Indiana Jones and the box office shortfall

 

I didn’t say bomb.

Deliberately.

I did not say box office bomb.

Reports are circulating in trade publications… or, at least publications with areas focusing on films, movie theaters and box office stuff… that Indiana Jones and the Dial of Destiny is settling in at an overall loss of around $125 to $135 million dollars. That comes in for a production that finished it’s screen run somewhere just shy of $400 million.

I’m not sure why this particular movie and this particular financial disclosure set me off to finally write this essay. And, I do mean finally, since it’s one that’s been kicking around in my mind for some time. Let’s toss a few logs on the fire…

First – There’s more to the cost of a film than the film itself. You likely know this, but marketing and all sorts of publicity efforts go into the package. As a generic rule of thumb, the idea is that a good PR campaign will be set at roughly fifty-percent of a film’s production budget. So, if it costs $100 million to make the movie, the advertising and such will be budgeted at $50 million. Total cost isn’t $100 million, it’s $150 million.

Second – Kind of a known item, and potentially more a bit of a sidenote, but absolutely worthy of a mention here. Studios have forever been known to play games with the final numbers. Given their preferences, there are some that would joke that no movie ever released has made a profit.

Third – Ever heard of a loss leader? The fundamental concept for it is that in certain business efforts, a sacrificial item is put in place that absolutely won’t make money. Those in charge know it’s going to lose money. But, the very presence of it raises other boats (so to speak). For Disney and its portfolio, a movie is rarely just box office numbers. It’s also merchandise sales, as just one additional instance.

There’s more to the story, but this lays out enough information for us to have this understanding: There is often a lot taking place behind the scenes.

We’ll stick with Disney. We all know that the dollars generated by Darth Vadar, Iron Man and Lightning McQueen come from more than just movie theaters. There are toys and video games and clothing. The films slide over to the streaming service, which means Disney+ subscriptions.

Let’s apply that roughly fifty-percent rule. Pixar releases a new film featuring Woody and Buzz Lightyear. (Hey, in case you didn’t know, Toy Story 5 is being developed for a 2026 release.) Let’s set the budget at $200 million, which makes the cost likely in the range of $300 million.

So far, you’re with me, right? Ok…

Given the previous installments, I think all of us would expect a high-quality effort that easily passes $300 million in box office earnings. But, for our argument here, let’s say it makes $250 million in theaters.

Disappointing? Probably. In fact, most definitely.

But there are going to be action figures and games. Pixar and the Toy Story brand are all over the theme parks. Plus, it’s not just Duke Caboom making the extreme appearances in the merchandise catalogue though, as you can buy all sorts of Forky items.

(Seriously. I was in a store at the Hollywood Studios theme park, chuckling about a Forky action figure for sale. I took a picture of it and texted it to a few folks with a joke about the price. As I was putting my phone away, a young girl came running up to the display, grabbed a Forky box and ran screaming “mom, mom, mom” as she headed to a woman at a register. So, yeah, they sell.)

The film finishes $50 million short of what we were told it needed to break even on its own. But if the toys create a profit of tens of tens of millions, and if theme park attendance is up, and if a new wave of kids want to watch all of the Toy Story efforts on Disney+… end result, we all recognize it isn’t just the box office.

Back to Indiana Jones.

I will absolutely grant you that Indiana Jones isn’t the same merchandising printer of cash he once was. Fair observation there. The character and brand aren’t the first mentioned when it comes to theme park attractions. There are many that will argue about what the creators intended and where their ideas and development may or may not have had issues. Still…

Is the fifth film a box office bomb?

On its own, yes, it probably is. The receipts from theaters don’t add up to make an argument that it isn’t.

But it’s never just those receipts. They are, perhaps, accurate as an observation that is isolated on its own and not the whole story. But in our attention-span-challenged, get the blurb right to generate the clicks and damn the accuracy of the content world, it doesn’t matter if you’re exactly right and frequently no one reads the whole story.

Let’s understand, there have been plenty of plans that never worked out. Carefully considered , detailed and assembled roadmaps for journeys a franchise would take, only to find that journey end after one season of a television show or a single film release. Franchise intentions that never became franchise realities. However, we keep being presented with superhero fatigue reports and news items, as if superhero films are going away because we as the audience don’t want them anymore. It never seems to be asked, when this one or that one doesn’t reach expectations, if as just one possibility it’s more likely we didn’t want this particular superhero film.

Indiana Jones and the Dial of Destiny was not a good movie. It was ok. Not horrible. Though a lot of the ok of it is likely generated by a love of the character and nostalgia more than the story being presented by it. But calling it a dud misses the mark. Dud and bomb suggest finished. Done. Not worth it. For Indy, somewhere, there are conversations taking place with a theme about what could be next for the character.

Could some story be developed that might just nudge Harrison Ford back? Does the franchise need an overhaul and fresh start? (And before you go crazy, I’m not saying Ford would, could or will play the part again. I’m saying someone is wondering if it could happen, and someone else is wondering if they could create the project to do it.) Lots of questions and conversations taking place.

Sometimes the magic is simply lost on a story that doesn’t match the expectations. That doesn’t mean the magic is gone for good. Doesn’t mean it didn’t earn a profit. And, on its own, it doesn’t mean that the dollars don’t make sense.

 

If you have any comments or questions, please e-mail me at Bob@inmybackpack.com