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One of the key factors that skew perceived costs is how studios navigate tax incentives. Disney, like other major studios, "maxes out" its tax credits by filming in multiple locations—here, in the UK and Italy—to offset expenses. This is akin to booking a restaurant reservation for four to secure a table, even if fewer guests show up; the studio "maxes out" its applicable credits, reducing the net cash spent out-of-pocket.
After incorporating these credits, Disney's net film expenditure was reduced from the gross $380 million to about $300 million. While substantial, this figure is still staggering when compared to box office receipts, and it doesn’t include additional costs like marketing.