yet to release it. While the film, distributed by 20th Century Fox, has brought in just $60 million domestically, the studio is exploring additional revenue streams to support its success.

The film’s merchandise has reportedly exceeded expectations, and there are plans to create an animated TV series for Netflix based on “Turbo.” The hope is that these endeavors will sustain interest in the property, driving further sales and revenue.

During a conference call with analysts, Katzenberg defended “Turbo” by emphasizing that the film was considered a disappointment due to DreamWorks’ high standards, typically aiming for box office earnings between $150 million and $250 million for its films. In contrast, the film earned around $100 million domestically, which Katzenberg still deemed a hit, stressing that “the beauty is in the eyes of the beholder.”

Furthermore, DreamWorks Animation revealed that they spent 20% less on “Turbo” than on another recent release, “Rise of the Guardians,” which underperformed. Katzenberg noted that “Turbo” was beloved and received an A+ CinemaScore from kids. While the film resonated with its audience, it faced challenges in capturing their attention amidst the releases of blockbuster sequels “Monsters University” and “Despicable Me 2.”

Moving forward, DreamWorks has outlined its plans for 2014 and 2015, with a lineup that includes titles like “Mr. Peabody & Sherman,” a sequel to “How to Train Your Dragon,” “Home,” “The Penguins of Madagascar,” “B.O.O.: Bureau of Otherworldly Operations,” and “Kung Fu Panda 3.” Despite a clear strategy, the company could encounter another wave of competition in the summer of 2015, as several high-profile sequels are slated to hit theaters.

DreamWorks Animation’s “B.O.O.” is scheduled for June 5, 2015, and Katzenberg believes it can serve as counterprogramming to live-action blockbusters like Marvel’s “The Avengers: Age of Ultron” and Fox’s “Assassin’s Creed.” The animated film “Inside Out” from Pixar is also set to debut in June. Katzenberg acknowledges that it will be a highly competitive summer and states that they have planned their release schedule carefully, choosing an ideal slot for “B.O.O.” However, he remains cautious, acknowledging the intense competition they may face that season.

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