It’s been nearly six years since Pixar captivated audiences with the vibrant and heartfelt story of 'Coco', which soared to almost $800 million worldwide. Yet, few could have predicted that this success would be eclipsed by a steep decline in interest for original animated films.

Pixar's latest offering, 'Elio', which premiered over the June 20-22 weekend, crashed and burned at the box office. The film, revolving around an orphaned boy yearning to be taken by aliens, opened with a paltry $20.8 million in the U.S. and $14 million internationally, marking a record low for the iconic studio co-founded by Steve Jobs.

Despite Disney executives projecting optimism about 'Elio's' potential to rebound—citing the growth trajectory of 'Elemental', which went from a modest $29.6 million debut to nearly $500 million globally—behind closed doors, industry insiders aren't shy about acknowledging this grim reality; projections suggest 'Elio' might not even reach $300 million.

However, this setback doesn’t spell doom for Pixar's commitment to original storytelling. In fact, industry sources indicate that 'Elio' highlights a strategic pivot already underway at the studio. Disney is focusing on a more balanced approach of sequels alongside fresh narratives, with leadership advocating for franchise potential even in initially standalone projects, as seen with 'Inside Out' and 'Coco'.

Engaging audiences anew, the highly anticipated sequel 'Inside Out 2' is set to hit theaters in June 2024, aiming for astronomical box office records—after all, Pixar’s legacy has included several multi-billion dollar franchises.

'Elio' marks the sixth original Pixar film since 2020, following hits like 'Luca' and 'Turning Red'. With 'Hoppers' and 'Toy Story 5' lined up for 2026, along with more sequels on the horizon, Pixar's blend of originality and franchise-building continues.

Though Pixar has historically been cautious about diving headlong into sequels, they've learned to navigate the ever-changing landscape of animation. Disney's other animation wing, primarily known for hits like 'Frozen' and 'Moana', has also thrived with original content despite market challenges.

In a landscape dominated by franchises, 'Elio' has struggled to compete, coming out just before major titles like 'How to Train Your Dragon'. The film's target audience skewed younger, which may have alienated a broader viewer base—something that concerns analysts.

As the box office recovery post-pandemic unfolds, PG-rated films have fared well, but not without the backing of established franchises. As 'Elio' aims for a resurgence, analysts stress it will need exceptional word-of-mouth and strong reviews to maintain momentum.

A film insider notes that while 'Elio's' opening numbers may not reflect its creative ambition, it serves as a testament to Pixar's enduring belief in original storytelling. As they forge ahead, Pixar remains committed to creating resonant stories that connect across generations, suggesting that the studio isn't giving up on originality but seeking enhanced ways to launch it—while still holding beloved characters close.