11/8/2022 0 Comments Pacific rim movie bannersSTORY: Jerry Bruckheimer’s Disney Future in Question As Moguls Defend His ‘Lone Ranger’ Analysts also say, though, that the studio is well insulated by profits from Iron Man 3, the summer’s top earner with $1.21 billion in worldwide grosses, and Monsters University, which has earned $474.2 million worldwide. At those numbers, some Wall Street analysts say Disney could face a write-down of nearly $200 million. Lone Ranger, with a production budget of $250 million, is falling off even faster than expected, grossing $71.5 million domestically and $48 million internationally to date for a total of $119.5 million. Legendary, which produced the fanboy-friendly film and footed most of the bill, will take the biggest hit. While poised to do big business in Asia, Russia and Latin America, its chances are dicey in Europe and Australia. The pic opened to a soft $37.3 million domestically and $53.1 million from its first 38 foreign markets. Pacific Rim, which cost as much as $200 million to produce - plus a global marketing spend in the $175 million range - could lose $50 million to $100 million for Legendary and Warners, according to rival studio insiders. There isn’t enough play time, and the result has been more movies that wipe out.” “You had too many $100 million-plus movies, not to mention $200 million-plus movies, jammed on top of each other. “The biggest issue is dating,” says one studio head. Those films have grossed $619.1 million and $423 million worldwide, respectively. Worse, they debuted in the wake of Warner Bros.’ Man of Steel and Paramount’s World War Z, both of which caught on at the global box office and appeal to the same audience. The three megabudget films opened during a two-week period, leaving no wiggle room. Guillermo del Toro‘s Pacific Rim, the latest disappointment, is the third straight high-profile miss after Gore Verbinski’s The Lone Ranger and Roland Emmerich‘s White House Down. “While studios will still be willing to spend on a good concept, I think they might be a little more circumspect about when they are going to launch that movie.” I don’t think you will see this again for a while - it’s not worth the pain,” says Wall Street analyst Doug Creutz of Cowen and Co. “There was abnormally bad scheduling this summer by everybody. PHOTOS: Jamie Foxx and Channing Tatum: Exclusive Portraits of the ‘White House Down’ Stars Amid the carnage, insiders question why studios are greenlighting so many films that cost more than $150 million to produce when so few have risen above the clutter. It’s a crisis of Hollywood’s own making: Studios are releasing double the number of pricey movies they usually do during the summer, pushing the boundaries of how much the marketplace can expand. The pileup has resulted in an unprecedented string of expensive bombs that collectively will lose hundreds of millions of dollars. The executive doesn’t work at Universal, and he’s not the only one envious of that studio’s global blockbuster, one of the season’s few successes as Hollywood endures the most crowded summer in history for tentpoles. At CineEurope, June’s convention of European theater owners in Barcelona, Spain, a top studio executive asked a colleague to snap a photo of him with a costumed Despicable Me 2 minion in the lobby.
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