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Still from “The Many Saints of Newark”.
Warner Bros.
“The Many Saints of Newark” is just the latest Warner Bros. movie. to highlight the pitfalls of releasing content in theaters and on streaming platforms at the same time.
The prequel to HBO’s award-winning and beloved feature-length series “The Sopranos” recorded just $ 5 million in nationwide ticket sales during its opening weekend.
Despite decent reviews, the film’s “R” rating and connection to a TV show that ended over a decade ago was enough for box office pundits to temper their expectations. Screenings for the film’s nationwide opening ranged from $ 7 million to $ 12 million.
Still, it’s likely that “The Many Saints of Newark†saw a small box office gain as it was made available for free on HBO Max at the same time it launched in theaters.
“As one of the most anticipated films of the fall film season, ‘The Many Saints of Newark’ has undoubtedly increased viewership for HBO Max,†said Paul Dergarabedian, Senior Media Analyst at Comscore. “The release date and date gave fans the opportunity to watch the film at home, where they first discovered and became obsessed with ‘The Sopranos.’ Perhaps that explains the box-office results. -office generated in movie theaters this weekend. “
Representatives of Warner Bros. did not immediately respond to CNBC’s request for comment.
For much of 2021, the studios have chosen to make several of their new films available in theaters and on streaming platforms at the same time. These decisions were made long before vaccination rates rose and before moviegoers had the confidence to return to the movies.
It has, however, become clear in recent months that the dual release has led to the cannibalization of ticket sales.
Warner Bros. was particularly touched by this as he made the decision at the end of 2020 to release his entire 2021 roster in theaters and on HBO Max at the same time.
“The Suicide Squad,†“Space Jam: A New Legacy,†and “In the Heights†managed to attract viewers to HBO Max, but that means fewer people have ventured into theaters and the theatrical release and the box office of each film declined more rapidly.
“I’m not sure there is much more to work on the struggling hybrid model after Warner’s string of box office hiccups,†said Shawn Robbins, chief analyst at Boxoffice.com.
Other studios have now returned to an exclusive cinema window strategy after seeing similar results with their own films. Disney’s “Black Widow†and “Jungle Cruise†both saw slimmer box office earnings due to the availability of the company’s streaming service for $ 30.
Warner Bros. announced that it would also return to theatrical releases only in 2022 during its parent company AT&T’s earnings call in July..
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