The sumr of 1997 has co to an end, and the biggest winner is undoubtedly Universal Pictures’ The Lost World: Jurassic Park. And the loser?
As in recent years, most sumr films are unable to recoup their costs through box office revenue alone. However, videotapes and the gradually flourishing disc market undoubtedly enable many films to achieve profitability through offline inco. Yet, for films with disastrous box office numbers and poor audience reception, even offline inco cannot prevent huge losses.
The most notable example is Warner Bros.’ latest Batman production, Batman & Robin!
"The film’s production cost was $125 million, with a promotional budget of $40 million," said Doug Walter, head of distribution, looking grim in Warner Bros.’ conference room. His usual lighthearted deanor from the Sydney Fox Studios was nowhere to be seen. "Currently, the film has been in theaters for ten weeks in North Arica, grossing $106.13 million. Overseas, it has been released in 45 countries and regions, bringing in $35.21 million!"
Pausing, he added, "The audience approval rating for Batman & Robin has dropped to 61%. The weekend per-theater box office in North Arica is only $153, and although we’ve made extensive efforts, the film is on the verge of being forcibly pulled from theaters by the exhibitors."
With such a low per-theater box office, the film’s continued screening in North Arica can only be attributed to Warner Bros.’ extensive lobbying efforts to save Batman.
However, the executives seated at the conference table wore solemn expressions. They were seasoned professionals, not starry-eyed drears. They understood that the film had reached its end. With such per-theater numbers, keeping it in theaters would add little to the total box office. Moreover, the film’s poor reception among audiences would severely impact subsequent revenue from discs, videotapes, and television rights.
After a brief silence, Doug Walter continued, "According to estimates, the film’s final North Arican box office won’t exceed $110 million, and its global box office won’t surpass $250 million. Moreover, audience anticipation for Batman has hit rock bottom. If we proceed with a sequel, it could result in an even more catastrophic failure..."
Although DC had long been acquired by Warner Bros., eliminating concerns about box office failures leading to copyright disputes, completely ruining such a well-known franchise was not sothing Warner Bros. wanted.
With Superman IV and now the fourth Batman film failing miserably, it seed that DC’s heroes were dood to the sa fate on the big screen.
All eyes turned to Jeff Robinov. The failure of Batman & Robin had put enormous pressure on the CEO. Rumors were circulating that the parent company was planning to transfer him to Ti Warner and appoint a new CEO for Warner Bros.
Jeff Robinov was aware of these rumors, and so within Ti Warner were indeed pushing for them. Although a transfer to the parent company might seem like a promotion, it would co with significantly less real power. A regular Ti Warner executive couldn’t compare to being the CEO of Warner Bros.
To retain his position, he needed to prove himself through Warner Bros.’ performance.
In recent years, Warner Bros.’ performance had relied on two main pillars: the Batman series and Duke Rosenberg’s films.
While Duke Rosenberg had grown closer to Warner Bros., he was no longer the small-ti director from years ago. Collaborating with such a superstar director required significant investnt from any film company.
Jeff Robinov understood that relying solely on Duke Rosenberg’s films was not enough to sustain Warner Bros.’ performance. Furthermore, the Batman franchise couldn’t be allowed to fall apart. Adopting a strategy similar to the Superman series was the most sensible approach.
"My suggestion is to temporarily shelve Batman," Jeff Robinov finally said amidst the crowd’s attentive gazes. "Put the series on hold until the right director and the right timing co along."
Executive Vice President Robert Solomon agreed, "I second Jeff’s suggestion. Superheroes have never been the mainstay of the North Arican film market. This brief era of superhero films is over. I believe the next decade won’t see any significant improvent for superhero films."
Most others agreed with Robert Solomon and Jeff Robinov’s assessnt.
After all, since their inception, superheroes have primarily belonged to the realm of comic books. Even now, the only successful superheroes on the big screen have been Superman and Batman. In recent years, DC’s rival, Marvel Comics, has also attempted to adapt its heroes into films, only to face repeated failures. Coupled with the downturn in comic book sales, Marvel is reportedly preparing to file for bankruptcy protection.
The discussion about Batman quickly reached a consensus, and the eting moved on to other topics.
"Universal Pictures has the Jurassic Park series, 20th Century Fox has the Star Wars series in collaboration with Lucasfilm, MGM has the 007 series, and Sony-Columbia is working on building the Godzilla series..."
