The woeful start to environmental disaster movie ‘Geostorm’ at the box office could cost Warner Bros and Skydance a massive $100 million in loses.
According to The Wrap, a budget in excess of $120 million plus a break-even cost of between $300 million and $350 million is likely to spell disaster.
But it could have been worse – the studios reportedly slashed its marketing budget prior to release, which could have meant a break-even point nearer to $400 million.
“There really wasn’t a lot of advertising for this movie, and that’s a sign that WB was willing to cut their losses,” Exhibitor Relations analyst Jeff Bock told the website.
It made just $14.7 million in the US on its opening weekend, and has only made $66.8 million worldwide.
With a pasting yet to come from the release of ‘Thor: Ragnarok’, analysts reckoning it will be lucky if it makes $200 million in total by the end of its run, making a loss of $100 million likely.
The movie, which stars Gerard Butler as a satellite engineer tasked with saving the world when a climate-controlling satellite goes haywire, has been in turmoil since cameras rolled in 2014.
Originally directed by ‘Independence Day’ producer Dean Devlin, it underwent expensive $15 million reshoots, and action veteran Jerry Bruckheimer was later drafted in to try and save it.
But it appears he might have failed, with critics giving it a merciless drubbing.
It’s the second large scale flop for Warner Bros this year, following the $175 million ‘King Arthur: Legend of the Sword’ losing its shirt earlier this year.
That movie cost $175 million to make and only made $148 million back, which, when accounting for additional marketing and advertising budgets, will have lost the studio as much as $150 million.
Luckily, it has recent hits like ‘It’, ‘Wonder Woman’ and ‘Dunkirk’ under its belt.
The same can’t be said for Skydance, which co-produced the movie, however, having lost money on the ‘Baywatch’ movie and sci-fi horror ‘Life’ in recent months.