Indiana Jones & Mission: Impossible
In a disconcerting development for Hollywood's veteran franchises, Disney's "Indiana Jones and the Dial of Destiny" and Paramount's "Mission: Impossible - Dead Reckoning: Part One" are both projected to lose $100 million apiece, as reported by Variety. The two movies are being overshadowed by their fresh and highly successful competitors at the box office.
Six weeks post-launch, "Indiana Jones 5" has grossed $375 million, while "Mission: Impossible 7" has gathered $523 million in five weeks. Although both movies generated revenue surpassing their production costs, they have failed to break even due to substantial marketing expenditures.
According to insiders familiar with the budgets, each film cost around $300 million to produce, with an additional $100 million allocated for marketing. This places them as the priciest undertakings within their respective studios. While future earnings from digital and streaming platforms may offset the loss, that strategy involves playing a longer game.
The industry, still grappling with the aftermath of the COVID-19 pandemic, faces rising budgets and a shift in viewing habits as consumers grow accustomed to home entertainment. The closure of theaters and subsequent delays in film releases have sent ripples through the movie-making process, affecting both production and consumption.
Interestingly, not all is gloomy at the box office. The success of newcomers "Barbie" and "Oppenheimer," which opened on July 21, has been remarkable, with earnings surpassing $1 billion and nearly $650 million globally, respectively. These releases may have contributed to the struggling performances of the aforementioned blockbusters. "Mission: Impossible 7" opened a mere week and a half before these hits, and "Indy 5" premiered alongside "Elemental" at the Cannes Film Festival, an event that caused negative reactions for both films.
While the Hollywood landscape continues to change, the struggles of well-established franchises serve as a stark reminder that success in the film industry is never guaranteed, regardless of star power or brand name. The unexpected box office dynamics illustrate the shifting sands of audience preferences and the continually evolving nature of the film industry.
Source: Variety