By my reckoning the biggest problem that Marvel Studios faces is less sequels or superhero fatigue – something I’m not at all convinced exists – than runaway production costs.

Some might tell you that interest has waned in superhero films, which is blatantly not true (particularly when it comes to Marvel Studios, though DC Films…the jury’s still out) though it’s something that should be looked at bit closer, starting with Ant-Man and the Wasp: Quantumania (2018).

That movie earned almost half a billion dollars ($463,635,303) at the box office, so the problem is less one of earnings (though it is the lowest of three Ant-man movies) than a $200 million budget (which, according to some sources was SIGNIFICANTLY higher)!?

And there’s The Marvels

It earned almost as much as Ant-Man and the Wasp: Quantumania cost to produce ($199,706,250).

That’s A LOT of money though let’s look at the production budget (how much it cost to make), which is $274 million.

Which brings the same question.

Never mind none of the featured heroes (Ms. Marvel, Captain Marvel and Photon) were particularly popular with the public (Captain Marvel (2019) earned over a billion dollars, which always interested me because it’s not a great movie) but they spent almost $300 million on it, which is a bit insane.

A $150 million production spend was more within the realm of reality (and even then it would have flopped, but not nearly as badly).

Then there’s Thor: Love and Thunder (2022), which is the worst Marvel movie yet (mainly because someone had the great idea that Taika Waititi should be left to his own devices so he could fill the movie with as much cringy humor as he could shoehorn in).

So if a movie were destined to bring some of that mythical superhero fatigue to the fore, it would be this one.

But guess what? Thor: Love And Thunder was successful despite not being a great movie (or having a $250 million budget).

Part of that has something to do with the prior movie, Thor: Ragnarok (2017), being so well-received combined with Chris Hemsworth’s depiction of the character connecting with audiences though the primary lesson here is that it’s crucial that Marvel Studios’ lower tier characters are budgeted more realistically.

For instance, I think Shaman (from Alpha Flight – and speaking of which, when are we getting an Alpha Flight movie!?) is awesome but would you spend $200 million on a solo movie featuring the character?

Not if you’re in your right mind (even if he had been introduced prior).

So until Marvel Studios right-sizes their budgets, particularly for less-well-known characters, the halcyon days of bonkers profits might be over.