{"id":32857,"date":"2023-07-07T21:28:17","date_gmt":"2023-07-08T01:28:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/summer-movie-blockbusters-have-lost-their-punch-is-a-rethink-in-order\/"},"modified":"2023-07-07T21:28:19","modified_gmt":"2023-07-08T01:28:19","slug":"summer-movie-blockbusters-have-lost-their-punch-is-a-rethink-in-order","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32857","title":{"rendered":"Summer Movie Blockbusters Have Lost Their Punch. Is a Rethink in Order?"},"content":{"rendered":"
\n

Studios may need to rethink the summer blockbuster. Disappointing debuts plagued many of Hollywood\u2019s most expensive films in June. Movies with $200 million budgets, such as
\n Walt Disney\u2019s<\/span>
\n Elemental <\/em>and Warner Bros.\u2019 The Flash, <\/em>saw abysmal opening weekends and have since failed to break $100 million in domestic revenue. Disney\u2019s $295 million Indiana Jones and the Dial of Destiny<\/em>\u2014one of costliest films ever\u2014reported just $60 million in revenue in its first three days. <\/p>\n

\n

KeyBank analyst Brandon Nispel says this calls for a course correction. \u201cCan you continue to create content that costs $200 million to produce just for a weak box office?\u201d he asks, adding that every studio will be \u201ctaking steps to mitigate and pivot\u201d from money-losing big-budget movies. <\/p>\n

There\u2019s pressure on studios to recover from the pandemic and lure audiences from streaming. A new $290 million Mission: Impossible<\/em> film debuts on July 12. Christopher Nolan\u2019s Oppenheimer<\/em> and Greta Gerwig\u2019s Barbie<\/em>\u2014both $100 million films\u2014open on the same weekend later in July. \u201cMission: Impossible <\/em>might be pretty telling because if Tom Cruise can\u2019t create a hit at the box office, I\u2019m not sure anybody will be able to,\u201d says Nispel.<\/p>\n

Nispel says Disney\u2019s struggles underscore that consumers now \u201cexpect to watch this type of content at home.\u201d Disney\u2019s studio has lost money for two years, suggesting it needs to \u201cfundamentally rethink its content creation strategy.\u201d If summer revenue continues to fade, Guggenheim analyst Michael Morris thinks studios will lower expectations for big-budget films. The result: smaller budgets. <\/p>\n

Email: <\/strong>editors@barrons.com<\/p>\n

Last Week<\/h4>\n

Jobs, Hot or Not <\/h2>\n

In a holiday-shortened Monday session, stocks closed up. Trading, and the year\u2019s second half, resumed on Wednesday. The focus: labor markets, notably new jobs. On Thursday, the ADP June private sector survey came in at a red-hot 497,000. On Friday, federal numbers missed expectations, at 209,000. Stocks fell on Friday. On the week, the
\n Dow Jones Industrial Average
\n lost 2% to 33,734.88; the
\n S&P 500
\n was down 1.2% to 4398.95; and the
\n Nasdaq Composite
\n fell 0.9% to 13,660.72.<\/p>\n

Hawks Over Doves<\/h2>\n

Minutes from the Fed\u2019s June 13-14 meeting suggested that sentiment on the committee was less unanimous than the vote for a pause. While officials accepted the pause, some would have opted for a quarter-point rise in interest rates. <\/p>\n

Independence Stats<\/h2>\n

AAA estimated that 43.2 million people traveled by car over the Fourth of July holiday, 4% above 2019. Gas Buddy said a gallon of unleaded gasoline averaged $3.49, 35% above 2019. The American Farm Bureau estimated a July 4 party of 10\u2014cheeseburgers, pork, sides, dessert\u2014came in at $67.72, up 14% from 2019, but down 3% from last year.<\/p>\n

Where\u2019s Prigozhin?<\/h2>\n

Wagner boss Yevgeny Prigozhin returned to Russia for reasons no one can yet explain. Ukraine and Russia traded charges of sabotage at the Zaporizhzhia nuclear plant. Meanwhile, Treasury Secretary Janet Yellen traveled to China to reduce tensions, even as The Wall Street Journal reported that the Biden administration was considering curbs on Chinese access to U.S. cloud services.<\/p>\n

The Corporate Front<\/h2>\n

At Twitter, Elon Musk slapped limits on how many tweets users could view, and
\n Meta Platforms
\n launched a rival \u201ckiller app\u201d called Threads on Instagram that signed up 30 million users. Twitter threatened to sue…The Financial Times said
\n Apple
\n cut forecasts for its Vision Pro headset due to manufacturing issues…A federal judge ordered the Biden administration to stop pressuring social-media sites on
\n disinformation…AstraZeneca
\n shares fell after the company published disappointing Phase 3 results for a new lung cancer drug. The FDA approved
\n Biogen
\n and
\n Eisai\u2019s<\/span>
\n Alzheimer drug, Leqembi…
\n Bank of America
\n delayed announcing its dividend as it investigated a discrepancy between Fed stress tests and its own risk analysis. The Fed was more sanguine than BofA\u2019s team…
\n UPS
\n stock fell as labor talks with its union collapsed. <\/p>\n

Annals of Deal Making<\/h2>\n

Private-equity firm GTCR agreed to buy 55% of
\n Fidelity National Information\u2019s<\/span>
\n Worldpay business for $11.7 billion. FNI bought Worldpay in 2019 for $50 billion, including debt. FNI was being pressured by activist investors D.E. Shaw and Jana Partners…The trial over
\n Microsoft\u2019s<\/span>
\n deal for
\n Activision Blizzard
\n wrapped up. A decision from Judge Jacqueline Scott Corley could come any day…
\n Pfizer
\n added to earlier deals with
\n Samsung Biologics
\n to produce biosimilars, or biological generics. The total deal is worth $897 million. <\/p>\n

Write to <\/strong>Robert Teitelman at bob.teitelman@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Studios may need to rethink the summer blockbuster. Disappointing debuts plagued many of Hollywood\u2019s most expensive films in June. Movies with $200 million budgets, such as Walt Disney\u2019s Elemental and Warner Bros.\u2019 The Flash, saw abysmal opening weekends and have since failed to break $100 million in domestic revenue. Disney\u2019s $295 million Indiana Jones and […]<\/p>\n","protected":false},"author":1,"featured_media":32858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-32857","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSummer Movie Blockbusters Have Lost Their Punch. Is a Rethink in Order? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Studios may need to rethink the summer blockbuster. 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