Box Office Blunders Turn Streaming Wonders
Flashy Pixels Issue 11: Movie Studios’ Streaming Platforms Give New Life to Hollywood's Theatrical Misfires
Apple had lofty ambitions when they shelled out $200 million for the rights to Argylle, the star-studded spy comedy featuring Hollywood heavyweights Henry Cavill, Bryce Dallas Howard, and pop sensation Dua Lipa. The tech giant believed they had a surefire success on their hands, one that would show the industry they were not just looking for awards bait but were also in the blockbuster business. Argylle boasted an impressive ensemble cast and was directed by Matthew Vaughn, known for the successful Kingsman franchise. Apple envisioned Argylle as the launchpad for an entire cinematic universe.
Deadline reports that the studio launched an $80 million marketing campaign, sending all its stars on an extensive promotional tour. Amid the rollout, a viral rumor circulated online that Taylor Swift had secretly written the movie's source material.
The rumor gained so much traction that Bryce Dallas Howard remarked, “It’s really, really, really bizarre but a huge honor to have any association whatsoever with Taylor Swift.” Director Matthew Vaughn was more direct, stating, “She didn't write the book!” Even with his denial, fans continued to speculate that Swift might eventually reveal herself as the author.
Despite all the promotion and social chatter, the film debuted with an underwhelming $18 million opening weekend in early February, far below expectations. Less than a month later, the Dune sequel opened to $83 million. Argylle’s box office performance was an embarrassment for the Apple Original Films team, which had worked hard to secure global rights to the film. In response, the studio put the brakes on the two planned sequels.
Two months later, Argylle quietly landed on Apple's streaming service. However, in a surprising turn of events, the film that didn’t pique moviegoers' interest during its theatrical run became an unexpected streaming sensation. Despite Apple TV+'s smaller subscriber base compared to streaming giants like Netflix and Disney+, Argylle became the second most-streamed title across all platforms during its release week, according to Reelgood data. While only Apple knows whether subscriber revenue justified the price tag, a movie once deemed an embarrassment for Apple has transformed into a point of pride, showcasing the outsized influence of their streaming service.
The Disney Pixar animated movie Elemental, which also cost $200 million to produce, was considered a box office dud the first week of its release. It wasn't until months later, when it became one of the most popular children's titles on Disney+, that people reconsidered and retroactively rewarded it as a success.
Pixar's Chief Creative Officer, Pete Docter, attributed the movie's performance to a broader change in viewing habits, a shift particularly pronounced on Disney's streaming service. He explained, "There has been an overall shift in viewing habits as a result of the pandemic, but it's also specific to Disney+. We've told people, Hey, all of this is going to be available to you on Disney+!" The industry's pivot to streaming has redefined success, even if it means sacrificing more lucrative distribution methods to establish a direct connection with audiences.
Argylle and Elemental aren’t the only examples of this phenomenon. The Suicide Squad, The Last Duel, and Lightyear all found success on streaming after disappointing box office performances.
The rise of streaming redemptions raises questions about the long-term viability of the theatrical model beyond tentpole releases. In a candid interview with Entertainment Weekly, Ben Affleck offered a rather bleak forecast, suggesting that theaters will increasingly cater to young audiences and big-budget franchises. "I think movies in theaters are going to become more expensive, event-ized," Affleck said. "And there'll be 40 movies a year theatrically, probably, all IP, sequel, animated."
It's an ominous outlook from the actor who has portrayed Daredevil, Superman, and Batman.