• Disney's "Moana 2" broke Thanksgiving box office records, bringing in $380 million globally.
• In previous years, Disney struggled at the Thanksgiving weekend box office with "Wish" and "Strange World."
• Originally created as a series, "Moana 2" was shifted to a film, boosting Disney's theatrical strategy.

First, Disney proved it was still king of the summer movie season with the enormous success of "Deadpool & Wolverine." Now, the studio has also reclaimed its hold on the Thanksgiving holiday weekend with "Moana 2."

The sequel to the beloved 2016 animated movie brought in over $380 million worldwide in its first five days in theaters, which included over $220 million domestically. The latter is a new five-day Thanksgiving box office record, surpassing the $125 million "Frozen 2" earned in 2019.

The success of "Moana 2" was much needed for Disney, and for its animation division in particular, as the past few Thanksgivings have not been so bountiful.

For roughly the last decade, the Disney titles released over Thanksgiving were usually guaranteed box office coin, with animated fare like "Coco" (2017) and both "Frozen" movies (2013, 2019) notching major wins for the studio. But 2022 and 2023, the post-COVID years when audiences began returning to theaters, were a bust: "Strange World" and "Wish" took in $19 million and $32 million respectively on their five-day Thanksgiving opening weekends in 2022 and 2023.

In 2024, Disney is faring better. The over $1 billion take "Inside Out 2" made in June proved that audiences were out of the COVID-era haze of waiting to see Disney animated titles at home, especially Pixar movies. The success of "Moana 2" confirms that families want to see their animation on the big screen.

And it was Disney's fast thinking at the eleventh hour that kept the momentum going.

"Even the Disney brass were apparently unaware how beloved this property was as it was very close to going straight to streaming," Exhibitor Relations senior analyst Jeff Bock told Business Insider.

That's right. The "Moana" sequel was originally developed as a series for Disney+.

"Moana: The Series" was announced at the Disney Investor Day in 2020, with the plan being to delve deeper into the characters and mythology in the "Moana" franchise. But in February 2024, Disney CEO Bob Iger announced the change from series to sequel, stating on an earnings call that Disney executives were "impressed" by early footage and felt it "deserved a theatrical release."

Looking back on the sequel's journey to the screen, codirector David Derrick Jr. said that starting with the larger scope a TV series provides ultimately strengthened the story when it was adapted into a feature.

"What the series gave us was an opportunity to get to know these characters intimately, the way you can with a series, but what we were doing in the story just begged for a bigger and bigger screen," he told Collider.

"So, as soon as we funneled all of the learnings from our new characters through Moana's journey, it actually just strengthened Moana's growth and the theme of the story. So, there wasn't, for me, anything left out from the series. We were able to learn things from the series that just supercharged the feature."

Pivoting from series to feature was also a savvy business decision. After the COVID box-office slump, many studios realized that movies released exclusively in theaters didn't just bring more profitability in the initial release, but also fueled secondary windows like streaming.

Perhaps Disney brass realized in the four years from announcing the series to changing it to a feature-length film that despite the slumping box office, rededicating itself to a "Moana" theatrical release would generate more profit than it would if it were a streaming release alone.

Even after "Moana 2" eventually hits streaming, there will be more "Moana" coming. The live-action version of the movie, which stars Dwayne Johnson in the flesh as Maui, is coming in summer 2026.

But should Disney be scared of "Moana" burnout?

"I doubt it," Bock said. "'Moana' is officially the hottest IP in Disney's vast kingdom. 2026 is the perfect spacing."

• Disney's "Moana 2" set a new five-day Thanksgiving box office record with $221 million in sales.
• The previous record was held by "Frozen II," which brought $125 million in 2019.
• "Moana 2," "Wicked," and "Gladiator II" contributed to the $420 million in box office sales over Thanksgiving.

"Moana 2" made a big splash at the box office over Thanksgiving weekend.

The highly anticipated sequel to the 2016 Disney film has brought in $221 million in domestic ticket sales since opening on Wednesday — the first day of the five-day Thanksgiving weekend — based on studio estimates.

The film broke the five-day Thanksgiving box office record, surpassing the $125 million record set by "Frozen II" in 2019. Before that, the title was held by "The Hunger Games: Catching Fire," which brought in $109.9 million in 2013.

The Thanksgiving box office weekend has also seen the continued success of "Wicked" and "Gladiator II" — both of which were released on November 22.

Like "Barbenheimer," fans have dubbed the movies "Glicked" thanks to their coincidental release date.

