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Lionsgate<\/a>\u2019s genre-spanning 2024 slate of heist comedies, weepy coming-of-age tales, cheeky video game adaptations and horror stories was aiming to fill a void. Most of these were the kinds of movies that major Hollywood studios have either stopped making entirely or largely relegated to streaming services.<\/p>\n And yet, instead of packing seats at multiplexes due to pent-up demand, everything from director Eli Roth\u2019s irreverent console-to-screen adventure \u201cBorderlands<\/a>\u201d ($32 million globally), the \u201cCrow\u201d reboot ($23.7 million) and historical crime drama \u201c1992\u201d ($2.9 million) to Halle Berry\u2019s post-apocalyptic horror story \u201cNever Let Go\u201d ($16.2 million), Dave Bautista-led action-comedy \u201cThe Killer\u2019s Game\u201d ($5.9 million), Francis Ford Coppola\u2019s sci-fi epic \u201cMegalopolis\u201d ($11.2 million) and \u201cWonder\u201d prequel \u201cWhite Bird\u201d ($6.8 million) has sputtered at the box office. That\u2019s a string of seven consecutive flops \u2014 each with paltry single-digit debuts \u2014 in the nine weeks between early August and mid-October.<\/p>\n \u201cIt was a pretty diverse slate and certainly wasn\u2019t cannibalization of films,\u201d says Matthew Harrigan, a senior analyst at Benchmark Co. \u201cIt was more that nothing really worked.\u201d<\/p>\n Lionsgate tends to keep budgets in check and sells foreign rights to its theatrical titles, which helps recoup losses for underperforming movies. In the case of \u201cMegalopolis,\u201d Coppola fronted the $120 million production costs and other fees. So, as a distributor for hire, the studio will actually make money despite the film\u2019s poor box office showing. The $100 million-budgeted \u201cBorderlands,\u201d a rare big-budget tentpole for Lionsgate, is expected to result in a $30 million write-down. Yet for the most part, none of the studio\u2019s misses is damaging enough to force heads in the C-suite to roll.<\/p>\n \u201cLionsgate does a good job at mitigating risk on their releases. Nonetheless, you can\u2019t hedge that bad of a run,\u201d Harrigan says. \u201cThe cumulative loss from mid-budget films can be as bad as a tentpole.\u201d<\/p>\n The downturn is striking when compared with the studio\u2019s streak last year of \u201cJohn Wick: Chapter 4\u201d ($440 million worldwide), \u201cSaw X\u201d ($111 million) and \u201cThe Hunger Games\u201d prequel \u201cThe Ballad of Songbirds and Snakes\u201d ($348 million). Those films, as well as most of 2024\u2019s lineup, were greenlit by then-motion picture group chair Joe Drake, who was replaced by Adam Fogelson in January.<\/p>\n Industry experts commend Lionsgate for catering to underserved demographics, such as faith-based crowds and Black audiences. Low-budget Christian drama \u201cUnsung Hero\u201d powered to $21 million in August, while horror satire \u201cThe Blackening\u201d amassed $18 million in 2022 and justified a sequel.<\/p>\n \u201cPart of their strategy is filling the gaps. Strategically it\u2019s a smart thing to do,\u201d says Jason Squire, professor emeritus of USC School of Cinematic Arts. \u201cBut this is the ancient struggle of the movie business: You just don\u2019t know if audiences will show up.\u201d<\/p>\n Wall Street has been skeptical of Lionsgate\u2019s ability to compete in a media business dominated by tech giants and studios that exist within sprawling conglomerates. Shares are trading at $7.84, falling more than 30% from the prior year. Lionsgate Studios is spinning off from the premium cable network Starz, to cleanly separate the two businesses and pave the way for potential M&A deals.<\/p>\n Upcoming releases like King of Pop biopic \u201cMichael,\u201d Ana de Armas-led \u201cJohn Wick\u201d spinoff \u201cBallerina,\u201d another \u201cHunger Games\u201d prequel and \u201cNow You See Me 3\u201d could spark a rebound in fortunes in 2025 and beyond. And Lionsgate is turning to its vast library to expand the life of movies beyond the screen, with planned stage adaptations of \u201cLa La Land,\u201d \u201cDirty Dancing\u201d and \u201cThe Hunger Games.\u201d<\/p>\n Lionsgate is far from the only studio that\u2019s endured challenges in 2024 \u2014 just ask Warner Bros., Universal or Apple, which fielded expensive misfires like \u201cJoker: Folie \u00e0 Deux,\u201d \u201cFuriosa: A Mad Max Saga,\u201d \u201cThe Fall Guy,\u201d \u201cArgylle\u201d and \u201cFly Me to the Moon.\u201d As a whole, the domestic box office is struggling, with revenues down more than 11% from the same point in 2023.<\/p>\n \u201cIt\u2019s not unique to Lionsgate to be in this challenging economic time,\u201d says Squire. \u201cBut they don\u2019t have the \u2018magic\u2019 that big studios have in terms of shifting dollars around and being protected from major losses.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n View this article at Variety<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Lionsgate\u2019s genre-spanning 2024 slate of heist comedies, weepy coming-of-age tales, cheeky video game adaptations and horror stories was aiming to fill a void. Most of these were the kinds of movies that major Hollywood studios have either stopped making entirely or largely relegated to streaming services. And yet, instead of packing seats at multiplexes due\n\n\n\n
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