Box office takes a dive
Modest weekend ticket sales for both Snake Eyes and Old tough on industry
North American theatres had their second straight weekend of falling ticket sales, with a modest turnout for a new instalment of the G.I. Joe franchise, called Snake Eyes, and Old, an M. Night Shyamalan horror film.
The two movies generated about $30 million combined, according to estimates from Comscore Inc., in line with the industry estimate. That total is slightly less than what Space Jam: A New Legacy made in its debut the previous weekend and half what Walt Disney Co.'s Black Widow took in two weeks prior.
The industry is struggling to maintain momentum and recover from the effects of the coronavirus pandemic.
Earlier in July, it appeared that a slate of potential blockbusters might spark a triumphant return. But the recovery has slowed, with many moviegoers taking advantage of online viewing opportunities for new features and watching at home in large numbers.
“Studios are still testing the waters with smaller releases, shorter windows and hybrid strategies,” Geetha Ranganathan, a Bloomberg Intelligence analyst, said in a note.
Both Old and Snake Eyes are premièring exclusively in theatres. That's unusual for the pandemic era: Studios have chosen to release many of their 2021 films online and in theatres at the same times.
The National Association of Theatre Owners excoriated Disney in recent days for releasing the big Marvel picture Black Widow online, saying it's hurt revenue for the entire industry. Domestic box office sales for the summer were down 77 per cent from 2019 levels to around $978 million, according to Box Office Mojo, an industry tracker. (All figures in U.S. dollars.)
Both of weekend's new releases were delayed by the closing of cinemas during the pandemic.
Old, about a beach where people age extremely quickly, led the box office this weekend with $16.5 million sales in North America.
With poor reviews and about 15 per cent of U.S. theatres closed, Snake Eyes ranked No. 2 this weekend, with $13.4 million opening sales. That's far less than the other movies in the franchise.
Warner Bros.' new Space Jam instalment featuring Lebron James, fell to No. 4, with $9.56 million sales in its second weekend. Black Widow took the third spot.
Fears about the virus and mask mandates have made it tough to fill auditoriums. Cinemas are dependent on new releases.
Domestic box office receipts for the top 10 pictures over the weekend declined about 27 per cent, to $66 million from almost $90 million the previous weekend.