Lionsgate Blames Vin Diesel, Kirsten Stewart for Low Box Office Earnings
After several Box Office bombs, Lionsgate have reported a net loss of $42.1 million, according to Variety.The studio said that the release of Sicario, American Ultra, and Vin Diesel's The Last Witch Hunter all affected their expected earnings for the 2016 quarter.
The studio said its results in the quarter were affected by the timing of episodic TV deliveries and the shift of the wide release of the film “Sicario” into October, which resulted in marketing costs being recorded in the September quarter without offsetting revenue benefit. “Sicario” has generated solid grosses so far with $44 million at the U.S. box office. Lionsgate also said its Jesse Eisenberg-Kristen Stewart comedy “American Ultra” underperformed during the quarter with a $14.4 million domestic gross. It also recorded a write-down of $7.2 million on Vin Diesel’s “The Last Witch Hunter,” which was released on Oct. 23 and took in $23 million domestically on a $70 million budget.In addition, revenue declined 14% from the previous quarter. “Although this quarter will be the lightest of the year due to timing and softer-than-anticipated performance of some of our recent film releases, our robust film and television pipelines position us for a very strong second half of the year,” said CEO Jon Feltheimer. But, luckily for Lionsgate, the movie studio has several major motion pictures coming soon. Including The Hunger Games: Mockingjay - Part 2 on November 20th, which has already made 2.3 billion dollars worldwide, another Divergent Movie, a Power Rangers Movie, and The Odyssey starring Hugh Jackman. This news comes after Lionsgate announced their plans of building a Hunger Games amusement park in Atlanta, Georgia starting next year.