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Hollywood’s Blockbuster Summer: A Big Eh! by Karl Cohen
Wonder Women walks astride the earth, metaphorically and in the box office. photo: courtesy DC Films
2017 HAS BEEN A GOOD BUT NOT GREAT
summer for new features. Except for “Guardians of the Galaxy Vol. 2 and "Wonder Woman", this summer’s tentpoles have underperformed in the US.
"Wonder Woman", as of August 24th, has grossed $403 million in the US and $800.4 million worldwide. It had a $149 million production budget. The 8th best comic book adaptation of all time, it may soon pass Disney and Marvel's "Guardians of the Galaxy Vol. 2" as the top summer earner in N. America.
Although "Guardians" has grossed $389 million in the US, $862 million worldwide and its budget was $200 million, "Wonder Woman" should end up passing it as the top summer box office champ.
The biggest winner so far this year is “Beauty and the Beast” which was released in March. It grossed $504 million in the US, and $1.26 billion worldwide with a production budget around $160 million. Right behind it comes "The Fate of the Furious", released in April. It only grossed about $226 million in the US but it took in $1.24 billion worldwide.
All these box office sums sound impressive, but they are small compared to years when Hollywood had mega-billion dollar hits.
For example in 2015 Hollywood saw "Star Wars: The Force Awakens" grossing over 2 billion, "Jurassic World" taking in over $1.671 billion, "Furious 7" taking in 1.5 billion, "Avengers: Age of Ultron" doing $1.4 billion and "Minions" taking in $1.159 billion.
So 2017 has been somewhat of a disappointment to the big studios. According to one trade publication, the season was 8% behind the same period last year at the beginning of August.
Turning to animation, only one film this summer has turned in really impressive grosses, "Despicable Me 3". It grossed $951 million worldwide and almost $251 million in the U.S. Not bad considering the budget was "only" $80 million budget.
Summer's only super-big animation, 'Despicable Me 3'. photo: Universal Pictures
Earlier this year The "LEGO Batman Movie" made almost $176 million domestically, but the worldwide total was only $312 million so the film made a profit, but not an obscene amount of money.
Fox’s “The Boss Baby" has outperformed Pixar’s current release. “Baby" has grossed $498 million (budget unknown) while “Cars 3” has only brought in $309 million worldwide ($149 million domestic) as of August 24th. Pixar doesn’t say what their budgets were for production and promotion, but even if the film loses money, the corporation is sure to make a decent profit from income on merchandise.
Turning to smaller budget animated features “Smurfs Lost Village” made only $45 million in the U.S., but so far the worldwide gross is $198 million. It was made on a $60 million budget.
“Captain Underpants" has taken in $92 million so far ($73 million in the US, budget not announced). “The Emoji Movie” was made on a $50 million budget and it has taken in $127 million worldwide ($73 million in the US) so far.
The annual package of Oscar Nominated Shorts that includes both live action and animated works took in $2,835,355. It was in distribution from February 10th to March 30th. The Oscar nominated feature, "The Red Turtle", made $922,000 in the US.
Indeed, lukewarm summer grosses have resulted in the stock prices of theater chains falling. On the last day of August the Hollywood Reporter said, “Woe unto those who have owned stock in movie theaters this summer!”
A drop in attendance this summer has resulted in AMC, the largest chain (11,083 screens in 1,009 theaters), to fall 45% since Memorial Day. Regal Entertainment with 7,379 screens in 566 theaters, has lost 28% of its stock value, Cinemark Holdings, which controls 5,926 screens in 529 theaters, has lost 18% of its value and Imax, which has 1,257 screens worldwide, has lost 31%.
The late great American Theater Go-er. illo: Clip Art
Not to mention, National Cinemedia, a company that puts those unwanted ads before features, has seen their stock go down by 25% since Memorial Day.
If you believe it will make a comeback and gamble in the stock market, now may be a good time to buy theater stock. On the other hand video on demand may have taken enough of the feature market to prevent the theaters from ever regaining the annual income they once expected.
It is odd because kids still go clubbing. But the future of film may be one in which theater goers will favor seeing only the biggest and best-promoted blockbusters in first-run theaters and forego the theater experience in favor of watching the bulk of Hollywood’s offerings at home.
Karl Cohen is an animator, educator and director of the local chapter of the International Animation Society and can be reached .