Hollywood had the worst domestic summer season for 22 years. US revenue fell by almost 15% as compared to the same period last year.
Please…not another remake
Remakes and sequels have become more common over the past few years. And often, whilst not as financially successful as the first, they represent safe bets for studios to invest millions of dollars into.
But it has stunted creativity in the industry and this particularly poor summer may suggest that the American public has finally reached breaking point. The critics certainly have.
Amazon, Netflix and Apple are all building up their film divisions, suggesting that Hollywood’s film monopoly could weaken.
Meanwhile, hit TV shows like Game of Thrones are bringing a cinematic experience to the small screen. Theatre chains are desperately trying to counter this by upgrading seats to give a homely comfort, whilst also offering premium tickets to make the movie experience more magical.
But it’s not all bad news
Hollywood is still a big hit overseas, particularly in Asia. That’s one of the reasons why you won’t see remakes stopping anytime soon. And it could be that because summer 2016 was dismal too, it put off a lot of customers taking a bet on this season’s films.
Superheroes continue to save the day
Americans didn’t need laughter (the comedy genre flopped).
However, Wonder Woman, Guardian of the Galaxy and Spider Man all had impressive sales, primarily driven by rave reviews.