It was a decision that was filled with risks, and Disney are admitting that The Chronicles of Narnia: Prince Caspian may have been released at a time that was too competitive. Released May 16, 2008, two weeks after Iron Man and a week before Memorial Day and the subsequent release of Indiana Jones and the Kingdom of the Crystal Skull, the sequel to The Lion, The Witch and the Wardrobe was always going to face a tough road.

According to THR, Disney CEO Robert Iger, speaking at the Bernstein Strategic Decisions Conference in New York last Wednesday, said that Prince Caspian is a better movie than the first installment, but as a result of its release date, audiences are overlooking it.

Disney made the choice to delay the film until May due to the release of Sony Pictures The Water Horse: Legend of the Deep during the Christmas holidays, their original aim for Prince Caspian. The sequel to a movie that featured a cameo from Father Christmas, Prince Caspian seemed a perfect choice for a Christmas holiday opening. Competing with The Water Horse probably would have seen it come out on top, especially considering the fan base Narnia has behind it.

It gets worse for Disney, when you compare the amount that The Water Horse made ($102.6 million), to The Lion, The Witch and the Wardrobe‘s $744.8 million during its run. Sadly, due to its untimely release — which not only saw it go up against Iron Man and Indy 4 and now Sex and the City, Prince Caspian has only managed to take in an estimated $115.6 million.

Hopefully Disney will learn from their mistakes for future releases, in particular the May 7, 2010 release of The Chronicles of Narnia: Voyage of the Dawn Treader. With any luck, that movie will move to a December 2009 release date!