I get that studios had limited information, but there are some additional wrinkles.
Plenty of studios have wanted to shift to a streaming model well before Covid. It's a consistent revenue stream if you can pull it off, while the theatrical model is less predictable. The studio can also hold on to a higher share of revenue. If someone watches Lightyear at the theater, much of the money is going to the theater chain.
One problem is that these movies used to make money in different ways. First, it's at the theater. Then, it's physical media and premium cable channels. Then it's reruns on broadcast TV, basic cable, etc. Streaming could replace one of these areas (probably physical media and it's tied to the premium cable channels) but not all. A further issue is that movies in streaming are siloed, so people don't talk about them as much, and if it's a big hit, it could be completely forgotten in weeks. A theatrical run serves to get more interested in checking out the movie in streaming. The Batman was the biggest hit on HBO Max, and part of it is that because it was in theaters exclusively for at least a month, it felt like an event.
There is also a bit of neuroticism around Covid, among a professional class overrepresented in Hollywood. Well-run theaters are not associated with Covid spread, if you have people in masks facing forward. That was known for a while. And frankly some of the efforts to release films on streaming were sketchy, taking advantage of ambiguities in contracts to avoid paying talent.
Some releases were delayed, and that was the right decision for something like Top Gun: Maverick. Most movie releases could be delayed by two years. The main exceptions would be something that might have an immediate sequel, although that wasn't the case with Turning Red.
Anyone interested in Hollywood box office should check out the Bulwark Goes to Hollywood podcast, where host Sonny Bunch talks about the business of Hollywood.
Sincerely,
Thomas Mets
Marketing certainly matters.
An advantage for Barbie is that it's familiar, but not overexposed in movies.
It's starting to occur to me that the debut of Doctor Doom is really important to Marvel. He's the biggest MCU character to never be done well on film.
I don't think the Zachary Levi backlash was that big.
There's an obvious trend that people want to see something new, and studios undercut it with cliched ads.
I don't think the Indiana Jones movie was doomed to failure, but they made some bad decisions. The dumbest decision is killing off his son. That's just depressing. I do suspect that some of the reason the Solo movie flopped was because it came after A Force Awakens where Han Solo's arc did not come to a satisfying end. "You just watched your favorite swashbuckler get murdered by his son. Now see where the adventures begin!"
It's important for studios to consider what audiences want to see. Top Gun: Maverick knew exactly what the audience wants to see, and then gave it things they didn't expect "It's a movie about planes, but with thirty minutes to go, one of those planes is going to crash, so Tom Cruise can run for his life. And you were expecting modern planes, but what if Pete Maverick can steal an A-14 so that for the final showdown, he is going to be immensely outclassed. And he has to keep his best friend's son alive."
Sincerely,
Thomas Mets
It was never released at all in the US or most countries.
And for the few countries it was released in, it did quite well.
https://www.boxofficemojo.com/title/tt8097030/
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