Warner Bros Is Losing Millions On Joker 2
When Joker hit theaters in 2019, the comic book villain origin story wasn’t expected to be one of the highest-grossing films of the year, but after hauling in over $1 billion, the film was a certified smash-hit that even earned star Joaquin Phoenix an Academy Award win for Best Actor for his portrayal of Arthur Fleck. Despite initially being envisioned as a stand-alone film, Warner Bros. Pictures couldn’t help but see the massive dollar signs in their eyes, eventually green-lighting Joker 2, a sequel that promised to be a dramatic departure from its predecessor… in more ways than one.
As a perfect candidate for a “careful what you wish for” case study, Joker: Folie à Deux has not only been universally panned by critics and audiences alike, but the film will likely cause Warner Bros. Pictures to lose between $100 million and $200 million when all is said and done.
Losing Up To $200 Million
With a massive production budget of $200 million and a marketing and distribution budget that slapped on an additional $100 million, Joker 2 certainly bought into the old adage that bigger is better. There’s just one problem: the film’s end result has completely missed the mark and failed to capture a dedicated audience that made Joker a billion-dollar film. After nearly three weeks at the box office, Joker 2 has grossed just $56 million domestically and $135 million internationally… and those numbers aren’t likely to dramatically improve.
The Embarrassing Numbers
Looking at the domestic box office results from October 18, Joker 2 earned a paltry $2.1 million, falling all the way to the sixth highest-grossing movie of the week, earning $2 million less than the fifth-place film, We Live In Time, which played in nearly 2,000 fewer theaters.
To add insult to injury, Joker had already earned $96.2 million at the domestic box office in its opening weekend alone. With current industry projections eyeing a continuing decline for Joker 2, the sequel will be lucky to gross $65 million domestically before finally being mercifully pulled from theaters.
No Chance At Catching Up
According to Variety, sources at Warner Bros. Pictures report that in order for Joker 2 to break even, the film will have to hit around $375 million mark at the worldwide box office. With current worldwide numbers sitting at a box office haul of $192 million, the film will need an impressive rally to avoid a financial disaster. At its current earning rate, Joker 2 will be lucky to even come within striking distance of that $375 million figure.
Still Hope?
Despite the grim forecast, a spokesperson for Warner Bros. Pictures issued a statement that said that the production company is not ready to throw in the towel, pointing to “anonymous insiders” and “rival executives” who are under-reporting the film’s financial prospects. “The film continues to play in theatrical release, included with this week’s opening in China, and will continue to earn revenue throughout its home viewing and ancillary run,” the statement reads.
Critics And Audiences Agree
While Joker 2 may find a much-needed second wind overseas, many box office experts have already begun to speculate the exact cause for the film’s diminished returns at the box office. But according to critics, you don’t have to search too far to find the answer. Despite earning plenty of credit for its refreshing risk-taking approach towards its titular character and the musical-laden story, Joker 2 ultimately failed to execute that approach, resulting in a bad movie.
Based on 339 reviews, Joker 2 currently sports a 32 percent critic score on Rotten Tomatoes, with most critics finding the film’s stale story and aggressive runtime as a chore to get through. Not to be outdone, the film also has a 32 percent audience score as well, becoming a rare case where both are in perfect harmony.
Source: Variety
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