New Releases Shake Up the North American Box Office
Last weekend saw the wide release of three new films in North American cinemas. Paramount Pictures’ hybrid live-action/CG animated film, IF, debuted in 4,041 theaters, pulling in $35 million over the weekend. This figure fell short of the anticipated $40 million, contributing to a continued year-over-year decline in overall box office performance for the 2024 North American summer movie season.
IF: A Family Film with Mixed Reviews
IF, written and directed by John Krasinski of A Quiet Place fame and starring Ryan Reynolds, tells the story of a young girl with the ability to see imaginary friends. Despite receiving lukewarm reviews from critics, with a 49% freshness rating on Rotten Tomatoes, IF resonated with audiences. The film earned an impressive 87% audience score and an “A” CinemaScore.
IF Movie Still
The positive audience reception suggests that IF may maintain a steady presence in theaters in the coming weeks. With limited options for family-friendly viewing currently available, IF could fill a niche. However, the upcoming release of Sony Pictures’ animated film, The Garfield Movie, is expected to pose a significant challenge.
According to box office analyst Tom Brueggemann, the modern summer movie season, which began with Jaws in 1975, has historically been driven by big-budget original IP such as Star Wars, Raiders of the Lost Ark, E.T. the Extra-Terrestrial, Top Gun, Ghostbusters, Ghost, Twister, The Lion King, Independence Day, Speed, and Men in Black. In recent decades, however, original concepts have become increasingly rare, replaced by remakes and sequels. Studios are hesitant to invest over $100 million in original summer blockbusters. Paramount’s $110 million investment in IF is a notable exception.
This investment reflects Paramount’s confidence in John Krasinski. Known for his role in The Office, Krasinski has emerged as a prominent figure in Hollywood thanks to the success of his original creation, A Quiet Place. The first two A Quiet Place films generated substantial profits for Paramount, and a third installment is planned for release next year. In late 2019, Paramount secured the rights to IF, a project developed by Krasinski and Ryan Reynolds, outbidding Sony Pictures and Lionsgate. Paramount’s investment extends beyond IF to Krasinski’s potential as a filmmaker.
The Strangers: Chapter 1 Debuts
Another new release, The Strangers: Chapter 1 from Lionsgate, landed in third place at the box office. The horror film grossed $12 million from 2,856 theaters. Given its “C” CinemaScore and a 13% freshness rating on Rotten Tomatoes, this opening is considered respectable.
The Strangers: Chapter 1 Movie Still
Directed by Renny Harlin, The Strangers: Chapter 1 marks a departure from his earlier successes like Cliffhanger and Die Hard 2. In the past decade, Harlin has worked on projects in both the US and China, including films such as The Legend of Hercules, Skiptrace, The Legend of the Ancient Sword, Silent Witness, Bodies at Rest, and The Misfits.
With a modest production budget of $9 million, The Strangers: Chapter 1 serves as a prequel to the 2008 horror film The Strangers, and is part of a trilogy filmed simultaneously by Harlin.
The original Strangers film, while not particularly innovative, achieved significant success due to its low $9 million budget and effective marketing, grossing $82.4 million worldwide for Universal Pictures. Despite efforts to develop a sequel, various challenges arose. The Strangers 2 was eventually released in 2018, a decade after the original, by Aviron Pictures.
Despite poor reviews and a low budget of $5 million, The Strangers 2 earned $32.1 million worldwide. However, Aviron Pictures faced scandal when its founder was imprisoned for financial fraud, leading to the company’s bankruptcy.
Lionsgate acquired the IP and brought in Renny Harlin to direct, relocating production to Slovakia to reduce costs. With its current opening, The Strangers: Chapter 1 appears to be a sound investment for Lionsgate.
Back to Black Struggles in North America
Back to Black Movie Still
Focus Features released the Amy Winehouse biopic, Back to Black, in North America. Winehouse, born in 1983, was a popular British singer who died of alcohol poisoning in 2011 at the age of 27. The 2015 documentary Amy, which explored her life, received numerous accolades, including an Academy Award for Best Documentary Feature.
Several film companies attempted to produce a biopic since 2012, but faced obstacles related to securing rights from Winehouse’s estate and music publishers. In 2022, StudioCanal’s UK division successfully negotiated with all parties, leading to the production of Back to Black.
The film was released in the UK last month, topping the box office for two consecutive weeks. Focus Features, acquired the North American distribution rights for $20 million. Despite a wide release in 2,010 theaters, Back to Black opened with just $2.85 million, ranking fifth at the weekend box office.