During the five-day Thanksgiving period, "Wicked" — which stars Ariana Grande and Cynthia Erivo — brought in $117.5 million domestically, while "Gladiator II" — which stars Paul Mescal, Denzel Washington, and Pedro Pascal — earned $44 million, based on estimates from IMDB's Box Office Mojo.

The three films contributed to the $420 million raked in over the five-day period — the best-ever Thanksgiving box office sales, surpassing the $315.6 million record set over the same period in 2018, according to Comscore data, per NBC.

Based on studio estimates, "Moana 2" has made $386 million globally so far.

In 2016, "Moana" also topped box offices on Thanksgiving weekend with $81 million in ticket sales.

It was released on Disney+ in 2019 and was the most-watched movie on a streaming platform in the US in 2023, with over 11.3 billion minutes streamed, per data from Nielsen.

A representative from Comscore did not immediately respond to a request for comment sent by Business Insider outside regular hours.

• These movies had huge budgets that producers expected would turn in huge profits when released.
• However, the films lost millions of dollars for studios after hitting theaters.
• The first "Joker" movie grossed over a billion dollars. Its sequel made just over $200 million.

When "Joker" was released in 2019, it grossed over $1 billion worldwide, making it the highest-grossing R-rated movie at the time, and its star, Joaquin Phoenix, won an Academy Award.

Greenlighting a sequel was a no-brainer.

However, "Joker: Folie à Deux," which was released in October, made just a fifth of what its predecessor earned at the box office, joining a long list of films that — surprisingly — nobody wanted to see.

Though producers, directors, and cast members likely assumed the films on this list would be box-office smashes, many ended up losing tens of millions of dollars. Some lost hundreds of millions.

Take a look at the films that were surprise box-office bombs.

Zoë Ettinger contributed to an earlier version of this story.

"Joker: Folie à Deux" was a failure for Warner Bros this year.

No matter how controversial the first "Joker" film was, it was a financial success — it was the highest-grossing R-rated movie ever (until this year's "Deadpool & Wolverine") and made over $1 billion worldwide.

If you had told anyone in 2019 that the sequel to "Joker" would barely cross the $200 million threshold, they would not have believed you.

According to estimates by Variety, the film could lose its studio anywhere from $125 to $200 million.

To make matters worse, it also earned the rare "D" on CinemaScore, meaning that nobody saw it, and the people who did hated it.

The Marvel Cinematic Universe had its first real bomb on its hands with 2023's "The Marvels."

The MCU is the most successful film franchise of all time, raking in billions of dollars for Disney. But the cracks started to show with "The Marvels," which had the lowest opening of any MCU movie at just $65 million.

Forbes reported the film lost a staggering $237 million, even though it wasn't actually as bad as some people on the internet would have you believe.

The 2001 Muhammad Ali biopic "Ali" starred A-lister Will Smith as the iconic boxer, but the film lost Sony millions of dollars.

The biographical film about the life of boxer Muhammad Ali had a $107 million production cost that was raised to $118 million after director Michael Mann moved filming to Africa, according to Bomb Report.

Box Office Mojo estimates the film made just $87.8 million worldwide. Sony was reportedly on the hook for over $100 million when including marketing costs.

In 2003, Brad Pitt and Catherine Zeta-Jones starred in the animated film "Sinbad: Legend of the Seven Seas," but not even they could prevent the movie from losing $125 million at the box office.

DreamWorks co-founder David Geffen has publicly stated the film, centering around a legendary sailor framed for stealing a sacred book, lost the studio $125 million, the Los Angeles Times reported.

Based on the famous Macedonian king, the 2004 film "Alexander" starred Colin Farrell and Angelina Jolie at the peak of their powers, but it lost about $71 million.

The film, about the life of Alexander the Great, had a reported budget of $155 million. According to Bomb Report, the film's gross sank 65.2% in its second weekend and another 68.9% in week three. Overall, production company Intermedia posted a $29.4 million loss for the year.

The 2004 film "Around the World in 80 Days" starred Jackie Chan straight from two successful "Rush Hour" films, but his popularity couldn't save the movie.

Based on the beloved adventure novel by Jules Verne about traveling the world in 80 days, the film had an estimated budget of $110 million, but only made $72 million worldwide, according to Box Office Mojo.

The film is most notable now, perhaps, for being the last acting role of Arnold Schwarzenegger before he became the governor of California.

In 2005, A-listers Jamie Foxx, Josh Lucas, and Jessica Biel starred in "Stealth" — it was a notorious flop.

