Although it hasn’t been quite seven years since he last engaged in such an in-depth interview, it is still uncommon for Feige to share insights of this magnitude and openness. After some light-hearted small talk, during which Marvel’s chief creative officer shared his thoughts on DC Studios’ upcoming “Superman” project (more on that shortly), Feige clearly articulated why he chose to spend the Friday prior to the premiere of “The Unbelievable 4: First Steps” — the 37th film and the 54th title overall within the MCU — discussing these topics on the record.

“We produced a staggering 50 hours of storytelling between 2007 and 2019,” Feige stated. However, in the six years following the conclusion of “Avengers: Endgame,” which marked the end of the Infinity Saga, “we’ve generated well over 100 hours of content — in half that time. That’s an excessive amount of.” In fact, when including animation, the Marvel Multiverse Saga encompasses an impressive total of 127 hours of content.

After the events of “Endgame,” Feige mentioned that the company entered a phase of “experimentation” and “evolution” regarding the types of films being produced, leading to projects like “Eternals” and “Shang-Chi and the Legend of the Ten Rings.” “I’ve always believed that if you achieve success and don’t take risks with it, then it’s not worth the effort,” he remarked. “What we also ended up focusing on, due to the rise of Disney+, was expansion — and it’s this expansion that I believe led audiences to ponder, ‘It was enjoyable, but now do I have to understand everything about all of these projects?’”

As a result, Feige posits that the widely reported challenges Marvel has faced in recent years stem from an oversupply of content rather than a sudden decline in demand. “Look at ‘Superman,’” he mentioned, referring to the successful film that debuted to $125 million domestically and has since grossed $407 million globally. “It’s clearly not superhero fatigue, right?”

(“I enjoyed it quite a bit,” Feige added regarding the DC film. “I appreciate how it jumps right into the story. Don’t know who Mister Terrific is? Tough luck, you’ll figure it out. It presents a fully developed world.”)

Feige explained that, as has been reiterated by Disney CEO Robert Iger on multiple occasions, Marvel’s significant increase in production volume has stretched the relatively small team of executives too thin to maintain quality.

“For the first time ever, quantity has overshadowed quality,” Feige stated. “We dedicated 12 years to crafting the Infinity Saga, assuring that this would never happen to us. We consistently had more characters than we could possibly depict because we weren’t aiming to produce a film every month. Suddenly, a mandate emerged to increase output. And we thought, ‘Well, we do have more.’”

Starting in 2023, audiences began to lose interest in Marvel’s offerings on both the big and small screens. As Variety reported in June, only three of the 22 films within the Infinity Saga grossed less than $500 million worldwide. Since the pandemic, however, seven out of 13 films in the MCU have failed to reach that financial milestone. Viewership for Marvel’s streaming series has also seen a steady decline, according to data from Luminate. Most recently, “Thunderbolts*,” which received some of the best reviews Marvel has garnered in years, has only grossed $380 million globally.

“‘Thunderbolts*’ was a film I found to be exceptionally well-crafted,” Feige stated. “However, many viewers were unfamiliar with that title, and numerous characters were derived from a [TV] show. Some [audiences] viewers were still under the impression that, ‘I guess I needed to have seen these other shows to understand who this is.’ When you actually watched the film, that wouldn’t be the case, and we ensured the film was designed so that understanding wasn’t necessary. However, I believe we still need to ensure the audience grasps that.”

To address these concerns, Feige dedicated an hour to discussing various topics including budgets, television schedules, the greenlighting of projects, and the potential return of characters like Miles Morales, Ms. Marvel, and Charlize Theron in future installments. He also provided an update on the status of “Blade,” featuring Mahershala Ali, and confirmed widespread fan speculation that 2027’s “Avengers: Secret Wars” will not only wrap up the Multiverse Saga but also serve as a “reset” for the entire MCU, including a brand new cast for the forthcoming “X-Men” films.

Anticipate a Significant Reduction in Television Content

Marvel’s feature film output is set to decrease to a maximum of three films per year, a pace that the MCU first achieved in 2017. However, its television output is slowing even further, with typically only one live-action series being produced annually. Moreover, the shows that are eventually created may have significantly less overlap with the feature films, aiming to alleviate audience expectations that they must view every single project to keep up with the unfolding events within the MCU.

