Thanks to the 2023 Hollywood strikes, the only movie released by Marvel this year was the hit Deadpool & Wolverine which was accompanied by a mixed bag of streaming shows. Echo released in January to lukewarm reviews whilst Halloween-themed Agatha All Along is currently streaming and has a critics score of 83% on Rotten Tomatoes with audiences awarding it 81%.

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The loss of Majors so far seems to have been a dream ticket. At Disney's D23 convention in August it announced to thunderous applause that the antagonist of the upcoming Avengers films would instead be Marvel's classic Doctor Doom character who will be played by Oscar-winner Robert Downey Jr. Although the announcement appears to have reignited interest in Marvel's movies, there is still no guarantee that its upcoming Avengers films will succeed.

In contrast to many other streaming shows, the popularity of Loki's second season held steady throughout its run with each of its six episodes racking up more than 11 million views during their premiere weeks. It went out with a bang as the finale attracted 11.2 million global views over three-days, which was 3% up on its first episode over the same period.

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Disney doesn't discuss the cost of individual productions and did not respond to an opportunity to comment. Budgets of television shows are usually a closely-guarded secret as all studios tend to absorb the cost of individual programmes in their overall expenses. However, ones which are filmed in the United Kingdom are exceptions and that includes the second season of Loki.

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It gives it total costs of $167.1 million (£142.5 million) which comes to $562,626 per minute and a staggering $33.8 million per hour – far more than the $1.3 million (£1 million) minimum hourly spend required in order to claim the reimbursement. Every penny counts.

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Disney has revealed that the second season of its streaming series about iconic anti-hero Loki cost $167.1 million (£142.5 million) to make with $38.7 million (£31.9 million) spent on post-production alone during the year before it debuted.

Next year sees the launch of streaming shows based on Marvel's Daredevil and Ironheart characters as well as a whopping three feature films. Despite Iger's desire to scale back, Marvel will release The Fantastic Four: First Steps, Thunderbolts* and Captain America: Brave New World. Trailers for the latter two movies have been released with our Forbes.com colleague Paul Tassi reporting that Thunderbolts* "has a steep hill to climb" whilst Captain America: Brave New World "looks solid enough, albeit nothing too jaw-dropping."

The filings reveal that the final cost of the second Loki season was in line with the budget and this wasn't just thanks to cost containment. The show received a $33.4 million (£28.5 million) reimbursement bringing its net spending down to $133.7 million which is still a huge sum. It explains why Disney's chief executive Bob Iger said in February last year that the studio needs to "reduce costs on everything that we make because, while we're extremely proud of what's on the screen, it's gotten to a point where it's extraordinarily expensive."

To qualify for the reimbursement, at least 10% of core production costs need to relate to activities in the UK. In order to demonstrate this to the government, studios tend to set up a separate production company in the UK for each show they make there. Each one has to file financial statements which reveal precisely how much was spent on the production. The filings show everything from the headcount and salaries to the total costs and the level of cash reimbursement.

The series filmed in the UK where the production crew had the challenge of recreating multiple eras ... [+] for the time-travel drama

The companies usually have code names so that they don’t raise attention with fans when filing for permits to film on location. Season 2 of Loki was made by Disney's subsidiary Limbo Productions I UK which is a nod to the title character being stuck outside his actual era.

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More than 7,000 job cuts and $7.5 billion of cost cuts followed, but even that wasn't enough. In July last year, Iger told CNBC that Disney was slowing down when it comes to making movies and streaming series for its Marvel and Star Wars franchises. "You pull back not just to focus, but also as part of our cost containment initiative. Spending less on what we make, and making less," he said.

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Filming in an actual Oklahoma McDonald's built in that era might have saved money on that scene but Marvel more than compensated for this. Studios film in the UK to benefit from the government's Audio-Visual Expenditure Credit (AVEC) which gives them a cash reimbursement of up to 25.5% of the money they spend in the country.

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Their budget is expected to be far higher than that of the second season of Loki so Marvel may have it's work cut out for it when it comes to making a profit on them.

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The latest Screen Business report from the British Film Institute (BFI) revealed that productions with a budget of more than $65.3 million (£50 million) typically spend 11.7% of their costs on construction; 9.8% on travel and transport; 9.7% on locations; 6.5% on hospitality and catering; 4.2% on business supplies; 3.1% on local labor; 2.3% on music and performing arts; 2.2% on fashion and beauty; and 2.1% on digital services.

The show was released in October last year and stars Tom Hiddleston as Marvel Studios' eponymous god of mischief. He is joined by Owen Wilson and Oscar-winning Indiana Jones actor Ke Huy Quan who team up to stop a time-travelling conqueror called Kang, played by Jonathan Majors. It was Majors' last role for Disney before the studio dropped him when he was found guilty of assaulting his ex-girlfriend.

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Its latest financial statements are for the year to October 31, 2023 which was a few weeks after the debut of the show so they give an almost-complete picture of its costs. As we revealed last year, its previous financial statements showed that £110.6 million had been spent on the show to the end of October 2022, when filming wrapped. The latest filings reveal that a further £31.9 million was spent during the following year when post-production took place.

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No expense was spared and the sets even included a full-size replica of a 1982 McDonald's from Broxton, Oklahoma, which was filmed in a former restaurant building in England. Marvel worked with McDonald's archivist Mike Bullington to ensure the set decorations were as accurate as possible and it shipped in genuine fittings from the era such as cash registers and straw dispensers.

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Furthermore, although Quantumania didn't pack a powerful punch, Loki 2 cast a spell on audiences despite being released just a few weeks before Majors' trial began. The season-opener was the the second most-watched premiere last year on Disney+, behind the debut of Star Wars spinoff The Mandalorian. Loki 2 debuted with 10.9 million views in its first three days, according to Disney which defines a view as total stream time divided by runtime, a measure which leading streamer Netflix has also embraced.

The series was a fan-favorite with audiences awarding it 82% on review aggregator Rotten Tomatoes and critics giving it the same score. It didn't come cheap.

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It forced Marvel to rethink its upcoming slate as Kang was being lined up as the main villain of the next Avengers superhero team-ups. The charges against him could end up being a blessing in disguise as interest in Marvel's movies has been waning with one of its biggest flops of 2023 being Ant-Man and the Wasp: Quantumania which introduced Kang and lost an estimated $92 million at the box office as we revealed.

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Downey Jr. is famous for playing armored Avenger Iron Man and his billionaire alter-ego Tony Stark in Marvel's movies. Indeed, he is so closely connected to the character that on reading the news about his villainous new role on his Instagram page, his former Marvel co-star Gwyneth Paltrow posted a reply saying "I don’t get it, are you a baddie now?"

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It was shot at the historic Pinewood Studios outside London and on location across the UK. Its time-traveling premise required the crew to recreate locations from different times as well as places.

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