Since the MCU’s inception with 2008’s “Iron Man,” Marvel has been a consistent hit maker. It’s also the highest-grossing film franchise in history, with $31 billion across 36 films.

Before COVID, even less-beloved installments were guaranteed certain level of box office. Pre-pandemic, 19 out of its 22 films cracked $500 million globally.

But the once-Teflon brand has struggled with commercial success.

Since 2020, just 6 out of 13 films have reached the half-billion benchmark.

“Captain America: Brave New World” and 2023’s “The Marvels” and “Ant-Man and the Wasp: Quantumania” could blame their disastrous grosses on terrible reviews.

“Thunderbolts*” had favorable word-of-mouth but is yet to become profitable.

“These lower-tier comic book movies aren’t cinematic slam dunks anymore,” says Exhibitor Relations analyst Bock. “‘Thunderbolts*’ wrapping up after just a month in theaters is also a concern. These films aren’t legging out like previous iterations.”

After inundating viewers with complex, interconnected stories across film and television, Marvel is slowing down to focus on quality over quantity.

Is there an incentive to back stand-alone stories that are no longer safe bets? Or will the studio only greenlight sure things, like Avengers or Spider-Man?

The upcoming calendar is populated by heavy hitters with hefty budgets: “Avengers: Doomsday” and “Spider-Man 4” in 2026 and “Avengers: Secret Wars” in 2027.

An untitled film is set for July 2027, and “X-Men” and “Black Panther” movies are in the works. But other projects that focus on one character, like “Blade,” have been stuck in protracted limbo.

MCU major team-ups like 2021’s “Spider-Man: No Way Home” ($1.9 billion) and 2024’s “Deadpool & Wolverine” ($1.33 billion), or sequels to series-within-a-series such as “Doctor Strange in the Multiverse of Madness” ($955 million), “Thor: Love and Thunder” ($760 million), “Guardians of the Galaxy Vol. 3” ($845 million) and “Black Panther: Wakanda Forever” ($859 million).

Marvel used to thrive on the unfamiliar. When Kevin Feige assembled cinematic universe in the early aughts, X-Men and Spider-Man, Marvel’s best-known characters, had been licensed to other studios. Yet he created an enormously popular property by introducing Iron Man and Thor in stand-alone adventures and then bringing them together for “The Avengers.” Those victories emboldened Feige to place bets on dicier comic book propositions such as “Guardians of the Galaxy,” which paid off spectacularly and expanded the franchise.

But after too many confusing spinoffs and lackluster sequels, audiences seem less invested in new additions to Earth’s Mightiest Heroes.

Robert Downey Jr.

Marvel reined in spending on “Thunderbolts*,” aware that its characters hailed from the pandemic-hobbled “Black Widow” and underseen Disney+ series.

The studio’s tentpoles cost $200 million to $250 million to produce and another $120 million to $140 million to market.

“Thunderbolts” was slightly cheaper, costing $180 million to make and closer to $100 million to market.

“Studios are working hard to bring the high-end budgets down,” says Gross, an analyst with Franchise Entertainment Research. “We’re going to see less over-spending than the years after the pandemic.”

“Thunderbolts*” needed to make $425 million worldwide to break even, a figure that seems unachievable. Marvel is unique because it isn’t as encumbered as rivals by the profits or losses of single films. The company can recoup some costs through Disney+ and other home entertainment markets, to say nothing of the massive revenue streams from merchandising, theme parks and cruises.

Every film between “Avengers” installments can be viewed as a marketing tool. Disney revealed the motley crew of reformed baddies in “Thunderbolts*” will return in “Avengers: Doomsday.”