Paramount makes extra money promoting their new movies than they did after they hit theaters
It's no secret that the box office suffered in 2020 as cinemas around the world closed for much of it. And even those who are open don't do much business outside of China and Japan. But Paramount Pictures did manage to make lemonade out of lemons as they made millions selling some big planned theatrical releases to streaming services like Eddie Murphy's Coming 2 America.
Paramount grossed around $ 450 million in total in 2020 from releasing in the first quarter and selling some titles to streaming services, according to a new report. The studio got off to a promising start earlier in the year, as Sonic the Hedgehog was a box office hit, grossing $ 146 million domestically. But then the theaters had to close in March. Since then, the industry has been in an adjustment or death situation. Paramount was able to adapt successfully. At least in the short term.
The studio has unloaded several high profile releases for huge sums of money. Most recently, Coming 2 America was sold to Amazon. The price for the highly anticipated sequel is said to be $ 125 million. Paramount also sold two films to Netflix. The trial of the Chicago 7, a likely Oscar contender, for $ 56 million and the comedy The Lovebirds by Kumail Nanjiani and Issa Rae ranged from $ 20 million to $ 30 million. They also sold the rights to SpongeBob: Sponge on the Run and an untitled film by Ryan Reynolds that hasn't even been made. Amazon is also looking to close a deal for Michael B. Jordans Without Remorse.
It is difficult to say what these films would have done in theaters under normal circumstances. But there's no way Paramount could have made it anywhere near $ 450 million. To do so, they might have had to hold onto all of these films for a long time to have any chance of such financial success. It's a strange success story in a year when there are few profits for the movie business. The cash analyst Bruce Nash had this to say.
"So far, I think Paramount has done a good job of getting the most out of a difficult situation. They are still sticking to the big movies like Top Gun: Maverick and 'Quiet Place II' that need them, to get a strong box office performance, but find a replacement for the lost revenue months they really needed after last year's poor results. "
In fact, Top Gun: Maverick and A Quiet Place Part II are sequels that Paramount considers to be as valuable as theatrical releases. And for good reasons. A Quiet Place became a surprise hit in 2018, grossing $ 340 million worldwide on a budget of $ 17 million. As for Top Gun 2, the return of Tom Cruise in a sequel to the '80s classic is a potential big global hit. Provided there are enough theaters around the world to raise the big bucks. This message comes to us via The Wrap.
Topics: Coming to America 2
Since 2013 author of various things on the internet (mainly about films). Major lovers of popcorn movies. Avid James Bond, Marvel and Star Wars lover. Has an incredibly fat cat named Buster and still buys CDs. I have my reasons.