‘Candyman’ proves how profitable horror films are at the box office

'Candyman' proves how profitable horror films are at the box office

Film by film, recent Hollywood blockbusters have struggled to bounce back from 2019 ticket sales. But “Candyman” has once again proven just how beneficial the horror genre is.

Over the weekend, Universal Pictures’ debut film grossed $ 22 million in ticket sales domestically and $ 5.2 million in international markets. The R-rated slasher movie was written by Jordan Peele (“Get Out”) and directed by Nia DaCosta (“The Marvels”).

Box office results have exceeded industry expectations, although COVID-19 cases continue to rise in the United States due to the highly contagious Delta variant. Some fear that this practice will take people away from theaters.

Cinemas have struggled to keep pace since they reopened last year. The problem has been exacerbated by the many high-profile franchise films that have been made available in theaters and on streaming services at the same time.

This is not the case for Hollywood horror films in 2021. Slate is available exclusively in theaters, which has inspired audiences to feel the fear and fear of leaping into the dark.

Paul Dergarabedian, senior media analyst at comScore, said industry analysts expected “Candyman” to do well at the box office.

“The cinematic experience is designed for viewing horror films and therefore the relationship between theatrical exposure and this most consistent, and even the most profitable genre, will continue as long as audiences are enthusiastic about the idea of ​​filming. ‘be afraid in a dark room. ” About foreigners, ”Dergarabedian said.

With smaller budgets than other genres, horror movies don’t need to earn a lot at the box office to make a profit.

“Candyman,” a sequel to the 1992 horror classic of the same name, had an estimated budget of $ 25 million. In its first weekend, it made over $ 27 million in sales. Of course, the film had a marketing budget, which is generally considered to be around half of its production budget. And the studio is sharing the profits of the cinema with the cinemas, so it hasn’t recouped its investment yet, but it’s on the verge of extinction.

“Horror movies are a dream for an accountant and studio manager with huge profit potential due to their inherent profitability; you don’t need to break the bank to make a killer horror movie and for the genre. The office’s results – especially during the pandemic – have been the most impressive, ”Dergarabedian said.

Paramount’s “A Quiet Place Part II,” which has been delayed due to the pandemic, has raised nearly $ 300 million globally since its release in late May. Its estimated budget was around $ 22 million.

The latest installment in the Conjuring film franchise, “The Conjuring: The Devil Made Me Do It,” had an estimated budget of around $ 40 million and has achieved $ 200 million in worldwide sales since its debut in early June.

For comparison, Disney’s “Black Widow” had a production budget of $ 200 million and a marketing budget of around $ 100 million. With $ 370 million at the global box office since its release in early July, as the studio moves away from theaters, the Marvel film is unlikely to be disappointing. Disney has reported some of its streaming revenue for the title, including an opening weekend of $ 60 million in digital sales, but has not publicly updated those numbers.

Likewise, Warner Bros. ‘ “The Suicide Squad,” which hit theaters earlier this month, had a budget of $ 185 million and currently has raised around $ 154.5 million in box office revenue. The film was also made available free on HBO Max to platform subscribers.

Horror movies helped create a box office heckle even after theaters closed last year. Most notably, IFC’s “The Rich,” released in May 2020, drew large crowds to theaters.

While the film’s worldwide total was only $ 4.59 million, its production budget was only $ 66,000.

“It was at a time of the pandemic when most of the movie’s revenue came from drive-ins, so it was a surprising reminder ‘into the future’ that horror will always find a way to survive,” Adam said. Lowenstein, professor. University of Pittsburgh and author of “Shocking Representation”.

Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal has released “Candyman”.

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