Hollywoodโค 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 starsโฃ and critical โacclaim, are failing to attract audiences toโ theaters.The slump is particularly pronounced in theโ drama and comedy genres, raising concerns about the future of theatrical releases for these types of films.
Overโ the past three โขmonths, films starring actors like โ Joaquin Phoenix, Keanu Reeves, and Russell Crowe have all underperformed at the box office.
“It hasโข 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 inโ Release Windows
A key factor contributing to โthis 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 โขthis practice, with movies becoming available for โคdigitalโ rental โคor purchase after as little as 17โข days.
This shortened window diminished the incentive for audiences to see films in โขtheaters, particularly dramas and comediesโ 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 โขthese efforts have so far been unsuccessful.
Blame Game and Questionable Metrics
The industry isโค grappling with assigning blame forโข the box office woes. Studios point fingers at โฃaudiences for overlooking dramas in favor of superhero sequels, at the news mediaโข for prematurely declaring films failures based on opening weekend numbers, and at theaters for raising prices and excessive pre-show advertising.
Despite criticalโ praise, several films haveโ struggled โto findโ an audience. โค”Die My Love,” lauded by โcritics, debuted in eighth place with approximatelyโ $2.8 million in domestic ticket sales,while Mubi acquired the rights for $24 million. “Springsteen: Deliverโฃ Me From Nowhere” garnered mostly โคpositive reviews but stalled at โ$21 million domestically, despite a $55 million production cost. Keanu Reeves‘ comedy “Good Fortune,” estimatedโฃ to have cost $30 million, has collected around $16.3 million after nearly a month inโ release.Other underperforming titles include “Bugonia”โค and “The Smashing Machine,” โขamong others – bringing the total number of struggling films to aroundโฃ 25.
Streaming as a Potential โLifeline
There is hope thatโฃ some of these films may find success on streaming platforms, particularly if they gain momentum during awards season, including the upcoming Golden Globes and Academyโ 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 โ- which they โคare currently reluctant to disclose.
The Importanceโค of Theatricalโค Eligibility
Despite the โคchallenges,โ studios remain invested in โtheatrical releases, primarily because โคfilms โขmust play in theaters to โคbe eligible โfor the Best Picture prize at the Academy Awards.
Hollywood maintains a degree of optimism,โค believing that a successful dramaโข will eventually emerge and revitalize the market.Upcoming releases like Chloe Zhao’s “Hamnet,” debuting November 26th, and “Marty Supreme,” starring Timothรฉe Chalamet, are being closely watched.