Monday, June 26, 2017

Monday's Headlines - Weekend Box Office

It seems the “Transformers” franchise is rusty. (Well....yeah)!

As of  the weekend, “Transformers: The Last Knight,” the fifth installment in the series directed by Michael Bay, looks to bring in $69.1 million from 4,069 domestic locations during its five-day opening weekend. That’s a franchise low for the sequel from Paramount and Hasbro, behind the first in the modern series, which earned $70.5 million in 2007. “The Last Knight” carries an estimated $217 million production budget.

This makes “Transformers: The Last Knight” the latest summer blockbuster to bank on overseas ticket sales to have a shot at turning a profit. In China, the big-budget action sequel made $41 million in its opening day alone. The projected international cume through Sunday is $196.2 million, powered by $123.4 million in China. Imax screens will account for $24.3 million of the film’s total earnings this weekend.

The Last Knight” comes at a time when Paramount could have used an all-around hit, following recent misses “Baywatch” and “Ghost in the Shell.” While the latest “Transformers” movie has been advertised as “the final chapter” and Bay’s last go-around, the franchise will continue — Paramount has at least two more movies slated, including a spinoff that could star Hailee Steinfeld. The franchise has historically been massively profitable and seen solid multiples for the studio. Together, the first four earned over $1.3 billion domestically and well over $3.5 billion worldwide.

The latest take on the series centers on an alliance between Bumblebee, Cade Yeager — who Mark Wahlberg also played in 2014’s “Age of Extinction” — and roles played by franchise newcomers Anthony Hopkins and Laura Haddock. Together, the team works together to save the world. Audiences have earned the film a B+ CinemaScore, while critics have mostly dismissed it — it currently holds a 15% fresh rating on Rotten Tomatoes.

“In the end, our business is global. The global number does matter, and this movie is built for global audiences, said Megan Colligan, Paramount’s distribution president, who added, “We certainly would have liked to see more come out of the domestic market.”

Otherwise, “Wonder Woman” continues to post impressive numbers, holding onto second place during its fourth weekend in theaters. This weekend, it should earn an additional $25.2 million, bringing its domestic total to $318.4 million. Earlier this week, the film became the highest-grossing live-action movie to be directed by a woman — a major distinction for Patty Jenkins.

Disney and Pixar’s “Cars 3” looks to earn $25.2 million domestically during its second weekend. Some estimates have the film slightly lower, just below $25 million. The family film, which won last weekend’s box office, is expected to pass the $100 million mark in North America by Monday.

“Transformers: The Last Knight’s” performance is a tough break for the summer box office’s bottom line domestically. For the past two years, this weekend has seen monster grosses for “Jurassic World” and “Finding Dory.” Now, attention is turned toward a trio of releases next weekend, as the box office hopes for a shot in the arm from “Despicable Me 3,” “Baby Driver,” and “The House.”