Courtesy of Warner Bros.
Warner Bros. Pictures may lose as much as $200 million on Joker: Folie à Deux, which has thus far failed to meet projected expectations. According to published reports, the film has grossed only $51.5 million domestically and $165 million globally, far less than the revenues from the original Joker released in 2019, which earned $96.2 million in the US and $248.4 million globally after only three days. That original movie was a huge success, earning $1.078 billion worldwide as well as two Oscars.
It’s now being projected that the sequel’s overall gross will be only $65 million domestically and $210 million worldwide. Joker: Folie à Deux cost $300 million to produce, market, and distribute, says Variety, pointing out that Director Todd Phillips and actor Joaquin Phoenix each took home $20 million, and Lady Gaga earned $12 million.
Adding insult to injury, Joker: Folie à Deux has not been well received by critics or audiences. The film averaged a 33% “rotten” rating on Rotten Tomatoes and got a rare “D” rating on CinemaScore. Some observers claim the introduction of song and dance numbers into the production did not sit well with the comic-book fanbase, who preferred a more straightforward, unembellished treatment.
Responding to the reports, a spokesperson for Warner Bros. tried to put an optimistic spin on the news, saying: “Any estimates suggested by anonymous ‘insiders’ or ‘rival executives’ are grossly wrong and continues a trend where rumor is reported as fact. The film continues to play in theatrical release, included with this week’s opening in China, and will continue to earn revenue throughout its home viewing and ancillary run.”
The studio is hoping to earn some revenue when the film begins streaming on home-entertainment platforms on October 29 (a date unfortunately associated with the catastrophic stock market crash of 1929).
David A. Gross, an analyst with Franchise Entertainment Research, was quoted in the Variety report as saying: “If the filmmakers and studio were committed to making a sequel — and why wouldn’t they be after the first film made $1.08 billion — they faced a very difficult challenge of telling a new chapter that kept the audience engaged.”
Gross added that “The first Joker was a timely, fresh counterpoint to the dominant superhero narrative and tone, and it worked. The filmmakers deserve credit for making more unconventional creative choices in Folie, adding the romantic angle with Lady Gaga. But this time nothing worked.”
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