But outside of this situation, there is a phenomenon that is not talked about as much. Several studios and beloved franchise films are presenting millions in losses. Outside of Barbie and Oppenheimer, very few movies have made a profit this summer. Why did this happened? Here we try to explain it.
What you need to know about Hollywood and its disastrous summer of 2023
Hollywood was excited about the return to normality
Although the COVID-19 pandemic continues, the world health organization ended the health emergency. While this doesn’t mean the virus is gone, it did bring a change with social distancing measures. In a way, the world is going back to the way it was before, with people taking up certain activities again. One of them is going to the movies.
Perhaps this is why Hollywood studios saw the opportunity to return to the profits of a few years ago and ate it up. Since from May until now, almost every week had a renowned premiere. From The little Mermaid, indina jones, Spider-Verse and transformerswe haven’t had a break as an audience.
This meant that what could have been great blockbusters began to cannibalize themselves. In other times, studios took other releases into consideration when planning their dates. This in order to give his movies a week or two to turn a profit, before another possible big hit came along.
In 2023 it was not like that and we have already seen clear havoc at the franchise box office that we thought would never fail. Indiana Jones, DC, Fast and furiousand Mission Impossible they had huge losses this year. All to be released practically at the same time as its rivals.
Hollywood got excited and didn’t take into account that we are not millionaires. Especially now that the pandemic caused several blows to the economy. Most families do not have the money to go to the movies every weekend. Not to mention that in the streaming age, many prefer to wait to enjoy any production from the comfort of their home.
Not all suffered the same, because some were strategic
Of course, not all Hollywood movies suffered this summer. The sequel to Spider-Verse achieved modest success, as did Guardians of the Galaxy Vol. 3. not even talk about Barbie and oppenheimer that became box office magnets.
This is because they had a lot of publicity. TO Spider-Verse and Guardians of the Galaxy fans have been waiting for them since before the pandemic, so it would be difficult for them to fail. While Barbie and oppenheimerin addition to their own advertising spending, they had the support of the people and social networks. After all, Barbenheimer became a phenomenon that packed movie theaters with its premieres, which were on the same day.
Now we have to compare with Mission Impossible, Flash and Indiana Joneswho were one of the big losers of the summer. Their losses are not tied entirely to their quality as movies. But to a lack of promotion by their production houses. Even for negative publicity.
Indy’s latest adventure and Ethan Hunt’s most recent mission suffered from the same thing. They released few trailers before it was released, so people didn’t know when they would arrive. In addition to being released very close to other Hollywood films. Mission Impossible he had it worse, since he left just a weekend before Barbie and oppenheimer.
For its part, The Flash, which is considered by many to be the worst failure of 2023, had a wave of problems behind it. Mainly the scandals of its star, Ezra Miller. Add to this the announcement that it would be a reboot of the DC universe, which many considered unnecessary, and then fans no longer had incentive to give it a try.
What could Hollywood learn from the summer of 2023?
The main thing that Hollywood studios should learn from this disastrous summer is not to saturate theaters. We know you want to recoup your million-dollar investments, but it’s important to give your films room to shine. Otherwise they could be jewels, but they will be buried by the renown of others.
The failure of Indiana Jones and Flash they could teach that people are already changing their tastes. Nostalgia no longer sells as well as before, as the remake of The little Mermaid. While superhero movies need something to arouse the interest of audiences, who are already showing fatigue.
Of course, with so many delays due to the current Hollywood strike, the studios could fall into the same situation. Although it is also possible that they are more careful with their release dates and what they decide to release. We will have to wait until the summer of 2024 to find out the answer.
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