A $500 million film ain’t what it used to be
Can a film that’s going to rake in more than $500 million be a disappointment?
Depends on whom you ask.
King Kong, the three-hour Peter Jackson opus that swung into theaters last month amid a publicity campaign that would make a monkey blush, is already the eighth-biggest film of 2005 with $195 million in North American ticket sales. Worldwide, it has taken in $465 million and will likely break the half-billion mark by this weekend.
But “compared to expectations, it was a disappointment,” says Brandon Gray of Box Office Mojo. “But that’s what’s going to happen when you spend $200 million on a movie that stars an ape.”
Indeed, Kong became the latest in a string of Hollywood action films that couldn’t live up to the hype √≥ or budget. Kong cost a reported $207 million, which doesn’t include Universal Studios’ ubiquitous ad campaign.
Before the movie opened, Entertainment Weekly hailed it as the “blockbuster of the year.” Pundits projected the film’s special effects and computer-generated ape would propel it to at least $300 million and could give Titanic a run as box-office king. That film took in $600 million in North America alone, $1.2 billion worldwide.
Now, Kong has become a cautionary tale about overselling big-budget fare.
“We saw King Kong as a panacea that was going to solve the box-office problems for the year,” says Russell Schwartz, marketing chief for New Line Cinema. “But we’re putting too much pressure on a movie to perform. And we’re going to have to ask ourselves if we’re trying too hard to turn movies into ‘events.’ ”
Universal Studios executives would not comment beyond saying that the film will be profitable. Peter Jackson did not respond to requests for an interview.
Some analysts and executives say Kong’s struggles √≥ along with high-priced action flops like Stealth and The Island√≥ could change the landscape for selling costly films.
Where did Kong go wrong? Analysts see several missteps:
√ØToo loud. The Chronicles of Narnia, which has taken in $250 million, likely will outperform Kong with a quieter ad strategy that included showing the film to churches and schools. “Word of mouth is your best tool,” says Chuck Viane, head of distribution for Disney. “Studios can’t just tell people to like a movie.”
√ØToo long. At 3 hours and 7 minutes, Kong “is a major time investment,” says David Poland of moviecitynews.com. “That’s asking a lot.”
√ØToo special-effects driven. “You’re not going to make a smash live-action movie when your lead character is a special effect,” says Gray. “Especially one that doesn’t even speak.”
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