For instance, Feige referenced the Marvel television series from the 2010s — such as “Daredevil” and “Jessica Jones” on Netflix, as well as “Agents of S.H.I.E.L.D.” and “Agent Carter” on ABC — which were produced by a separate, now-defunct division of Marvel Entertainment, thus maintaining only a tenuous connection to the MCU (if any at all).

“I believe we are returning to a model where a television show is allowed to exist as a television show,” he remarked. When asked if the events at the conclusion of “Thunderbolts*” — when much of Manhattan was enveloped in a dark shroud of depressing nothingness — would influence Season 2 of the NYC-based Disney+ series “Daredevil: Born Again,” Feige provided a straightforward response: “No.”

At the same time, the boundary between film and television is not rigid. Jon Bernthal will reprise his role as the Punisher from “Daredevil: Born Again” in both an upcoming television special and alongside Tom Holland in 2026’s “Spider-Man: Brand New Day.”

“Where we have exceptional actors portraying remarkable characters, I think it could be fun to see them in multiple venues,” Feige stated. “However, the overall output will be significantly reduced.”

This reduction also meant that two of Marvel’s television projects have been shelved for over a year after their completion: “Ironheart,” featuring Dominque Thorne, which wrapped up in early July, and “Wonder Man,” starring Yahya Abdul-Mateen II, set to premiere in December. This is not a situation Feige is eager to repeat.

“I dislike it when projects languish on shelves,” he said. “It’s frustrating.” The delay was particularly challenging for “Wonder Man,” which follows an aspiring actor (Abdul-Mateen) with hidden superpowers as he strives to secure a role in a television series depicting a superhero. Feige, who was donning a “Wonder Man” baseball cap, pointed out that Marvel completed the show prior to HBO Max’s 2024 comic book film parody “The Franchise” and Apple TV+’s 2025 Hollywood satire “The Studio.” However, it now appears they are following trends rather than leading them.

Diversity Remains a Priority, but Don’t Expect Miles Morales Anytime Soon

Since the phenomenal success of 2018’s “Black Panther,” Marvel has made a concerted effort to create projects that spotlight women, people of color, and LGBTQ+ characters. These titles include “Captain Marvel,” “Black Widow,” “Shang-Chi,” “Eternals,” “The Marvels,” and “Captain America: Brave New World” in film, as well as “WandaVision,” “Ms. Marvel,” “She-Hulk: Attorney at Law,” “Secret Invasion,” “Echo,” and “Agatha All Along” on television. While several of these projects have achieved success, both commercially and critically, many others have not. More importantly, with Marvel’s decision to significantly reduce its output, the future of many of these characters within the MCU remains uncertain.

When pressed on this matter, Feige seemed unconcerned. “Marvel reflects the world outside your window,” he stated. “I’ve always maintained this perspective, both before and after the terms DEI and woke became prevalent in conversation — are we progressing? I don’t think so.” He highlighted “Ms. Marvel” and “The Marvels” star Iman Vellani as “one of the best casting choices we’ve ever made,” adding, “I can’t wait to see her in more projects.”

The future of these characters is much less clear. At the conclusion of “The Marvels,” Vellani’s Kamala Khan appeared to recruit Hailee Steinfeld’s Kate Bishop to join a young superhero team, but Feige sidestepped a question about whether a “Young Avengers” project — whether as a film, television series, or TV special — is on the horizon.

“Potentially,” he said. “If so, it will come down to where the best story lies and what unique alchemy can emerge. Who would be exciting to see interact with one another, as that’s what the Young Avengers represent, while also mixing it up in different ways.”

Feige was more definitive regarding the anticipated Marvel character — Spider-Man’s Miles Morales — appearing in the MCU anytime soon. “That’s nowhere,” he stated. Until Sony Pictures, which holds the film rights to the character, concludes its animated Miles trilogy with 2027’s “Spider-Man: Beyond the Spider-Verse,” Feige explained, “We’ve been instructed to stay away.”

