How I Would Fix The Box Office “Crisis”
I keep up with movie news, and recently, numerous articles have discussed how every movie this summer is a box office bomb. I haven't read a single one because they will not add anything to what I see as a broken discourse in the film world. The movie industry is not doomed. Sure, there are a lot of problems facing studios and theaters right now, but it is not the end of the movies by any means. The fixes are simple but will take time.
Problem: The public has forgotten how to go to the movies
The pandemic was a very rough time for the movie industry; theaters were closed, and all production was stopped. Streaming services became the place to put movies. HBO Max and Disney+ were the two most prominent services that did this. At the time, it made sense. The main revenue stream has been shut off, so what better way to drive people to your streaming services than giving them hours of new content to watch? Then theaters opened back up, and the studios didn't stop putting movies on their services. "Encanto," "Turning Red," "Soul," and "Luca" were massive hits on Disney+ that never got released in theaters.
One significant change is the shrinking window between theatrical and home releases. 'The Fall Guy' was available for VOD (video on demand) purchase or rental just two weeks after its theatrical release. You used to have to wait four months to watch a movie at home after it left theaters, which also used to be longer.
Solution: Retrain the movie-going public
First and foremost, studios need to hold off on a movie's home release for much longer than they currently are. If I am even putting off seeing a film because I know it will be on VOD in a few weeks, then John/Jane Q Public is not going to the theater to see it. Traditionally, movies make the most money in their first week, but that doesn't mean studios should be so quick to pull them from theaters. Not every movie will make a billion dollars, which brings me to my second point.
Problem: Studios are making too many 100 million dollar (or more) movies.
"The Fall Guy" cost $130 million to make. As much as I love that movie, that is an outrageous number. If studios keep making these costly movies and they keep "flopping," then maybe the solution isn't to make more expensive movies. In some of these movies, the actors and the CGI are the main reasons for the ballooning cost of films.
Solution: Make More Mid-Budget Movies
This one is easy. There was a time when theaters were full of mid-budget movies, movies that cost between 5 and 60 million dollars. You can still have big-name actors and exciting stories and not need it to make $200 million. "Everything Everywhere All At Once" was made for around $25 million and made over $140 million at the box office. It just takes the right story to get people into theaters to see something that isn't a known quantity.
The truth is movies are not going anywhere. This is not the first time movies have struggled, and it won't be the last. I know that I am one of the outliers who sees movies every week, but I will not stop going to the movies. Some have said movies are becoming niche entertainment, something akin to seeing a play or musical. I don't see it this way. Movies are always going to be for everyone. This past weekend, "Inside Out 2" made over $150 million. It is the first "success" of the summer. Movies are not going anywhere; studios need to change their approach, and the audiences will follow.