Venomverse’s Box Office Silver Lining: It’s Big Abroad

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As a seasoned gamer with over two decades of experience under my belt, I’ve seen more than a few cinematic universes come and go. The latest chapter in Sony’s Venom saga, “Venom: The Last Dance,” is a testament to the enduring power of an iconic character and a shrewd business strategy.

There was a lot of discussion, similar to the sound of a coiled rattlesnake, when the movie “Venom: The Last Dance” had a disappointing $51 million debut in North America over the Oct. 25-27 weekend but succeeded financially overseas, earning a global opening of $175 million against a budget of over $120 million. It’s worth noting that “Venom” has been doing extremely well overseas, with “The Last Dance” setting a notable record in China by grossing $46 million, one of the highest openings recently.

Sony’s Marvel films have been heavily criticized by critics, with exceptions being the Spider-Man and Spider-Verse titles. These movies seldom surpass a 30% rating on Rotten Tomatoes, with Venom: Let There Be Carnage being the highest at 57%. Unlike Christopher Nolan’s Batman films or Marvel Studio’s Avengers movies, Venom doesn’t seem to have lasting cultural impact. However, considering the current superhero saturation and high-priced flops like Marvel Studios’ The Marvels and DC’s Aquaman and the Lost Kingdom, Sony studio chief Tom Rothman’s budget-friendly approach appears more prudent than ever and has brought in massive profits, primarily due to the Venom trilogy. This strategy enables the studio to explore over 900 lesser-known Marvel characters related to Spidey, and most recently, it involves giving an R-rating to the upcoming action film Kraven The Hunter, scheduled for release in mid-December, known for its intense violence.

This method of filmmaking can bring financial success and artistic recognition when done skillfully. However, if not executed well, it can lead to a decrease in brand value, audience favor, and potentially ruin the financial potential of a movie series, as pointed out by Paul Dergarabedian, chief box office analyst at Comscore. To put it simply, the live-action Spider-Man spinoffs have yielded varying outcomes. For instance, Venom, Morbius, and particularly Madame Web, didn’t exactly set the box office on fire with enthusiasm. In fact, Madame Web performed poorly financially, while Morbius may have just barely broken even.

Ultimately, what matters is the excellence of the films, the allure of lesser-known characters, and, above all, effective marketing techniques. These methods should effectively communicate to first-time viewers the storyline, perspective, and overall mood of the movie.

In the sequel titled “Venom: The Last Dance“, Tom Hardy reprises his role as the title character, pushing the Venom movie series beyond a staggering $1.5 billion in global box office revenue, despite an initial production cost of only $330 million (excluding marketing expenses). Such profits are sure to bring a grin to any studio executive’s face. Moreover, it appears that the Venom series has also proven profitable in ancillary markets, according to one report.

“At worst, The Last Dance is a double, but most likely a triple,” the source continues.

Kraven, however, is a costlier venture, estimated to have exceeded $150 million. The reason being additional expenses incurred due to the pandemic, labor disputes, and a queue of movies requiring post-production services. Sony was left with no other option but to bear these costs.

According to Dergarbedian, having the endorsement of the Spider-Man franchise significantly boosts any spinoff film or character’s chances. However, he emphasizes that, ultimately, the movie and its promotion must be flawless in transforming a secondary character into an appealing figure for a worldwide audience.

Originally published in the October 30th edition of The Hollywood Reporter’s magazine, you can access it by clicking here to subscribe.

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2024-10-29 22:54