Hollywood’s worst summer in 8 years; biggest year-on-year losses in decades

Hollywood’s worst summer in 8 years; biggest year-on-year losses in decades

[Ed. – Funny how that works.  Americans lose jobs, savings, spending money…Hollywood loses revenue.]

Less than six weeks before Labor Day, hopes for recovery at the North American summer box office have evaporated. The season is expected to finish down 15 to 20 percent compared with 2013, the worst year-over-year decline in three decades, and revenue will struggle to crack $4 billion, which hasn’t happened in eight years. As a result, analysts predict that the full year is facing a deficit of 4 to 5 percent. …

Although there have been no Lone Ranger-size debacles, for the first time since 2001 no summer pic will cross $300 million domestically (X-Men: Days of Future PastMaleficent and Transformers: Age of Extinction hover near $230 million). May kicked off with The Amazing Spider-Man 2 earning $200 million less domestically than 2013’s Iron Man 3; by July 20, the divide had swelled to nearly $690 million as revenue topped out at $2.71 billion, down 20 percent compared with the same period last year. …

For the summer to hit $4 billion and finish down only 15 percent, revenue needs to match last year’s through August. That puts pressure on Dwayne Johnson‘s Hercules (July 25), Scarlett Johansson‘s Lucy (July 25), Marvel’s Guardians of the Galaxy (Aug. 1) and Paramount’s Teenage Mutant Ninja Turtles (Aug. 8). But it’s a tall order, considering last summer ended with a bang. “I don’t know if we have a major sleeper left this year, other than Guardians,” says Dergarabedian.

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