Studios seemingly threw caution to the wind at this year’s Sundance Film Festival, shelling out top dollar in hopes of finding the next indie sensation. A few Hollywood companies saw those sp…
. “Unfortunately, audiences are spending money on the bigger spectacle films. The smaller niche movies are having a harder time finding their way when competition from content providers is making it harder to break through with an audience.”
“That’s the biggest issue facing companies, which are buying movies at too high of a price in order to lock down filmmaker relations,” said Paul Dergarabedian, a senior media analyst with Comscore. “You’re stuck chasing the profits that are never going to come. It’s a really expensive lesson being learned right now.”
So far, only Neon’s “Apollo 11,” a look back at the historic 1969 moon landing, has come close to replicating those earnings, reaching $9 million in ticket sales. Other documentaries have mostly fallen flat. Neon’s “Honeyland,” a nature film about the art of beekeeping from the same studio, has made $289,326 after five weeks in limited release. Sony Pictures Classics’ “David Crosby: Remember My Name,” an acclaimed look at legendary musician, collected $459,880 over the same time frame.
But unless titles make waves in the media, it’s difficult to gauge their triumphs on streaming platforms. Netflix also bought “Extremely Wicked, Shockingly Evil and Vile,” a drama from the perspective of Ted Bundy’s girlfriend, for a reported $8 million, but it’s not clear yet whether it will mount an awards push. Amazon’s “The Report” likely won’t be breaking any box office records, since it will lands on Prime Video two weeks after it it opens in theaters.
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