Can the Marvel Cinematic Universe Make a Comeback?

Back in the 2010s the Marvel Cinematic Universe (MCU) went from strength to strength at the box office, especially in its 2012-2019 second and third phases, with Avengers: Endgame capping a historic commercial success.

However, as with so much else in the world the period since the pandemic has been unkind to it--the movie industry generally taking a brutal beating, one whose effects have persisted even as audiences for the most part resumed their theatergoing, with the MCU suffering along with the rest. Much of the MCU's trouble has been a matter of a more closed Chinese market (this was the biggest factor in the trouble Ant-Man 3 had), but it has had its share of woes even in its home North American market, where Thor 4, Black Panther 2, Guardians of the Galaxy 3 all performed below what might have been hoped for given their predecessors' earnings--while the current expectations regarding Captain Marvel 2 look a lot like what happened with The Flash, implying that worse, much worse, may be in store not just for that movie but the several others behind it in the pipeline, and the Marvel brand as a whole.

Of course, franchises do make comebacks. In its long history the James Bond franchise did so more than once--the franchise most notably recovering from its '80s-era decline with Goldeneye and the subsequent films of the Pierce Brosnan era. Still, the Brosnan period was only a period of relative success, falling well short of the franchise's '60s-era heyday, and could not have given the very different market. (Back in the '60s Bond had no competitors in the high-concept action-adventure franchise market. By contrast the field was pretty crowded by the '90s.) The result is that any recovery for the MCU is likely to be only relative, the kind of success the franchise saw in 2018-2019 (with Black Panther and Captain Marvel, and the two-part Avengers event, and Spider-Man and Ant-Man too, selling $9 billion in tickets in a mere year and a half) is simply not a reasonable expectation for any franchise's "business as usual" for very long.*

Moreover, even relative recovery can seem a longshot given, regardless of what Marvel does with its movies, the kind of movie Marvel makes and can be expected to go on making in any conceivable scenario--the high-concept action-adventure blockbuster franchise movie, which, as the troubles of the James Bond series that invented the form, and the Star Wars and Indiana Jones series' that went such a long way to making them a Hollywood staple, and the DCEU that has been Marvel's closest thing to a rival, and this summer's Fast and Furious and Transformers and Mission: Impossible movies all show, is looking very shopworn these days in the 2020s. Indeed, investing in superhero movies these days is starting to look like investing in big, splashy historical epics and musicals in the late 1960s--sticking to an ever-more costly and increasingly losing old game when the studios would be doing better to look to new ideas to be the basis of new successes.

* Of course, these have been inflationary years, and $9 billion in 2018-2019 works out to more like $11 billion today.