Box Office: Dwayne Johnson’s $250 Million-Budgeted ‘Red One’ Debuts to Chilly $34 Million

As a seasoned moviegoer who has witnessed the rise and fall of countless cinematic empires, I must say the box office landscape is as unpredictable as ever. The debut of “Red One” with its impressive $34 million haul may seem like a triumph on the surface, but when you consider the astronomical production costs and marketing efforts, it’s clear that this Santa Claus story needs to keep drawing in audiences through the holiday season to truly justify its price tag.

In its first weekend in North American cinemas, numbering 4,032 theatres, the Christmas-themed action comedy titled “Red One,” featuring Dwayne “The Rock” Johnson as Santa’s head of security, collected a gentle $34.1 million at the box office.

The sales of those tickets managed to surpass domestic box office leaders, dethroning “Venom: The Last Dance” after its three-week rule. However, the film “Red One,” produced by Amazon MGM, had an initial cost of $250 million, plus around $100 million for global marketing. This could lead to another discussion about what defines success in an era where streaming services are reshaping traditional business practices. For example, when Warner Bros. released “Joker: Folie à Deux” with a budget of $200 million, it was quickly labeled as a failure, opening with just $37 million. Contrastingly, last year’s “Killers of the Flower Moon,” co-produced by Apple and directed by Martin Scorsese, received more positive appraisal despite also having a hefty price tag and starting with $23 million in ticket sales.

Despite $34 million being a substantial budget for an original Christmas movie intended for streaming, “Red One” might need to screen in cinemas throughout the holiday season to cover its costs. While critics didn’t seem fond of it (with a 33% “rotten” rating on Rotten Tomatoes), audiences found the story about Santa’s kidnapping intriguing, which sets off a rescue mission by his North Pole guard and a skilled bounty hunter. To the relief of Amazon MGM, the film received an “A-” from its initial viewers on CinemaScore.

As a dedicated cinephile, I find myself remarking that the projected budget for this Santa Claus tale clocks in at a staggering $250 million. Frankly, I can’t help but feel that such an exorbitant sum is a bit excessive for a holiday-themed story.

Amazon MGM contends that blockbuster movies don’t have to earn substantial amounts at the box office to be considered successful. Instead, they see the cinema as a means to create hype for their streaming service, Prime Video. However, unlike box office earnings, viewership data from streaming platforms aren’t always reported consistently. Therefore, it can be challenging to determine if the financial risk ever pays off – but one indication could be if Amazon MGM proceeds with the production of “Red One Two.

According to Gross, there’s no disparity between how streamers and studios are treated. Companies like Amazon, Apple, and Netflix aren’t in the habit of spending more than they earn. Their budgets get adjusted based on market conditions, just like everyone else’s. In fact, every part of the industry has faced financial difficulties at some point or another.

In the second spot, “Venom 3” earned an extra $7.3 million from 3,421 screens during its fourth weekend. This third and final installment of Sony’s Venom series featuring Tom Hardy has so far made $127.6 million in North America and a total of $436.1 million worldwide. “The Last Dance” is still lagging behind its previous Venom films, such as the 2018 original that grossed $213 million domestically and $856 million globally, and 2021’s “Let There Be Carnage,” which made $213 million domestically and $506 million internationally. However, since it only cost around $120 million (a relatively modest sum compared to other comic book adaptations), the third movie should perform well in its theatrical run.

As a movie reviewer, I’m thrilled to share that Lionsgate’s heartwarming Christmas production, “The Best Christmas Pageant Ever,” managed to secure the third position at the box office with an impressive earning of $5.4 million across 3,020 cinemas. However, it’s worth noting a slight dip in its performance, as it dropped by about 50% from its opening weekend. Nonetheless, after two delightful weekends on the big screen, this joyous holiday film has amassed a remarkable total of $19.9 million within North America.

As a cinephile, I must share my thoughts on A24’s chilling horror film “Heretic.” Over the weekend, it slipped down to fourth place, earning a total of $5.16 million across 3,230 screens. Compared to its opening weekend, this represents a significant drop of approximately 50%. However, after 10 days in theaters, the film has accumulated an impressive $20.4 million, following the tense cat-and-mouse game between two young Mormon missionaries and a mysterious Englishman.

In its eighth week, “The Wild Robot,” produced by Universal Pictures and DreamWorks Animation, earned $4.3 million in 2,894 theaters, placing it among the top five films. Remarkably, despite being available for rent on premium video-on-demand, the family movie’s ticket sales dropped only 35% from the previous week. This has boosted its domestic earnings to $137.7 million and its global total to an impressive $308 million.

Despite “Red One” falling short of delivering festive spirit, overall domestic box office earnings are still over 11% lower than in 2023, and approximately 27% below 2019 levels, as reported by Comscore. It’s anticipated that moviegoing will significantly increase around Thanksgiving when three potential blockbusters – “Gladiator II” from Paramount, Universal’s “Wicked”, and Disney’s “Moana 2”, slated for release on Nov 22 and Nov 27 respectively – are set to debut.

According to senior Comscore analyst Paul Dergarabedian, the upcoming movies ‘Wicked’, ‘Gladiator II’ and ‘Moana 2’ are expected to be among the highest-grossing Thanksgiving seasons at the box office. He’s eagerly anticipating their release as soon as possible.

2024-11-17 19:17

Box Office: Dwayne Johnson’s $250 Million-Budgeted ‘Red One’ Debuts to Chilly $34 Million

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