Bab 146: Chapter 146: Stuck Between a Rock and a Hard Place
[Chapter 146: Stuck Between a Rock and a Hard Place]
Compared to blockbuster franchises that had a global box office appeal, Ghostbusters II had no real advantages. Being a comedy, it wasn't easy to build a loyal fan base, as audiences tended to chuckle and then forget it all.
Moreover, there was a five-year gap between the two films in the series, which made it harder for a comedy to maintain its popularity. If it weren't for Columbia Pictures struggling to find other franchise movies to maintain this crucial summer schedule, this project likely would not have even gotten off the ground.
However, Columbia's relentless marketing efforts mostly offset the disadvantages. While it didn't quite reach the levels of outrageous promotion seen with other films, compared to the summer blockbusters from rival studios, Columbia's marketing was fixated on box office numbers rather than making a profit -- money wasn't the goal; they aimed to secure ticket sales.
Negotiations with Sony for a merger had reached the final stages, and the Japanese were determined to make themselves appealing to investors. Under these circumstances, Columbia's business operations aimed solely at boosting stock prices -- box office numbers being one of the primary factors influencing those prices for a publicly traded film company.
The film was set to release on June 16. After its first week, a box office total of $45 million sent Columbia executives into a frenzy of excitement. This indicated an anticipated total of nearly $200 million in North America, according to the evaluators.
But that excitement lasted just a week. In the second week, the box office sank significantly, dropping 55% and raking in just over $19 million.
Box office evaluators quickly revised their projections, slashing the expected $200 million total down to $110 million. Although Columbia's stock didn't backslide on the news, its upward momentum slowed considerably. After all, a $100 million gross for a summer blokbuster film from one of the big six studios was hardly noteworthy.
This situation arose not just because the film was less well-received than the first but also due to particularly bad timing.
...
Since its debut in 1939, this North American comic book character, the first superhero without superpowers, had not garnered much confidence from Warner Bros. regarding starting this series -- reflecting their skepticism in the film's modest production budget.
While they pumped almost $50 million into big-budget films, Warner only allocated $35 million for this project, barely reaching blockbuster scale. Columbia, on the other hand, proposed a budget of $40 million for Running Out of Time right off the bat, while Warner's budget for this movie was the same.
Due to Warner's lack of faith, Columbia didn't take it seriously either, leading to the film's release just a week before.
However, everyone drastically underestimated the impact of a comic book hero that had been serialized for fifty years on the hearts of American audiences. Released on June 24, just a week later, Batman dominated the box office, drawing in an unmatched $68 million, claiming 45% of the week's total gross and leaving competitors in shambles.
...
The company most affected was Columbia. After suffering a 55% drop in ticket sales, their dreams of $200 million evaporated. After such a steep decline, a rebound seemed almost impossible.
Columbia now had to place their hopes on Eric's film, which, following internal test screenings and critic evaluations, had received positive feedback.
However, after Batman's second week's numbers came in, a cloud of disappointment loomed over those who had high expectations. The second week showed only a slight 23% drop, still earning $52 million -- a figure significantly higher than many blockbusters' opening weekends.
Though the total weekly box office hovered around $150 million during the summer season, that amount divided among more than ten films didn't leave much for any single one. The films that actually got a run during the summer were either cannon fodder or those that audiences hoped would be outstanding, with the latter outnumbering the former. Thus, if one movie maintained a third of the market share and didn't experience any considerable fall in the next week, the pressure on Columbia's film would be palpable.
...
In the boardroom at Columbia Headquarters, executives nervously discussed potential strategies, with a vice president from Coca-Cola sitting in to listen. Eric sat beside Amy Pascal, patiently hearing the discussions unfold.
Though he directed the film, Eric had little sway over its release. His presence there was merely because he was its director. While Columbia had given him freedom during production, they hadn't involved him much in the marketing decisions. He had submitted a document detailing his marketing strategy but had received no feedback from Columbia.
"I think we should consider delaying the release at least by a week. The momentum behind the other film is just too strong. Sticking to a July 7 release date is not wise. We've already lost significant box office due to this competition while trying to boost our stock price with our two major releases," voiced one executive from Columbia's marketing department.
As soon as he finished, another executive interjected, "Bob, what about the agreements signed with theaters according to your plan?"
"Coordinate with them, and appropriately compensate theater losses. We can fill the void with a few selections from our completed productions. Our priority is ensuring we secure box office revenue above all else."
A manager from the data analysis department chimed in, "The box office has already crossed $100 million. That kind of momentum is unlikely to continue, and the critics' reviews for this film aren't too hot either. I expect the third-week box office to see a normal drop of over 40%."
"By your logic, that means this film should have experienced a normal drop in the second week, yet it only saw a 23% minor dip," someone challenged.
"The media is starting to ridicule us over our scheduling for the two films. If we don't stick to our existing schedule, it'll send a signal that we lack confidence in the film's quality. That's a dangerous game because if fans perceive it as a subpar flick, that blow to the film's prestige would be fatal. It's much safer to stick with our original schedule; it's not that we don't want to delay; it's that we absolutely must avoid it in this situation."
"I agree with Rhett. It's not that we don't want to delay; it's that we can't. If we delay, it suggests we don't believe in the film as much as we claimed in our promotions."
"But if we see just a 20% dip in the third week, that could still result in around $40 million in revenue. Can you imagine the pressure that puts on the box office under those scenarios?"
The group debated for an hour, with the visiting Coca-Cola vice president remaining silent throughout. Once the chatter died down, he straightened up and turned to Eric, who had quietly listened like everyone else, "Mr. Williams, I noticed you haven't spoken. Why not share your thoughts?"
*****
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