Title: Box Office Disappointment for Harrison Ford and Tom Cruise’s Latest Films Despite High Hopes
Subtitle: “Indiana Jones and the Dial of Destiny” and “Mission: Impossible — Dead Reckoning Part One” fall short of expectations
Harrison Ford and Tom Cruise, two iconic Hollywood actors, have recently added new entries to their respective film franchises, “Indiana Jones and the Dial of Destiny” and “Mission: Impossible — Dead Reckoning Part One.” While expectations were high, both movies have struggled to perform at the box office, disappointing fans and industry insiders alike.
Being part of long-running franchises, both films were primarily targeted at older audiences. Despite grossing a respectable amount, “Indy 5” earning $375 million globally and “M:I 7” making $523 million, they have faced significant challenges. One major factor is that these films were produced with massive budgets of approximately $300 million, making them among the most expensive movies ever made.
Due to falling short of expectations, the films could potentially incur losses of nearly $100 million during their theatrical runs. However, studio executives argue that assessing profitability based solely on theatrical results is not accurate. This is because revenue from streaming services and licensing deals, which often remains undisclosed, can significantly contribute to the overall value of these films in the long run.
Disney CEO Bob Iger has expressed optimism regarding the long-term prospects of “Dial of Destiny.” He noted that the release of this latest installment has generated increased interest in previous “Indiana Jones” films available on the Disney+ streaming platform. Such additional revenue streams, including home entertainment and licensing, could potentially make these movies more valuable over time.
On the other hand, “Dead Reckoning Part One” is projected to break even if it reaches $600 million at the global box office. This takes into account its performance in home entertainment and licensing revenue, indicating that the movie’s potential may extend beyond its current box office figures.
The struggle for blockbuster films to achieve profitability is not unique to these two movies. With soaring production budgets and uncertainties in major markets like China and Russia, many high-budget productions face daunting financial challenges. Moreover, the ongoing pandemic has further increased production costs due to delays and additional safety measures.
The global box office industry as a whole continues to grapple with reaching pre-pandemic grosses, with only a few movies surpassing the $700 million mark in recent years. However, it is worth noting that there have been successful films that are not part of existing intellectual properties. Examples include Christopher Nolan’s “Oppenheimer” and Greta Gerwig’s “Barbie,” both of which have performed well despite not being part of established franchises.
In fact, “Barbie” has emerged as the highest-grossing release of 2023 thus far. Made with a more affordable budget of $145 million, the film showcases the potential for box office success outside of existing franchise universes. Margot Robbie, who starred in and produced “Barbie,” stands to make at least $50 million in salary and bonuses from the film’s success.
While the disappointing performances of “Indiana Jones and the Dial of Destiny” and “Mission: Impossible — Dead Reckoning Part One” may raise concerns for their respective studios, the future profits from potential home entertainment revenue and licensing deals could ultimately reduce the financial blow. However, the challenges of creating profitable blockbusters under evolving industry conditions, including pandemic-related constraints and changing market dynamics, remain ever-present.