Walt Disney Studios had a much more magical earnings report than analysts had expected. The entertainment powerhouse behind Pixar, Marvel, and the world’s most trafficked theme parks logged earnings per share of $1.84, a 3% drop from $1.89 in the prior-year quarter. Disney also reported revenue of $15.3 billion, essentially flat with the year-ago period.…

The article is called No Star Wars, No Problem, and it’s true that Disney had a good quarter. But why?

The better-than-anticipated financial picture is attributable to higher broadcast revenues and the increased popularity of its parks, bright spots that off-set declines in Disney’s film division. The company faced difficult comparisons because it did not field any “Star Wars” sequel or spinoff during the holidays for the first time in four years. The lack of a “Star Wars” film also took a bite out of licensing profits.

Doesn’t that seem to suggest the opposite of the headline? The fact that other divisions of the company are covering for a loss does not mean that the loss is not there. How bad is the loss?

Disney’s film unit released the hits “Mary Poppins Returns” and “Ralph Breaks the Internet” during the final three months of 2018, as well as the box office bomb “The Nutcracker and the Four Realms.” Film revenues for the quarter decreased 27% to $1.8 billion and segment operating income decreased 63% to $309 million.

That seems bad. And note something here. Of the three films released, two were sequels to existing properties (one a sequel to a film fifty years old). Those were the hits. The bomb was a re-imagining of “The Nutcracker” that no one wanted and was critically panned.

You know what didn’t get released?

Anything new.

Now for a year of live-action remakes of earlier films, more sequels, and comic book movies?

The Renaissance is over.

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