2023 has been a catastrophic year for theatrical cinema. While there have been some interesting releases, very few manage to make an impact at the box office. Instead, we are witnessing commercial failures that clearly highlight the dismal state of the film industry today.
Although there are still some pleasant surprises, such as Avatar: The Way of Water at the beginning of the year or Spider-Man: Across the Spider-Verse, most new studio offerings that used to succeed with any release are now hitting a wall with an audience that has grown tired of the repetition of the same formula over and over again. But what are these failures we are talking about, and how can the situation be recovered? Let’s take a look.
Ant-Man and the Wasp: Quantumania
When the list begins with a Marvel Studios film, a studio that just three years ago was dominating the box office with one blockbuster after another surpassing the $1 billion mark, it’s clear that something is wrong. Ant-Man has never been the most popular franchise within Marvel, but it was performing decently in the middle tier of the studio’s lineup, and things seemed to be going well.
However, for this particular film, Marvel had placed a lot of confidence in it as it was the official introduction of the villain Kang, and they invested $200 million plus additional marketing expenses. With this in mind, Marvel was expecting a box office performance in the range of $600-700 million, but it only managed to reach $476.1 million.
This doesn’t necessarily mean that the film has been a complete failure. It likely managed to recoup its investment and provide some profit margin. However, considering Marvel’s usual box office numbers and the negative reviews the film received, it’s clear that it has prompted a shift within the studio.
Shazam! Fury of the Gods
We continue with superhero disappointments with the sequel to Shazam! The 2019 film was a pleasant surprise, managing to gross more than triple its budget. While it was clear that Shazam! wasn’t one of DC Comics’ major superheroes, it had a significant enough following for the studio to confirm a sequel.
However, Shazam! Fury of the Gods has fallen far short of the numbers of its predecessor. While there are no official figures regarding the investment, it’s known that the budget was around $125 million excluding promotion… and it has barely managed to gross $133 million. It is evident, at first glance, that it has not performed well at all and has only confirmed that DC needs a change of direction.
Dungeons and Dragons: Honor Among Thieves
In this case, we are facing one of the saddest failures of the year, as Dungeons and Dragons: Honor Among Thieves is an excellent film that has been praised by critics everywhere. However, perhaps because it initially appeared worse than what it turned out to be, it failed to resonate with the audience.
The film had a budget of $150 million plus promotion, and its global box office confirmed a total of $208.2 million. This likely means that it may not have recouped its investment, and it is clear that there will not be any more films in what was intended to be a saga. It is truly unfortunate, but it is a consequence of the current state of the film industry.
Renfield
Renfield was undoubtedly the riskiest film on the list—or at least the one that strayed the least from the typical blockbuster formula. However, someone must have believed that investing $65 million in a comedy starring Nicholas Hoult and Nicolas Cage as Dracula was a good idea.
In the end, it received neither good reviews nor a strong box office performance. The film failed to capture the interest of audiences. Out of the $65 million investment plus promotion, it only managed to recoup $26.7 million. Undoubtedly, it has become another setback that discourages any interesting proposals that may arise from Hollywood.
Fast & Furious X
Fast & Furious is one of those franchises that achieves new success with each new release. It’s no wonder that they are already on their tenth installment, and there is still at least one more expected in the near future. However, not everything is rosy in the franchise.
Once again, we are faced with a supposed failure, as the box office performance of Fast X makes it clear that the franchise is on the decline. The film has grossed a total of $720 million against a budget of $340 million plus promotion. Yes, it has doubled its investment… but it is the weakest performance in years and falls far short of surpassing the $1 billion mark, as several previous films in the franchise have done.
Knights of the Zodiac
Here we have a predictable failure that once again highlights the usual mishaps when it comes to making live-action adaptations of anime. While we await Netflix’s potential shift in this perspective with their live-action version of One Piece, the latest example in this regard is Knights of the Zodiac, the live-action adaptation of Saint Seiya.
The film had a budget of $60 million and has only grossed $6.7 million, which amounts to a mere 10% of its total investment. Although it is expected to have a second life on Netflix, it is evident that it has been an incredible misstep and one of the biggest box office flops of the year.
The Little Mermaid
Alright, here we have another slight twist. The Little Mermaid hasn’t been a failure per se; it had a budget of $250 million plus promotion and grossed $542 million. However, considering what Disney was accustomed to with its live-action films, we could say that it has certainly been a disappointment for the studio.
Indeed, when we consider that The Lion King grossed $1.663 billion, Aladdin earned $1.050 billion, Beauty and the Beast made $1.266 billion, and The Jungle Book collected $966 million, it is evident that The Little Mermaid, being one of Disney’s iconic properties, has not performed as expected for the studio.
Transformers: Rise of the Beasts
Another declining franchise that barely manages to survive is Transformers. While it has been one of the most successful franchises in the past twenty years, especially due to its strong box office performance in China, this latest installment didn’t fare as well as expected.
Transformers: Rise of the Beasts had a budget of $195 million plus promotion, and it has “only” grossed $407 million, which falls significantly short of many other films in the franchise that surpassed the $1 billion mark. Once again, it may not be considered a literal failure, but it certainly speaks to the current state of the franchise.
Flash
DC continues to struggle and show no signs of improvement, and only James Gunn with his new approach to the studio can potentially save it. The Flash is the latest example of this downward trend, as it stands as one of the biggest failures of the year. The superhero film held a lot of promise with its cameos and plot twists… but it ultimately fell flat.
The film had a budget of $200 million plus promotion, and it only managed to gross $261 million. Considering that it was Warner’s major summer release (alongside Barbie), it is clear that the studio has every reason to consider the changes that are already underway.
Indiana Jones and the Dial of Destiny
Last but not least, the latest Indiana Jones film has also stumbled at the box office. While many had doubts about its potential success, it became clear when it premiered at Cannes that it would not have the same luck as the original films. And indeed, that’s how it turned out.
Indiana Jones 5 had a budget of $300 million plus promotion and has currently grossed $247.9 million. It is expected to recoup its investment, but just barely. There is no trace of the blockbuster success they had hoped for, and there are no future plans for the archaeologist.
Mid-budget films… the solution?
As we have seen throughout the list, in most cases, there was a significant investment in the films with hopes of achieving blockbuster success. This approach was logical, considering the recent success of superhero films and live-action adaptations. However, it seems that the formula no longer guarantees the same results.
Perhaps the solution lies in producing films with moderate budgets. Yet, even that approach doesn’t guarantee improvement, as seen in cases like Renfield, where the attempt to find success didn’t pan out. Nevertheless, it is clear that Hollywood’s strategy will soon undergo changes in response to these trends.
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