Following a number of high-profile failures in recent years, DreamWorks Animation has announced plans for a massive restructuring of its core business. The overall reduction will result in a loss of approximately 500 jobs across all locations and all divisions of the studio.
DWA intends to drop its feature production output down from three films per year to two. On top of that, the plan is to stick to one original film and one sequel each year starting next year, and each of the films will tighten their budgets with costs to be reduced to $120 million per film starting with “Trolls” late next year.
Their release slate has been switched around and the next four years will be as follows:
March 27th 2015: “Home”
March 17th 2016: “Kung Fu Panda 3”
November 4th 2016: “Trolls”
January 13th 2017: “Boss Baby”
December 22nd 2017: “The Croods 2”
February 16th 2018: “Larrikins”
June 29th 2018: “How to Train Your Dragon 3”
“B.O.O.: Bureau of Otherworldly Operations” has been moved out of its planned Summer 2015 release slot and has gone back into development. The studio will release “Captain Underpants,” a movie produced outside of the studio’s pipeline at a significantly lower cost, sometime in mid-2017.
The fate of other projects announced by the studio, including a Mumbai musical, a fourth “Madagascar” film, and a second “Puss in Boots” movie are uncertain.
DreamWorks Animation Chief Executive Officer Jeffrey Katzenberg says: “The number one priority for DreamWorks Animation’s core film business is to deliver consistent creative and financial success. I am confident that this strategic plan will deliver great films, better box office results, and growing profitability across our complementary businesses.”
The announcement comes after the box-office disappointments of films like “Rise of the Guardians,” “Turbo” and “Mr. Peabody & Sherman” along with under performers like “The Penguins of Madagascar”.
Source: Dreamworks Animation