A series of flops is finally starting to cost Jeffrey Katzenberg’s DreamWorks Animation. The company announced widespread changes today, including a new strategy for feature films and cutting hundreds of jobs.
DWA will completely rethink how it makes feature films, starting with the loss of around 500 jobs. The company hopes the restructuring will save $30 million annually, growing to $60 million by 2017.
“The number one priority for DreamWorks Animation’s core film business is to deliver
consistent creative and financial success,” Katzenberg said in a statement. “I am confident that this strategic plan will deliver great films, better box office results, and growing profitability across our complementary businesses.”
To say DWA’s films have had a rough few years is an understatement. Despite the critical success and Oscar nomination for How To Train Your Dragon 2, the studio had to swallow the failure of Mr. Peabody and Sherman. Penguins of Madagascar also struggled at the box office this past Christmas season.
Katzenberg also failed to sell the company by the end of 2014. A deal with Hasbro was nixed, as was a deal with SoftBank.
Earlier this month, the company announced new co-presidents for feature animation, Bonne Arnold (How To Train Your Dragon) and Mireille Soria (Madagascar).
The restructured feature film unit will only produce two films a year - one sequel and one original - instead of three. DWA’s next film is Home, which will be out on March 27.
Here’s the schedule for future DWA films:
Kung Fu Panda 3 - March 18, 2016
Trolls - Nov. 4, 2016
Boss Baby - Jan. 13, 2017
The Croods 2 - Dec. 22, 2017
Larrikins - Feb. 16, 2018
How to Train Your Dragon 3 - June 29, 2018
A third film is scheduled for 2017 - Captain Underpants. However, DWA assured that this will be made at a lower cost.
Oddly, DWA did not list B.O.O.: Bureau of Otherworldly Operations, which was delayed indefinitely in November.
image courtesy of INFphoto.com