The Marvel Approach is Here to Stay — Just Less Expensive

DC Studios’ co-chief James Gunn has repeatedly asserted that he will only greenlight projects with a complete script. This stands in stark contrast to Marvel Studios, which has often announced projects, complete with release dates, before hiring a writer, let alone finishing a script, and is famously known for reworking films throughout the filmmaking process. “The Unbelievable 4” star Ebon Moss-Bachrach recently conveyed to Variety that he didn’t believe “the script was fully ready” when the cast began three weeks of rehearsal prior to filming, stating, “so we were somewhat workshopping the movie in a manner.”

However, Feige took issue with both the comparison between Gunn’s directives at DC and Marvel’s methodology, as well as the suggestion that Marvel needed to overhaul how it produces its projects. “We’ve never commenced a film without a complete script, and I have never been satisfied with a script we’ve had,” he stated. “I’ve never been satisfied with a film we’ve released.”

He defended Marvel’s practice of “plussing” projects “at every turn” during production — a term from the art world referring to striving for incremental improvements, which Feige attributed to Walt Disney. “Actors, whether portraying these characters for the first or second time or playing them for the tenth or twelfth time, are the best in the world at what they do and have such a deep understanding of these characters,” Feige stated. “If they have an idea, you need to listen to it, adapt to it, and enhance it. I wouldn’t want to change that.”

Feige continued, “I know there are filmmakers — James in my experience isn’t one of them; maybe he is now — who say, ‘If you want to be part of my film, you simply say the lines and keep available your entire schedule in case we need you.’ We have so many actors, we can’t do that. We don’t operate that way. We provide individuals with a timeframe and adhere to that timeframe.”

Marvel has also shifted its strategy regarding at least one major aspect of its films: their budgets. Following the inflation of budgets post-“Endgame” — partly due to the pandemic and partly due to the perceived need to deliver a certain level of spectacle — the studio “began scaling down the budgets” in 2023. Feige noted that Marvel films from “Deadpool & Wolverine” through “The Unbelievable 4” “are around a third cheaper than they were two years ago.”

Feige mentioned that Marvel executives even consulted with the teams behind the 2023 sci-fi epic “The Creator,” which director Gareth Edwards accomplished for a remarkably low $80 million, to learn how they managed to do so.

“I think everyone is in that mindset, at least at Disney,” Feige stated regarding the current trend of cost-cutting. “I believe things need to improve. Will AI play a role in that? I’m not sure.”

The Future of the MCU Lies Beyond Hollywood

Don’t expect the Avengers to establish their base in Los Angeles anytime soon. The superhero team’s next two ventures, “Doomsday” and “Secret Wars,” are being produced at London’s Pinewood Studios, following a trend where big-budget Hollywood films are relocating to the UK. This shift has raised concerns within the industry regarding runaway production — an issue that President Trump briefly addressed when he proposed imposing tariffs on foreign-made blockbusters.

Feige explained that the decision to film the new movies abroad, as opposed to in Georgia, where many previous Marvel films were shot, was primarily due to space availability, not just the UK’s generous subsidies.

“There was a time, which isn’t the case now, but there was a time when we struck that deal…five to six years ago, when everyone was competing for stage space amid the significant expansion not just for us but for everyone,” Feige noted, referencing the surge in production that followed the streaming revolution. “So, we had the opportunity to secure Pinewood, which is why many of our films will be produced there for the foreseeable future.”

He anticipated that future Marvel films could eventually be shot in the United States, particularly in production hubs like Georgia and New York, which offer more competitive film incentives than California, where a new $750 million production tax credit has recently been approved.

“My career of making these large films, very few of them since the Phase One films have been made here, and they moved because of costs,” Feige stated. There’s one exception, however. “Wonder Man,” which is set in Hollywood, was filmed in the entertainment capital.

Kang is Out, But What About Charlize Theron and the Eternals?

In March 2023, just a month after Jonathan Majors portrayed the archvillain Kang the Conqueror in “Ant-Man and the Wasp: Quantumania,” the actor was arrested for assault and harassment against his then-girlfriend, Grace Jabbari. Kang had been heralded as the Thanos of the Multiverse Saga and was slated to headline his own film in “Avengers: The Kang Dynasty,” which would set the stage for “Secret Wars.” However, on the day Majors was convicted on two misdemeanor counts of harassment and assault, Marvel announced it was parting ways with the actor; the following July, the studio confirmed that Robert Downey Jr. would return to the MCU to portray the even more formidable archvillain Doctor Doom in what had been retitled “Avengers: Doomsday.”