Jeff Robinov understood that to retain his position, he needed to identify new sources of revenue. "I think everyone here understands the imnse profits a successful film series can bring. Warner Bros. needs a new franchise, a new Batman!"
He gestured to his assistant, who distributed books to the executives around the table.
Robert Solomon glanced at the cover. "Harry Potter and the Philosopher’s Stone? Jeff, is this your new project? I’ve never heard of it before."
Several independent board mbers also cast questioning looks at Jeff Robinov.
"This is an all-age magic novel," Jeff Robinov began without delay. "A few months ago, Duke recomnded this book to . Over the past two months, our marketing departnt has conducted targeted research on it."
Hearing Duke’s na, the previously dismissive board mbers imdiately lowered their heads to study the book seriously.
No one could afford to dismiss a project recomnded by such a successful director. Duke Rosenberg wasn’t just Warner Bros.’ close collaborator; he was also one of its shareholders and had been steadily increasing his stake since last year. Today, he was one of Warner Bros.’ largest individual shareholders.
"There’s too much mutual interest between Warner Bros. and him to ignore," Robinov emphasized.
Jamie Johnson from the marketing research departnt took over. "As of now, we’ve conducted extensive research on this book in both the UK and the US."
He handed out reports and continued, "The novel’s sales have been modest, selling less than 30,000 copies since its release this year."
"Less than 30,000 copies?"
While so frowned, these were seasoned dia professionals who understood that books and movies shared many similar promotional strategies. Both required marketing to succeed.
Jamie Johnson added, "The book was written by an ordinary middle-aged British woman. Both she and the publisher lack significant fa or resources, and there’s been virtually no promotional effort. These factors have severely limited the book’s sales."
"However, we’ve conducted extensive follow-ups with children who’ve purchased the book." Johnson continued confidently, "Over the past two months, our team has reached out to nearly 10,000 buyers through phone calls, letters, and in-person visits to gather feedback."
"Ninety-five percent of readers over the age of ten consider this book a magical and eye-opening read. Their parents have praised it as the best children’s book. According to the author, the second book in the series is already complete, and this will be an entire series..."
As Johnson read out the statistics, the Warner Bros. executives grew more serious. While Duke Rosenberg might occasionally misjudge, the data never lied.
"I have a question," Robert Solomon asked, lifting his gaze from the book. "Have we secured the adaptation rights for this series?"
This was the focus of everyone’s attention.
Jeff Robinov replied, "The adaptation rights are currently held by Duke’s studio. However, Duke is willing to share the rights with Warner Bros. to jointly develop this series."
He glanced at his subordinates. "No one can guarantee the success of a series. But just as we’ve shared risks with other companies on the Batman franchise, collaborating with Duke can reduce initial risks while leveraging his influence to promote the work’s visibility and adaptations..."
As the eting concluded, the fate of the Harry Potter series was still undecided. Warner Bros. needed to conduct further market research and hold preliminary negotiations with Duke. Both parties would also need to agree on initial investnt and profit-sharing arrangents.
No investor would commit without expecting returns.
"Doug," Jeff Robinov instructed, "stay in touch with Duke and reach out to Nancy Josephson as soon as possible. If the group decides to go ahead with this project, I’ll personally fly to Australia to discuss it with Duke."
As the Warner Bros. eting wrapped up, Duke received a call from Jeff Robinov in Sydney. Although Robinov didn’t explicitly say much, his implicit approval was clear. The original Harry Potter series was also recomnded by soone else. That producer’s company also shared profits with Warner Bros....
The only difference now was that Duke aid to secure as much of the pie as possible. Negotiations would determine the final outco.
Duke knew that with the Batman franchise failing, Warner Bros. had temporarily lost its most significant revenue pillar. As a director increasingly entwined with Warner Bros., his influence would undoubtedly grow, enhancing his negotiating leverage.
From this perspective, Duke maintained a clear-headed approach. Given the capabilities of his studio, it was impossible to fully tap into the potential of the Harry Potter series. Independently producing and promoting it would likely result in significantly lower returns. Achieving even one-tenth of the franchise’s eventual billion-dollar industry value would be considered a miracle.
If negotiations went smoothly, the actual returns from a Warner Bros. collaboration would far exceed those of independent production.
....
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