This summer has witnessed blockbuster franchises, including Harrison Ford’s Indiana Jones and the Dial of Destiny and Tom Cruise’s Mission: Impossible – Dead Reckoning Part One. The new Mission: Impossible franchise features Ethan Hunt alongside an ensemble cast. At the same time, Indy’s new movie surrounds finding nefarious activity hidden in their explorative endeavor.
Grosses went down with both, and now the movies are struggling to make a profit. The hopes were high because the films have the potent combination of escapism and nostalgia that would invigorate the box office – but unfortunately couldn’t meet the expectations. While both the movies are competing neck to neck, the Barbenheimer wave took the chance.
Both Indiana Jones 5 and Mission Impossible 7 Could Lose a Considerable Sum
Indy 5, which opened in late June, has grossed $375 million globally after six weeks of release, while M: I 7, which debuted in July, generated $523 million after five weeks. The tickets were sold for a huge amount for these movies as they are part of decades-old classics aimed at older audiences.
These sequels are a problem because they’re very costly. They cost around $300 million upfront, plus at least $100 million for marketing. This makes them some of the most expensive films ever. If they don’t perform well, they might lose almost $100 million in theaters, based on information from sources familiar with similar movie finances. Shawn Robbins, chief analyst at Boxoffice Pro, said:
“These movies would have been a lot more economical if it weren’t for COVID. But even if that meant their budgets were inflated, at the end of the day, these movies cost what they cost and performed how they performed.”
Movies like Mission: Impossible and Indiana Jones are designed to bring bonanza. For instance, Indy 4 (Indiana Jones and the Kingdom of the Crystal Skull) came in 2008 made $790 million worldwide, and remains the franchise’s top earner. Similarly, M: I 6 (Mission: Impossible – Fallout) came in 2018 and earned a record $791 million.
The Unpredictability and Reason Why Such Hit Franchises Are on the Verge of Loss
The reason behind the downfall of Indy 5 and mi7 is undoubtedly Barbenheimer. The Barbenheimer craze is still hyping at the box office, defying overblown expectations and emerging as a massive success.
Christopher Nolan‘s Oppenheimer is proving highly lucrative, with over $650 million in ticket sales on its $100 million budget. Meanwhile, Greta Gerwig‘s Barbie, made for $145 million, offers a feminist perspective on the iconic toy and has soared to $1.18 billion worldwide.
The hopes are only with the successes of The Super Mario Bros. Movie, Barbie, and Oppenheimer at the box office, all created with budgets under $150 million. The success of these movies definitely highlights a possible direction for the industry.
Source: Variety
