Weekend Box Office: Moviegoing Slows to a Standstill Amid Historic August Slump
|| The Hollywood Reporter
“Hurricane Harvey is prompting theater closures in Texas, while Saturday’s Floyd Mayweather-Conor McGregor fight will be a big pay-per-view draw.
Mother Nature certainly isn’t helping the dramatic downturn at the August box office, where revenue for the weekend could hit its lowest level in more than 15 years, in addition to being down nearly 50 percent from the same frame last year.
Hurricane Harvey has prompted theater closures in Corpus Christi and other locales along the Texas Gulf Coast. Inland, numerous cinemas have also shuttered in Houston.
Even without the storm, none of the weekend’s new offerings were expected to earn more than $5 million, and that’s proving to be the case.
Animated family film Leap!, from Harvey Weinstein’s shop, is projected to do the best, earning an estimated $1.6 million Friday for a projected $4.8 million-$5 million debut from 2,575 theaters for a third-place finish behind holdovers The Hitman’s Bodyguard ($9 million) and Annabelle: Creation ($7.5 million), respectively. Hitman’s Bodyguard will join only a short list of films to ever win a weekend with less than $10 million, at least in modern times.
Birth of the Dragon, from Blumhouse’s microbudget genre label BH Tilt, looks to open in the $3 million range after grossing $1.1 million Friday from 1,618 theaters. The film, directed by George Nolfi, is a fictionalized account of when Bruce Lee challenged kung fu master Wong Jack Man to a fight in the mid-1960s in San Francisco. Birth of the Dragon stars Hong Kong-born actor and martial artist Philip Ng, Xia Yu, Billy Magnussen, Qu Jingjing, Jin Xing and Simon Yin. The pic earned a B CinemaScore.
Box-office experts say an even bigger threat to moviegoing than Hurricane Harvey is Saturday’s Floyd Mayweather-Conor McGregor fight, which is being carried on pay-per-view. It will also be beamed into roughly 500 theaters via Fathom and Mayweather Productions. (Another special offering this weekend is James Cameron’s 4K 3D conversion of Terminator 2: Judgment Day, which AMC Entertainment is releasing in select locations).”
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The 2017 summer box office is Hollywood’s worst since 2006
“It’s official, summer 2017 is on its way to being the first sub-$4 billion summer at the box office in a decade.
With about 10 days left in the summer movie season — defined as the first Friday in May through Labor Day weekend — the box office has garnered $3.6 billion. The summer box office is down 13.4% compared with last year and down 13.8% compared with 2015, according to data from Box Office Mojo.
ComScore media analyst Paul Dergarabedian said he didn’t see a way the summer box office makes it to $4 billion.
There’s nothing for the box office to really feast on until the Oct. 8 release of “Blade Runner 2049.”
“The crazy thing is, there’s not even a single wide release scheduled for the Labor Day weekend,” Dergarabedian said. “To show you how dead the box office really is, ‘Wonder Woman’ is expanding and they’re rereleasing ‘Baby Driver.’ Two films from June are coming back to take advantage of the lull. If that’s not telling, then I don’t know what is.”
Of the new releases and films in theaters this weekend, analysts at Box Office said, “in an already slow box office market, things look to remain very quiet despite three new films opening.””
….Continue reading more @ MarketWatch