The film is about three top Navy fighter pilots tasked with manning a drone-like plane. It had a budget of $138 million and was directed by "The Fast and Furious" director Rob Cohen — so everyone had high expectations.

However, it lost at least $56 million due to box-office deficits, and likely even more after taking out movie theaters' cuts and marketing costs, according to Box Office Mojo.

"Sahara" starred Matthew McConaughey and Penelope Cruz, but it lost an estimated $78 million at the box office in 2005.

The film follows a treasure hunter as he travels to Africa in search of a long-lost ship. It had a reported production cost of $160 million. The Los Angeles Times reported it lost the studio $78 million, and called it "one of the biggest financial flops in Hollywood history."

In 2006, Kurt Russell starred in "Poseidon," which lost an estimated $69 million.

"Poseidon" is a remake of the original beloved film, 1972's "The Poseidon Adventure." The disaster movie about a sinking cruise ship had a budget of $160 million. After everything, it lost the studio $69 million, Business Insider previously reported.

"Evan Almighty," the 2007 spin-off of the mega-hit "Bruce Almighty," lost an estimated $50 million.

The film centered around the biblical tale of Noah's ark, and it starred Steve Carell and Morgan Freeman. It had an estimated budget of $175 million and even became the most expensive comedy of all time, according to Reuters.

But, according to Bomb Report, the film lost one of its backers $50 million.

Martin Scorsese's 2011 film "Hugo" lost an estimated $80 million at the box office.

The film about a young orphan living in a train station starred young actors Asa Butterfield and Chloë Grace Moretz. It ended up going $80 million over budget, according to Bomb Report, and lost the studio $80 million — proving that not every Scorsese film is a box-office hit.

"Green Lantern" co-starred Ryan Reynolds and Blake Lively, both beloved stars, but it had an estimated $75 million box-office loss in 2011.

The superhero film about a test pilot who gets a powerful alien ring had an estimated budget of $200 million, but it barely broke even at the box office. Overall, the studio took a $75 million loss, according to Bomb Report.

At the time, superhero films were in the middle of a renaissance after movies like "Iron Man" and "The Dark Knight" had proven that comic-book movies had mass appeal. But, "Green Lantern's" failure shows that a built-in fan base doesn't always lead to success.

"Pan," the 2015 reimagining of "Peter Pan," starred box office draw Hugh Jackman, but it ended up losing the studio up to $150 million.

"Pan" had an estimated budget of $150 million, but its offensive casting of Rooney Mara as the Native American character Tiger Lily, its heavy reliance on CGI, and general disinterest in another "Peter Pan" film led the movie to box-office bomb status, The New York Times reported.

 The Hollywood Reporter predicted that the film "could see losses in the $130 million to $150 million range" back in 2015.

The 2016 sequel "Alice Through the Looking Glass" which starred Johnny Depp and Anne Hathaway, lost an estimated $70 million.

A sequel to the 2010 Tim Burton film "Alice in Wonderland," "Alice Through the Looking Glass" had an estimated budget of $170 million and ended up costing Disney an estimated $70 million — especially shocking, considering that the first film topped $1 billion.

Steven Spielberg's 2016 adaptation of "The BFG," based on Roald Dahl's book of the same name, was estimated to have lost at least $90 million.

The film follows the Big Friendly Giant as he befriends a young orphan Sophie, even though it goes against giant nature. It had an estimated budget of $140 million, and according to The Hollywood Reporter, "lost $90 million to $100 million for partners Disney, Spielberg's Amblin Entertainment and Participant Media."

It's one of the acclaimed director's biggest flops.

The 2017 film "King Arthur: Legend of the Sword" is based on one of the most famous tales of all time, but it ended up losing an estimated $150 million.

The film follows a young Arthur after the murder of his father and his quest to gain back the throne of Camelot. It had an estimated budget of $175 million and only grossed $148 million, according to Box Office Mojo. Forbes blamed the lack of movie stars, extensive re-shoots, and an inflated budget, among other things, for the film's reported $150 million loss.

"Justice League" had a star-studded cast and an unreal amount of hype, but it lost Warner Bros. somewhere between $50 and $100 million in 2017.

DC's answer to Marvel's "Avengers" superhero team-up movie had an estimated budget of $300 million. Business Insider reported that the film could have cost Warner Bros. up to $100 million.

The 2018 fantasy would-be epic "A Wrinkle in Time" was based on a hit novel produced by Disney and starred Oprah, Reese Witherspoon, and Mindy Kaling — but it still flopped.

