The encyclopedia · Product & Design · Product decision · 2007–2012
John Carter: Disney's $307M film that became a $200M write-down
Disney's Mars epic cost $306.6M gross ($263.7M net), grossed $284.1M worldwide — and Disney wrote down $200M within two weeks.
Walt Disney Pictures · 2012-03-09
What happened
John Carter — Disney's adaptation of Edgar Rice Burroughs' century-old novel, directed by Pixar's Andrew Stanton — was meant to launch a new franchise. Disney claimed the budget was $250 million; tax returns released in 2014 revealed the true gross cost was $306.6 million, $263.7 million net of UK tax credits.
Released March 9, 2012 to lukewarm reviews and a soft opening, it grossed $284.1 million worldwide — less than the film's net cost, and far below what a franchise launch needed. Within two weeks of release, Disney took a $200 million write-down on the film.
The failure hit Disney's financials directly: the Studio Entertainment division swung to an $84 million operating loss in the quarter ending March 2012, 'primarily' due to John Carter. The franchise never launched — and the film's marketing, famously bland and characterless, became a case study in how to bury a $300 million bet.
Why it happened
- The budget was set by franchise ambition, not by the property: a century-old, little-known novel needed a $306.6M launch bet, and the film had to be a hit on opening weekend.
- The marketing never explained the movie: the campaign hid the premise and the star, and early tracking was 'shockingly soft' — a $300M film opened on $30.1M because nobody knew what it was.
- Disney treated it as a sure thing: Pixar's director, a beloved source, and a Christmas-season greenlight with no market test — the $200M write-down within two weeks showed the studio had no plan B.
The lesson
A $300M launch bet needs a $300M marketing idea: John Carter's campaign hid the movie it was selling, and a film audiences could not understand opened to $30.1M.
Sources
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