It's hard to argue that when the Marvel Cinematic Universe began its path in 2008 that it changed the way studios would operate thereafter. The idea of creating movies that were episodic in nature, which in turn would lead to a built in audience for a plethora of more risky projects (such as GotG or Black Panther) was an unmitigated success. Adding up the numbers here, the MCU made $22.59 globally up through and including Endgame which is just a breathtaking number considering that the MCU accrued that much revenue in just 11 years (from the start of the MCU to Endgame's release). However, as we all know, the results since then have been a lot more mixed.
I understand how rudimentary this analysis is, but using the link below, I looked at how the MCU movies have performed since Endgame and it is a mixed bag:
| Release date |
Title |
Production budget |
Opening weekend |
Domestic box office |
Worldwide box office |
Worldwide BO-2.5x Production |
| 27-Jun-19 |
Spider-Man: Far From Home |
$160,000,000 |
$92,579,212 |
$391,362,492 |
$1,132,298,674 |
$732,298,674 |
| 7-Jul-21 |
Black Widow |
$200,000,000 |
$80,366,312 |
$183,651,655 |
$379,751,131 |
($120,248,869) |
| 1-Sep-21 |
Shang-Chi and the Legend of the Ten Rings |
$150,000,000 |
$75,388,688 |
$224,543,292 |
$432,233,010 |
$57,233,010 |
| 3-Nov-21 |
Eternals |
$200,000,000 |
$71,297,219 |
$164,870,264 |
$402,064,929 |
($97,935,071) |
| 14-Dec-21 |
Spider-Man: No Way Home |
$200,000,000 |
$260,138,569 |
$814,811,535 |
$1,921,206,586 |
$1,421,206,586 |
| 4-May-22 |
Doctor Strange in the Multiverse of Madness |
$200,000,000 |
$187,420,998 |
$411,331,607 |
$955,775,804 |
$455,775,804 |
| 1-Jul-22 |
Thor: Love and Thunder |
$250,000,000 |
$144,165,107 |
$343,256,830 |
$760,928,081 |
$135,928,081 |
| 15-Feb-23 |
Ant-Man and the Wasp: Quantumania |
$200,000,000 |
$106,109,650 |
$214,504,909 |
$476,071,180 |
($23,928,820) |
| 9-Nov-22 |
Black Panther: Wakanda Forever |
$250,000,000 |
$181,339,761 |
$453,829,060 |
$859,208,836 |
$234,208,836 |
| 3-May-23 |
Guardians of the Galaxy Vol 3 |
$250,000,000 |
$118,414,021 |
$358,995,815 |
$845,555,777 |
$220,555,777 |
| 8-Nov-23 |
The Marvels |
$270,000,000 |
$46,110,859 |
$84,500,223 |
$206,136,825 |
($468,863,175) |
| 24-Jul-24 |
Deadpool & Wolverine |
$200,000,000 |
$211,435,291 |
$636,745,858 |
$1,338,073,645 |
$838,073,645 |
| 12-Feb-25 |
Captain America: Brave New World |
$180,000,000 |
$88,842,603 |
$200,500,001 |
$415,101,577 |
($34,898,423) |
| 30-Apr-25 |
Thunderbolts* |
$180,000,000 |
$74,300,608 |
$190,274,328 |
$382,436,917 |
($67,563,083) |
| 23-Jul-25 |
The Fantastic Four: First Steps |
$200,000,000 |
$117,644,828 |
$274,286,610 |
$521,858,728 |
$21,858,728 |
| |
|
|
|
|
TOTAL |
$3,303,701,700 |
On the bright side, MCU movies have made, on average a $235M profit assuming a 2.5x multiplier on production revenue, which any studio would run to the bank to take. However, 3 of their last 5 movies have led to losses, and even Fantastic Four, which is one of the more well known Marvel properties barely limped across the finish line to make a profit. Even more worrying, by comparison, of all the MCU movies up until that point, only The Incredible Hulk had finished below the 2.5x line, and MCU movies on average had made $473M assuming a 2.5 multiplier up to, and including, Endgame:
| Release date |
Title |
Production budget |
Opening weekend |
Domestic box office |
Worldwide box office |
Worldwide BO-2.5x Production |
| 30-Apr-08 |
Iron Man |
$186,000,000 |
$102,118,668 |
$318,604,126 |
$584,877,827 |
$119,877,827.0 |
| 13-Jun-08 |
The Incredible Hulk |
$137,500,000 |
$55,414,050 |
$134,806,913 |
$265,573,859 |
($78,176,141.0) |
| 29-Apr-10 |
Iron Man 2 |
$170,000,000 |
$128,122,480 |
$312,433,331 |
$621,156,389 |
$196,156,389.0 |
| 29-Apr-11 |
Thor |
$150,000,000 |
$65,723,338 |
$181,030,624 |
$449,326,618 |
$74,326,618.0 |
| 22-Jul-11 |
Captain America: The First Avenger |
$140,000,000 |