The mind-bending story of young Meg's journey across time and space to rescue her father from darkness had a reported budget of $103 million, and Yahoo Finance reported that Disney lost between $86 million and $186 million on the film.

Though "Star Wars" films are usually a hit, 2018's "Solo: A Star Wars Story" reportedly lost an estimated $76 million.

The film follows a young Han Solo (played by Alden Ehrenreich), the most iconic space smuggler of all time, as he meets his future partner and best friend Chewbacca, future frenemy Lando Calrissian, and a heretofore unknown love interest Qi'ra.

It had an estimated budget of $275 million. Though the film made over $392 million worldwide, that's nothing when you compare it to the $2 billion gross of "The Force Awakens," and the $1 billion grosses of "The Last Jedi" and "The Rise of Skywalker."

Based on the hit musical, the 2019 adaptation of "Cats" was a box office flop, losing between $71 and $113 million.

The CGI-heavy movie about a tribe of cats called the Jellicles had an estimated budget of $95 million and a famously cursed production. Though "Cats" is a beloved musical and ran on Broadway for years, audiences didn't show the film version the same love. Deadline calculated losses at approximately $113.6 million.

"Dolittle" was supposed to be Robert Downey Jr.'s follow-up to "Avengers," but it was the first big flop of 2020.

The film about a doctor who can talk to animals had an estimated budget of $175 million and an all-star voice cast including Tom Holland, Emma Thompson, Rami Malek, Octavia Spencer, and more. That didn't stop Vulture from calling it "2020's first official mega-flop."

The Observer estimated that "Dolittle" needed to make $500 million to turn a profit and with a final gross of just half that, you can be sure that no one at Universal was pleased with those results.

• 'Wicked,' 'Gladiator II,' and 'Moana 2' are all in theaters this Thanksgiving weekend.
• The three films may bring in more box office sales than pre-pandemic Thanksgiving weekends.
• 'Wicked' and 'Gladiator II' hit theaters on November 22, and "Moana 2" premiered on November 27.

This Thanksgiving box office line-up will be the most successful of the post-pandemic era — and could be one of the most successful in history.

It started on November 22, when "Wicked" and "Gladiator II" premiered in theaters.

"Wicked," directed by Jon M. Chu, is based on one of Broadway's longest-running shows. Fans have been anticipating the film adaptation since the musical first hit the stage in 2003.

"Gladiator II" is a sequel to the original film, released in 2000.

The films topped the box office opening weekend. "Gladiator II" made $106 million in ticket sales, while "Wicked" brought in $164 million. "Wicked" also had a higher opening weekend than any other other film based on a Broadway show.

"Moana 2," the sequel to the 2016 Disney film, hit theaters on November 27 — day one of the five-day Thanksgiving weekend. It's projected to bring in between $135 and $145 million, per Variety.

In 2016, "Moana" topped box offices on Thanksgiving weekend with $81 million in ticket sales.

"The trifecta of 'Moana 2,' 'Wicked,' and 'Gladiator II' is a bona fide perfect storm for movie theaters this Thanksgiving," Fandango analytics director and Box Office Theory founder Shawn Robbins told CNBC. He predicted 2024 Thanksgiving weekend box office sales would surpass the $200 million made in 2019 — and be among the most lucrative in the history of cinema.

"The holiday used to regularly see major releases combining for all-audience appeal, but that's been a challenge for the industry to replicate in the post-pandemic era so far," he told CNBC. "This year is much different with such a holy trinity of tentpole releases that could anchor some of the biggest all-around box office results the holiday frame has ever seen."

• "Wicked" triumphed over "Gladiator II" in box offices this weekend after its international debut.
• It grossed $164 million, the biggest opening weekend for a film based on a Broadway show.
• Here's all the records "Wicked" broke and how it compares to other blockbuster musicals.

"Wicked" broke three records topping the box office this weekend with $164 million in ticket sales and surpassing its blockbuster rival "Gladiator II."

"Wicked" broke the record for the biggest opening weekend for a film based on a Broadway adaptation domestically and globally. It trumped the previous record-holders "Les Misérables" and "Into the Woods."

The new movie musical also has the best opening for a non-sequel film this year. "Wicked" was the third biggest domestic debut in 2024 coming in behind the two highest-grossing films this year: "Deadpool & Wolverine" and "Inside Out 2."

"Gladiator II," pitted against "Wicked" because they share the same US release date, came second in box office charts this weekend, making $106 million in ticket sales.

