It is a season of mixed fortunes in the business of blockbusters.
As Time Warner reported higher quarterly profit – helped by hit movies like ‘The Great Gatsby’ and ‘Man of Steel’ – Walt Disney’s earnings stalled.
Industry experts said the lottery of which movies will resonate with audiences and make healthy profits has been complicated by an unprecedented crush of big budget summer films this
Over 20 films with a budget of more than $100 million are being released this summer, that is six more than last year.
Some have soared, others have crashed and burned, and it is not because people are not going to cinemas. The big budget bombs have come even as the summer box office so far is up almost ten percent in the US, though some of that was due to higher ticket prices.
Famed director Steven Spielberg recently warned Hollywood is facing a “meltdown” due to its over-reliance on blockbusters.
One of the biggest bombs of the summer has been Walt Disney’s ‘The Lone Ranger’.
And as the entertainment company reported a small gain in its latest quarter profit it said it expects to lose as much as $190 million (142 million euros) on the film which will hit its next quarterly figures.
By contrast Warner Bros. ‘Man of Steel’ has grossed more than $600 million (450 million euros) globally since it opened in cinemas on June 14.