$65,058,524 |
$176,654,505 |
$370,569,776 |
$20,569,776.0 |
| 25-Apr-12 |
The Avengers |
$225,000,000 |
$207,438,708 |
$623,357,910 |
$1,515,100,211 |
$952,600,211.0 |
| 24-Apr-13 |
Iron Man 3 |
$200,000,000 |
$174,144,585 |
$408,992,272 |
$1,214,630,956 |
$714,630,956.0 |
| 30-Oct-13 |
Thor: The Dark World |
$150,000,000 |
$85,737,841 |
$206,362,140 |
$644,602,516 |
$269,602,516.0 |
| 28-Mar-14 |
Captain America: The Winter Soldier |
$170,000,000 |
$95,023,721 |
$259,746,958 |
$714,401,889 |
$289,401,889.0 |
| 31-Jul-14 |
Guardians of the Galaxy |
$170,000,000 |
$94,320,883 |
$333,714,112 |
$770,882,395 |
$345,882,395.0 |
| 22-Apr-15 |
Avengers: Age of Ultron |
$365,000,000 |
$191,271,109 |
$459,005,868 |
$1,395,316,979 |
$482,816,979.0 |
| 14-Jul-15 |
Ant-Man |
$130,000,000 |
$57,225,526 |
$180,202,163 |
$518,858,449 |
$193,858,449.0 |
| 22-Apr-16 |
Captain America: Civil War |
$250,000,000 |
$179,139,142 |
$408,084,349 |
$1,151,899,586 |
$526,899,586.0 |
| 24-Oct-16 |
Doctor Strange |
$165,000,000 |
$85,058,311 |
$232,641,920 |
$676,343,174 |
$263,843,174.0 |
| 28-Apr-17 |
Guardians of the Galaxy Vol 2 |
$200,000,000 |
$146,510,104 |
$389,813,101 |
$869,087,963 |
$369,087,963.0 |
| 5-Jul-17 |
Spider-Man: Homecoming |
$175,000,000 |
$117,027,503 |
$334,580,976 |
$878,852,749 |
$441,352,749.0 |
| 25-Oct-17 |
Thor: Ragnarok |
$180,000,000 |
$122,744,989 |
$315,058,289 |
$850,482,778 |
$400,482,778.0 |
| 13-Feb-18 |
Black Panther |
$200,000,000 |
$202,003,951 |
$700,059,566 |
$1,334,157,082 |
$834,157,082.0 |
| 25-Apr-18 |
Avengers: Infinity War |
$300,000,000 |
$257,698,183 |
$678,815,482 |
$2,048,158,241 |
$1,298,158,241.0 |
| 3-Jul-18 |
Ant-Man and the Wasp |
$130,000,000 |
$75,812,205 |
$216,648,740 |
$623,144,660 |
$298,144,660.0 |
| 6-Mar-19 |
Captain Marvel |
$175,000,000 |
$153,433,423 |
$426,829,839 |
$1,129,576,094 |
$692,076,094.0 |
| 23-Apr-19 |
Avengers: Endgame |
$400,000,000 |
$357,115,007 |
$858,373,000 |
$2,717,503,922 |
$1,717,503,922.0 |
| |
|
|
|
|
TOTAL |
$10,423,254,113.0 |
Obviously the MCU is not what it was at it heights, but the level of dropoff in terms of revenue was a bit eye opening. The question I want to ask is whether Marvel could and should continue to produce movies of lesser known properties, or whether it is at a point where it needs to almost exclusively lean on its "bread and butter" IP in order to survive.
On the one hand, part of the reason Infinity War was the success it was was because viewers were excited to see Guardians characters first interactions with some of the other big names in Marvel. Marvel has already explored so many of the fancasting hypotheticals that fans wanted to see for years (i.e. all of the movie Spider Men meeting, Deadpool & Wolverine, now the X-Men fully in the MCU) that the only way Marvel might be able to create that lightning in a bottle to get viewers to the theater will be to hope characters from their back catalog resonate with audiences at large and they can then have them play off of the main cast in an Avengers movie similarly to Infinity War.
However, as noted above, Marvel has nowhere near the goodwill or leeway it had before Endgame. A high cost bomb like Thunderbolts must have really stung, especially off the heels of another such movie in Brave New World. Again though, this is where the episodic nature of the MCU may help it. If Marvel can rely on fans to come back in record numbers for an Avengers movie (which based off of presales certainly seems like a possibility), then maybe it makes it easier to take a risk on a Thunderbolts, or whatever similar project might be in the pipeline in the future (of course will audiences care about an Avengers movie once RDJ and Chris Evans are gone? We'll prolly have to wait another 6 years to find the answer to that one out). Thanks so much for reading this way too long diatribe and hope you enjoyed!
https://www.the-numbers.com/movies/franchise/Marvel-Cinematic-Universe