If "Wicked" continues to succeed, it could become the only non-sequel film in the top 12 highest-grossing films list of 2024.

The Broadway adaptation's success has established the movie in Hollywood annals. Here's how it compares to cinema's biggest blockbuster musicals.

'Wicked' will need to make over a billion dollars to compete with the biggest movie musical

"Les Misérables," the highest-grossing film based on a Broadway adaptation, grossed $442 million, but other non-Broadway-based musicals have made more than that.

The 2019 live-action remake of "The Lion King" musical is the 10th highest-grossing film of all time, with $1.6 billion in ticket sales. "Frozen," "Frozen II," "Beauty and the Beast," and "Aladdin" have also grossed over a billion dollars.

All of these films, except "Frozen," grossed between $200 and $450 million in their debut weekend.

Rob Mitchell, the director of theatrical insights at film industry research firm Gower Street Analytics, told Business Insider that he expected "Wicked" to exceed "Mamma Mia," which made $611 million in worldwide ticket sales per Box Office MoJo. Mitchell doubted the Oz adaption will reach the same heights at "The Lion King."

He said the fanbase of the stage musical, Ariana Grande's star power, and the multi-generational appeal of the Oz story were behind the movie's success.

"The main reason will just be that it is a superb production," Mitchell added. "It's the type of big-screen spectacle that cinema was made for."

'Moana 2' may pose a threat to 'Wicked' this Thanksgiving

With "Moana 2" premiering this week, "Wicked" has a new competitor at the box office going into Thanksgiving weekend.

Disney movies have topped six of the last eight Thanksgiving box office weekends.

The first "Moana," which was the top-grossing film over the 2016 Thanksgiving weekend has become a children's classic. It brought in $643 million globally according to Box Office MoJo, putting it in the top 10 highest grossing musical movies.

Nielsen, an audience measurement firm, reported in January that Moana was the most-watched movie on a streaming platform in the US in 2023, with over 11.3 billion minutes streamed.

With three highly popular franchises in cinemas, consumers will likely be divided between them.

Regardless of incoming competition, Paul Dergarabedian, a senior media analyst for Comscore, told Business Insider via email that the success of "Wicked" and "Gladiator II" is a "gift" to theaters after a rocky year shadowed by release delays and underperforming movies.

"It has set into motion the potential for a very strong revenue generating month of December" he said, adding that both movies were well-positioned for "long-term playability on big screens."

• Jon M. Chu's "Wicked" premiered in theaters on November 22.
• "Wicked" topped the domestic box office with an estimated $114 million.
• The film has earned an estimated $164.2 million worldwide so far.

"Wicked" is soaring at the box office.

Universal Pictures' highly anticipated — and heavily promoted — film topped the domestic box office with an estimated $114 million in ticket sales during its opening weekend. With an additional estimated $50.2 million in the international market, Deadline reported that the film has had the biggest worldwide opening for a Broadway feature adaptation.

Director Jon M. Chu's "Wicked" is a prequel to "The Wizard of Oz" that invites audiences to learn how the Wicked Witch of the West came to be. The star-studded cast includes Cynthia Erivo, Ariana Grande, Jeff Goldblum, Michelle Yeoh, Jonathan Bailey, and several other actors who bring the magical realm to the silver screen.

The Wall Street Journal reported that Universal splurged on "Wicked," spending more than $320 million to create the two-part film. While it's unclear what portion of the budget went toward marketing, the musical themes, cast, and iconic pink and green motif have been ubiquitous for months in brand partnerships, including Starbucks and Stanley cups.

"Wicked" is based on the eponymous Broadway musical inspired by Gregory Maguire's 1995 novel. This film only covers part of the musical. A second film is expected to hit theaters in November 2025.

But the witchy "Wicked" isn't the only big-budget film gaining attention this Thanksgiving week.

Ridley Scott's "Gladiator II" also debuted in American theaters on Friday, prompting movie fans to dub the phenomenon "Glicked." It's reminiscent of 2023's record-breaking blockbuster July when Greta Gerwig's "Barbie" and Christopher Nolan's "Oppenheimer" — dubbed "Barbenheimer" — both took Hollywood by storm.

"Gladiator II" also has a stacked cast with Paul Mescal, Denzel Washington, and Pedro Pascal.

The action film earned an estimated $55.5 million domestically. It debuted overseas a week earlier, however, and has so far grossed an estimated $165 million from the international market, Variety reported.