Bitten by falling returns
> Hollywood’s obsession with movie sequels and franchises is costing studios millions as they fall short at the domestic and international box office
RECENT movie releases showed that Hollywood is pumping out franchises and sequels like original concepts never existed.
We’ve had Pirates of the Caribbean 5: Salazar’s Revenge, Transformers 5: The Last Knight, The Mummy, Cars 3, King Arthur: Legend of the Sword, Baywatch, Alien: Covenant and Despicable Me 3, all within just two months.
Each of these has underperformed to some degree in the United States, failing to match the only two blockbusters that have managed to do notably well this summer – Wonder Woman and Guardians of the Galaxy Vol 2.
The current state of cinema was brought to a head over the weekend with the release of Despicable Me 3, with the sequel opening to US$72.4 million (RM311.6 million), down from an expected US$85 million (RM365.8 million), and below both Despicable Me 2 and spinoff Minions, according to The Hollywood Reporter.
While hardly a bomb, the below-expected domestic result – plus summer revenue being down 8% from last year – has set alarm bells ringing among studios.
Just look at Pirates of the Caribbean 5: Salazar’s Revenge for further evidence.
The fifth film in the series has earned US$165.5 million (RM712.2 million) in the US over almost two months, down from the US$241.1 million (RM1.03 billion) the previous film, On Stranger Tides, grossed.
That was below At World’s End (US$309.4 million / RM1.33 billion) and Dead Man’s Chest (US$423.3 million / RM1.82 billion).
The latest Transformers has taken just US$102.1 million (RM438.4 million) over two weeks, with further diminishing returns ahead.
The last instalment managed US$245.4 million (RM1.06 billion), down from US$342.4 million (RM1.47 billion) for Transformers 3, and US$402 million (RM1.73 billion) for Transformers 2.
Then there’s Cars 3, which debuted to a series low of US$53.7 million (RM231 million).
Meanwhile, Tom Cruise’s adventure The Mummy opened to US$31.7 million (RM136.4 million), failing to top the box office, thanks to Wonder Woman’s almighty hold.
Deadline attributed the flop to franchise fatigue, yet Chinese audiences still lapped up The Mummy (generally, studios make less from foreign revenue, which is why there’s an emphasis on the American gross).
Also notable is the King Arthur disaster, the film taking just US$140.3 million (RM603.8 million) worldwide from a US$170 million (RM731.6 million) budget.
Baywatch was expected to take US$40 million (RM172 million) on its opening weekend, but after some divisive reviews, took just US$18.5 million (RM79.6 million).
“Is this a signal that the era of the franchise with sequels that go beyond a second instalment is coming to an unceremonious end, or is it more an issue of quality?” Paul Dergarabedian of comScore pondered.
Reviews have had quite a significant impact on box-office receipts, particularly aggregate website Rotten Tomatoes.
The Mummy holds just 15%, Transformers the same, Baywatch going up to 20%, King Arthur holding 1%, and Pirates 29%.
On the flip side, Wonder Woman and Guardians Vol 2 have benefited from positive reviews, the former – which has quickly become the highestgrossing DC Extended Universe film – being rated 92%, and James Gunn’s space adventure holding 81%.
Coming next is Spider-Man: Homecoming which expects a similar boost from the current 93%, certified fresh rating, as will the positively-received War for the Planet of the Apes.
As Dergarabedian continues, studios are looking to change tactic, taking inspiration from surprise hits like Get Out, Split, The Beguiled, and Baby Driver, all critical and commercial successes.
Whether that tactic becomes “making good movie” over “cashing in on franchises” remains to be seen. – The Independent