I'm not taking sides in this discussion, but I think one of the reasons for the "franchise" assumption is a
Q&A that Bob Iger gave to
Fortune Magazine in 2008. Here's an extract, in which I've highlighted the part that pertains to this thread:
Fortune: One of the decisions you made was to change the approach to managing these big franchises.
Iger: That was the result of a belief that these great character franchises were all brands unto themselves. But nobody was really managing those brands, and decisions were being made in a vacuum. So if we determine that "Toy Story" is a real franchise for the company, then "Toy Story" should get made. Now, you still have to have a great story and great execution - and in the absence of that, you shouldn't make it. And not everything has to be a franchise. I was recently asked whether "Ratatouille" was a franchise. I said no: "Ratatouille" is an extremely good animated film and will be a classic unto itself, but it is not a franchise. You are not going to see "Ratatouille" attractions in parks. When you look at "Toy Story," we're making our third film, we're opening two Toy Story Mania attractions at parks this summer, we have a very strong consumer products line, we have a "Toy Story" musical opening on the cruise line, we have a game in development - that's a franchise.