Yet, on Friday, Feige disclosed that the studio had grown cautious about Kang’s viability as a character even before “Quantumania” reached theaters.

“We started to realize that Kang wasn’t substantial enough, wasn’t Thanos-level material, and that there was only one character that could occupy that space, as he had in the comics for decades,” he explained. “We began discussions about Doctor Doom even before we officially pivoted from Kang. In fact, I had started talking with Robert about this audacious concept even before ‘Ant-Man 3’ premiered.”

While Kang’s future (or lack thereof) in the MCU is evident, Feige was much more circumspect regarding the potential return of other A-list MCU cameos — such as Charlize Theron’s Clea, Brett Goldstein’s Hercules, Harry Styles’ Starfox, and Sacha Baron Cohen’s Mephisto — in future projects.

“Do you want to see them again?” Feige asked playfully.

When a reporter mentioned that including these characters implies a promise of their return in the future, Feige referenced the return of Tim Blake Nelson’s character Samuel Sterns from 2008’s “The Incredible Hulk” in 2025’s “Captain America: Brave New World,” and Rolf Saxon’s character William Donloe from 1996’s “Mission: Impossible” in 2025’s “Mission: Impossible – The Final Reckoning.”

“That’s amusing to me,” he remarked. “So let’s talk again in 12 years and see who returns.”

What about significant characters like Moon Knight or the Eternals — will they reappear?

“I can’t say it’s any of the specific ones you just named, but yes, that’s part of the plan: Characters we’ve introduced post-‘Endgame’ will return in some of the upcoming films and beyond,” Feige confirmed. “The fun of the comics is seeing anyone pop up anywhere.”

Perhaps the most intriguing moment during the interview occurred when a reporter inquired about how often Marvel plans to produce films focusing on a single character, similar to “Shang-Chi,” rather than large ensemble pieces. “We were discussing a structure for an upcoming post-‘Secret Wars’ film that I won’t name,” he stated. “But I will say, like ‘Shang-Chi,’ [it’s] about exploring what genres we haven’t tackled and how this film could embody that genre by focusing on a singular narrative we haven’t seen in a while.” Let the internet speculation begin!

What Feige is Watching and His Own Future Plans

Dressed in a “Unbelievable 4” hoodie and seated next to a giant, $80 Galactus popcorn bucket, Feige took a moment to celebrate the return of Marvel’s First Family to the MCU, made possible by Disney’s acquisition of 20th Century Fox in 2019. “They should be A-listers,” he emphasized. “There have been perhaps good ‘Unbelievable 4’ films or not-so-good ‘Unbelievable 4’ films, but nothing that truly showcased what they are capable of.” (Feige also hinted that the four lead actors from the unreleased 1994 “Unbelievable 4” film executive produced by Roger Corman all have cameos in the new project.)

He expressed particular enthusiasm for the retro-future aesthetic of “The Unbelievable 4,” highlighting how the film embodies the company’s efforts to create projects that are not intimidating to casual Marvel fans. “We have always planned, even before that became a talking point, to introduce them in their own universe where they stand alone as the only heroes,” Feige stated. “It’s a no-homework-required film. It truly should not be connected to anything we’ve previously created.”

One potential indicator of the direction the MCU may take in the future lies in Feige’s recent viewing habits. When asked what he has been watching lately, Feige shared that he has been revisiting classic films each night, primarily from the 1930s and 1940s, such as the noir thriller “The Big Clock” featuring Ray Milland and Charles Laughton, the legal drama “Lawyer Man” with William Powell, and the Western “Dodge City” starring Errol Flynn and Olivia de Havilland. “[It’s] a reminder of what cinema is and what the experience of watching films means to audiences,” he stated. “Everything old is new again, by the way. That’s another reason I revisit these classic films.”

As for his own future at Marvel, Feige seems to be keeping his options open. “Succession is a hot topic at the Disney company,” he mentioned, alluding to Iger’s impending departure as Disney’s CEO. “We always discuss succession, even within divisions, I believe for that reason. Do I want to be making large films for huge audiences in 10 or 15 years? Yes, absolutely. That’s all I want to do. Marvel is a fantastic avenue for me to achieve that right now, but I hope to create significant films for a wide audience for a long time to come.”