Hollywood hoped for Christopher Nolan andPrinciplecould save the film industry in 2020, but following the film’s poor box office performance, those hopes were dashed.The movie industry, like so many others during the COVID-19 pandemic, is struggling. Theaters have been forced to close as studios scramble to cope with film delays and compromised release times. During this unprecedented time, studios and theaters trusted Christopher Nolan to usher in a return to some sort of stability and prove that there was still a demand for the cinematic experience.
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Together, Nolan and his science fiction epic Principleseemed like a reasonable savior for the industry. Arguably the most famous director of the 2010s, Nolan has always proven his ability to draw audiences to the multiplex, especially with big budget sci-fi action. If anything was going to attract viewers again, it was Principle,with its scenario of time travel and centered on the inversion. Warner Bros. was taking a big risk launching their tentpole in such uncertain times, but clearly had enough confidence in the project and the buzz it was generating to move a lot forward much to the delight of the other studios who were watching closely to see if they, also, could proceed to their big budget releases.
Unfortunately, despite the spin, WB tried to put PrincipleBox office numbers, the $ 200 million movie didn’t do well. It was hoped the film would prove that there was still life in the domestic film industry, but despite some pretty solid international profits, PrincipleThe truly disappointing performance of the US box office apparently proved otherwise. In other words, the second half of 2020 is shaping up to be as bleak as the first, at least in terms of movie releases.
Hollywood is planning to release movies this summer
Even more than studios, movie theaters have been hit hard by the coronavirus pandemic which were forced to close for months as the crisis got worse and worse. But theater chains, like studios, remained hopeful that the crowds would return soon and looked forward to the moment when they could reopen their doors. AMC, which closed its theaters in March, wanted to resume operations after reporting a loss of $ 2.17 billion in the first quarter of 2020. At the same time, the chain announced that it would reopen its sites in June, ready for the month of July. Disney’s launches Mulan and of course,Principle. In fact, 44 out of 50 states have allowed theaters to reopen for two of the year’s most anticipated releases.
While the pandemic had taken a heavy blow to the industry, Hollywood clearly envisioned the summer to get things back on track. We talked about both Principle and Mulanbe delayed, but Disney continued with MulanThe September 4 launch also offers its reboot live via its Disney + streaming service at a premium price. Warner, meanwhile, remained committed to the releasePrincipleonly in theaters on September 3, a move that other major studios were naturally watching closely.
Tenet’s box office proved people weren’t going to the movies yet
Prior to Principlefor the start, it was not clear exactly what a successful launch would look like in the existing climate. Warner apparently relying on a lack of box office competition to boost ticket sales, analysts remained divided over the projections. The film premieres took place from August 31 to September 2, before the film’s official opening on September 3. Unfortunately, the bold venture did not bear fruit. Principleas taking $ 20.2 million domestically on its opening weekend, but included revenue from the aforementioned previews and even the Canadian release, which brings the actual figure closer to $ 10 million by comparison. , Nolan’s latest mind-blowing sci-fi release,Start,took $ 62.8 million in its opening weekend Of course, it’s unfair to compare the two films given the circumstances, but the pandemic aside, Principle still costs $ 200 million to make. Regardless of how the $ 20.2 / 10 million figure is calculated and Warner certainly tried to spin it off, it’s a seriously underwhelming performance, especially considering it’s estimated.Principlewill need to bring in between $ 400 and $ 500 million to break even.
After its disappointing opening weekend numbers, the USbox office’s forecast for Principle fell below $ 10 million for its second weekend. Those predictions turned out to be correct, with Nolan’s ambitious blockbuster making just $ 6.7 million, down 66.8% from the film’s $ 20.2 million over the weekend. opening. Warner announced the $ 6.7 million figure as a 29% drop from its first weekend, but this is based on the more modest (and arguably more accurate) figure from the first weekend of 9. , $ 4 million. Anyway, this means that in total,Principle grossed less than $ 30 million in the United States in just over two weeks, it is true that the most profitable theaters are still closed in New York, San Francisco and Los Angeles. This does not bode well for American theaters, which according to IndieWire took about $ 5,000 per location on PrincipleThe second weekend is not even enough to cover running expenses. In this sense, far from helping to revive the film industry, Principle probably helped to bury it a little deeper.
Internationally, Principleperformed relatively well, grossing over $ 207 million worldwide. But there’s no question that the United States is one of the film industry’s biggest markets, and the numbers Principle brings a spectacle that audiences just aren’t ready to return to the movies just yet. There is still hope for Principle so Warner can continue to draw audiences around the world and keep the film in theaters as one of the only options for those who venture out. But overall, the film’s box office performance is not a good sign and Hollywood has responded accordingly.
Hollywood’s reaction to Tenet’s box office performance
With the release of Principle, it was suggested that there would be a surefire way to find out if the studio was considering Nolan’s latest offeringa real success: namely, if they have moved Wonder Woman 1984the release date of. And that’s exactly what happened. Apparently afraid of PrincipleUnderperforming, Warner has now moved its other major summer release from its planned August launch to Christmas. The decision may partly come from the fact that the studio which resolutely avoided the VOD option for Principle will likely keep Nolan’s film in theaters for as long as possible to maximize ticket sales, and doesn’t want competition, even with his own titles. But there is no doubt that Principlethe experience was an eye-opening experience for Hollywood.
It’s not just Warner delaying big budget movies in the wake of Principle. Universal, apparently motivated by Warner’s domestic struggles, delayed its Candyman reboot, originally slated for release in October 2020, through 2021. Elsewhere, Sony president Tony Vinciquerra has confirmed that his studio will not release $ 200 million films during the pandemic or at least as long as the rooms will not operate at a significant capacity. And even the small studios pay attention Principlewarning, with STXfilms delaying theGreenland,which was slated for a September 25 release in the United States, at some point in the fourth quarter. Meanwhile, Paramount had already taken preventive action in June by movingTop Gun: MaverickThe planned release date for December dates back to 2021.
What the rest of 2020 looks like for Hollywood
As it stands, the only other major releases on the 2020 calendar, Marvels Black Widow and No time to die both in november nothad changed their release dates. But it’s reasonable to assume that they will. There are already rumors that Marvel is considering delaying Black Widowand MGM will probably want to avoid a disappointing performance for Daniel Craig’s last lap as Bond. As such, delaying would be a smart move on the part of the studios. PrincipleWhile far from an absolute disaster, Warner’s release has made it clear that now is just not the time to release big-budget movies, as Warner will have to consider whether he is sticking to his. release date scheduled for December 18 for Dune another $ 200 million that remains a huge box office risk, regardless of coronavirus concerns.
While there is a contingent of audiences that will always show up for the films, and opening theaters in major cities could still offer a boon to PrincipleDomestic revenues from these expensive films are simply very unlikely to recoup their budget, let alone turn a profit in today’s climate. All of this takes place within the larger framework of the major challenges that cinemas face. Already under pressure before the pandemic, theaters will now have to struggle at a loss, weekend after weekend, making it highly likely that some will consider closing until the end of this crisis or at least until the end of this crisis. during the holiday season. Far from simply seeing a shortage of films, the rest of 2020 may very well see no big-budget theatrical releases. Even if the studios wanted to go ahead with the planned tent tents, there is a chance that there are no theaters in which to present them.
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