This summer has been one of the worst for Hollywood. Despite the release of numerous big titles, audiences haven’t rushed to the cinemas in the numbers they have done throughout previous summers. From Star Trek Beyond only managing $293.8 million to Ben-Hur’s complete collapse in after it’s summer release; there’s been a lot for the inhabitants of L.A to ponder.
It’s the latter of these two though that have really stood out. In August, Paramount release a $100 million remake of the Ben-Hur epic. Critics hated it and after securing a paultry $11.2 million at the box office – it became clear that things weren’t going to be pretty for those who’d funded the project.
According to THR, Paramount and MGM are facing a combined loss of $120 million on the whole project When you factor in the marketing budget; the $54 million made worldwide seems almost laughable. The movie has yet to release in several territories, but it’s being reported that there’s no hope of the movie even coming close to recouping the outlay. MGM in particular look set to be rocked by the loss, having footed a reported 80% of the production cost.
In fairness, who wanted a Ben-Hur movie? Audiences weren’t clamouring for the movie yet so much money was being poured into the project. With so little demand, studios should be wiser about which franchises they greenlight.
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