I do agree that we are in a painful period of adjusting our expectations to a streaming landscape. Still, I think it's fair to say Captain America 4 is a disappointment.
Films like Black Panther 2, Thor 4, and GotG 3 are a good baseline for a solid Marvel gross. Not as big or successful as 7 years ago, but still solid performers. GotG 3 and BP 2 both had strong reviews and were established franchises. Thor 4 was murkier critically, but likely sailed to a comfortable gross based on Hemsworth’s goodwill and Thor 3’s popularity.
Quantumania and CA 4 were both panned by critics. This gives us important context. Both these films earned weaker grosses than the films I mentioned earlier. Drawing a connection between the weaker gross and the critical problems seems entirely reasonable.
If two poorly reviewed films have grossed in the $400-$500 million range, what could a well-constructed Marvel film gross? That tier above CA 4/Quantumania is what a good Marvel film should be aiming for. Not Deadpool 3 or No Way Home numbers, but solid performance nonetheless. There’s a middle ground between the juggernauts and CA 4/Quantumania.
Disney is going to need to accept smaller grosses in a streaming world, but I don’t think Captain America 4 is the new baseline. Disney/Marvel is in transition. Captain America 4 seems like it was impacted by the Marvel Overproduction Crisis. Thunderbolts also seems like an impending stinker. Marvel’s turnaround will need a little while longer to start having an impact. Fantastic Four is the pivot point.
Even the Walt Disney Company's CEO has acknowledged there was a quality dip:
"We've been working hard with the studio to reduce output and focus more on quality. That's particularly true with Marvel. I know you mentioned television shows. Some of what is coming up is a vestige of basically a desire in the past to increase volume. We're slowly going to decrease volume and go to probably about 2 TV series a year instead of what had become 4, and reduce our film output from maybe 4 a year to 2 to the maximum 3. And we're working hard on what that path is."
The Co-President of Marvel Studios admitted there was a quality dip:
“Maybe when you do too much, you dilute yourself a little bit... we’re not going to do that anymore. We learned our lesson. Maybe two to three films a year and one or two shows, as opposed to doing four films and four shows.”
And the Deadpool 3 director acknowledged it:
“You’d have to live under a rock not to know that the last few Marvel movies have failed to ignite the world in the way that so many did...”
There's no shame in admitting that mistakes were made. Iger has identified the root issue as overproduction. Personally, I think this is a reasonable explanation. The more projects there are the less oversight there is from the core management team. Problems can multiply rapidly without competent guidance from producers. Projects that should not have been approved for production were given the green light in order to meet the endless hunger for "content." It all makes intuitive sense.
Arguing that nothing changed over the last few years is a losing proposition.
Cap 4 was much more watchable to me than Cap 1, which put me to sleep over and over again before I finally got through it. Everyone is different.
One could quibble over details, but cannot overlook the “not my Cap” campaign, which had zero to do with the quality of the film, but definitely affected the numbers.
Similar story with The Marvels, which I enjoyed more than most Marvel movies. Maybe I’m just not that into, or sick of the usual superhero schtick/formula. I grew up with the old Superman, which was cool. But unlike many in the bro-verse, I have no trouble accepting women in the leads, and a more lighthearted feel to the film.
I only watched Marvel movies selectively, after enjoying Iron Man and then being quickly bored by Iron Man 2. Ant-Man was one of my favorites, along with Guardians. Loved the first two Ant-Man films. Saw QM right away, started out hysterical about him saving the world, took a detour into the quantum realm - ok. I tend to go with the flow, and allow for the creatives to take me where they’re going. There was the same extra bad cgi with giant Ant-Man as there was with giant Ursula in TLM. I walked out after the film with some critique (as I do with every film - our ride home is discussing them) but not thinking it was a bomb. I would have preferred less quantum realm, but I get the whole Kang thing.
Maybe because I did grow up with Superman as my baseline, everything seems somewhat impressive - although I still don’t like cgi except for backgrounds. I begrudgingly accept it as part of the way movies are made now. I don’t generally hold superhero movies in high regard. If they’re fun, they work. Not meant to be taken so seriously.
Regardless, I stand by my point that there’s not a huge swing of difference between Cap 1 and Cap 4, between Captain Marvel and The Marvels, between Ant-Man 1 and QM, or between (insert any two Marvel movies here.)