Hollywood Faces Box Office Crisis: 25 Films, Many Stars, Zero Hits
Recent months have revealed a troubling trend in Hollywood: a string of high-profile films, boasting recognizable stars and critical acclaim, are failing to attract audiences to theaters.The slump is particularly pronounced in the drama and comedy genres, raising concerns about the future of theatrical releases for these types of films.
Over the past three months, films starring actors like Joaquin Phoenix, Keanu Reeves, and Russell Crowe have all underperformed at the box office.
“It has seriously begun to look like the bottom is falling out,” stated Owen Gleiberman, chief film critic for Variety, last week.
the Pandemic‘s Impact: A Shift in Release Windows
A key factor contributing to this downturn is the change in film distribution practices spurred by the pandemic.Traditionally, theaters enjoyed a 90-day exclusive window for new releases. However, Hollywood largely abandoned this practice, with movies becoming available for digital rental or purchase after as little as 17 days.
This shortened window diminished the incentive for audiences to see films in theaters, particularly dramas and comedies which are well-suited for home viewing. Theater owners are attempting to negotiate a return to a longer window, proposing a 45-day exclusivity period, but these efforts have so far been unsuccessful.
Blame Game and Questionable Metrics
The industry is grappling with assigning blame for the box office woes. Studios point fingers at audiences for overlooking dramas in favor of superhero sequels, at the news media for prematurely declaring films failures based on opening weekend numbers, and at theaters for raising prices and excessive pre-show advertising.
Despite critical praise, several films have struggled to find an audience. ”Die My Love,” lauded by critics, debuted in eighth place with approximately $2.8 million in domestic ticket sales,while Mubi acquired the rights for $24 million. “Springsteen: Deliver Me From Nowhere” garnered mostly positive reviews but stalled at $21 million domestically, despite a $55 million production cost. Keanu Reeves‘ comedy “Good Fortune,” estimated to have cost $30 million, has collected around $16.3 million after nearly a month in release.Other underperforming titles include “Bugonia” and “The Smashing Machine,” among others – bringing the total number of struggling films to around 25.
Streaming as a Potential Lifeline
There is hope that some of these films may find success on streaming platforms, particularly if they gain momentum during awards season, including the upcoming Golden Globes and Academy Awards.
This has led some studios to question whether customary ticket sales are still a reliable indicator of a film’s overall success, as they are increasingly focused on digital revenue - which they are currently reluctant to disclose.
The Importance of Theatrical Eligibility
Despite the challenges, studios remain invested in theatrical releases, primarily because films must play in theaters to be eligible for the Best Picture prize at the Academy Awards.
Hollywood maintains a degree of optimism, believing that a successful drama will eventually emerge and revitalize the market.Upcoming releases like Chloe Zhao’s “Hamnet,” debuting November 26th, and “Marty Supreme,” starring Timothée Chalamet, are being closely watched.
