Wednesday, December 16, 2015

Star Wars & Disney - The business of storytelling

http://www.economist.com/news/leaders/21684156-how-one-company-came-master-business-storytelling-star-wars-disney-and-myth-making


But these days myths are also expected to take physical form as toys, merchandise and theme-park rides. This is the third myth-making ingredient. Again, Walt Disney led the way, licensing Mickey Mouse and other characters starting in the 1930s, and opening the original Disneyland park in 1955. Mr Lucas took cinema-related merchandise into a new dimension, accepting a pay cut as director in return for all the merchandising rights to Star Wars—a deal that was to earn him billions. Those rights now belong to Disney, and it is making the most of them: sales of “The Force Awakens” merchandise, from toys to clothing, are expected to be worth up to $5 billion alone in the coming year. In all, more than $32 billion-worth of Star Wars merchandise has been sold since 1977, according to NPD Group, a market-research firm. Even Harry Potter and James Bond are scruffy-looking nerf-herders by comparison.