I think superhero fatigue is real and a bit underestimated, at least outside the US.
Of course, I can't speak for every territory, but in France, superheroes have never had the same cultural impact as in their country of origin. DC, in particular, has struggled with consistent publishing. Some titles were available in the early 90s thanks to Burton's Batman films and BTAS, but it wasn't until the 2010s and the golden age of CBMs that a publisher fully committed to the DC lineup.
Now, even that momentum seems to be fading. Sales are apparently down, and the publisher is diversifying beyond superheroes. This shift reflects a sense of weariness, which can be correlated with less federative films, but not only...
While I do believe the DCU can still thrive, I think studios, and everyone else for that matter, should adjust expectations of seeing numbers like in the 2010s. It was a special moment, and whatever anyone says, there was a trend effect. And trends come and go for various reasons.
I also firmly believe in a generational effect: the children of the 2000s who grew up with the MCU are now reaching an age where they may have other priorities, and today's youth, which will always be the main target of these films, seems more interested in manga and anime. In any case, it's the situation here.
When it comes to Superman, it should be said that his popularity in France always have been more symbolic than active—recognizable, but not a major draw. The 1978 Superman remains his top-grossing film with $2.6M, while Man of Steel made $2.3M. Batman and Spider-Man perform far better, with some films reaching $4M and $7M respectively.
James Gunn’s Superman made $1.3M— it's not a flop, but it's modest. That said, thanks to good reviews and a favorable reception from audiences, the saga should be on track to improve on those figures. But it's important to remain aware of its true potential, given everything I've tried to summarize here.
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As long as studios keep a cool head and continue to produce films where passion takes priority over the profit motive (which can't be denied), it should be enough to keep things alive.
However, I think it would be a good idea to scale back production budgets as these movies, in my opinion, don't need to be that expensive. A franchise where each installment generates around $500 to $600 million should be considered a success and this consistency should be the new goal.
