When movies do well at the box office, studios profit BIG time. But when a movie bombs at the box office? Studios lose out on millions of dollars.
And that’s exactly what is happening with Will Smith’s latest flick, Gemini Man. The movie, which was directed by Ang Lee, featured a lot of special effects. The budget was high for this film, It costs around $140 million to produce.
But the story doesn’t end there. You also have to include marketing costs, which reportedly ballooned the budget to $240 million total.
This is not good considering the movie opened to just $20.5 million domestically a little over a week ago. But the studio was still hopeful it would perform well overseas.
Sadly, that’s not really happening either. As of Sunday, the movie had a worldwide total of $118.7 million. That’s below the production budget, not even including the added marketing costs.
But there is a silver lining, according to The Hollywood Reporter…
The loss will be spread between David Ellison’s Skydance Media, Paramount Pictures and two China-based companies, Fosun and Alibaba. Paramount and Skydance each put up 35 percent of the budget (the former’s losses could be minimized when recouping its distribution fee). Fosun, which is distributing Gemini Man in China, has a 25 percent stake, followed by 5 percent for Alibaba, according to sources.
One thing is for sure, Will Smith needs to get back on the right track.[mashshare]