A lot of hope hung in the balance for Walt Disney Pictures' big budget movie "Tomorrowland," but sadly, it looks like the movie that hopes to inspire future astronauts and explorers is one huge flop that could cost the studio a whopping $140 million.
Brad Bird's fantasy adventure will become Disney's first major financial risk following the disappointing turn out of "The Lone Ranger." But Disney, home to Lucasfilm, Marvel, Pixar, and Walt Disney Animation Studios will undoubtedly survive that blow. However, they might have to reconsider their priorities.
Other big budget flops include "Jupiter Ascending" and "Seventh Son," while low-budget flicks such as "Spy" and "Pitch Perfect 2" were box office hits. This might prompt Disney to scrutinize the costs of creating franchises.
"Tomorrowland" actually cost $180 million to produce, and they even spent an additional $150 million or more just for marketing purposes. Everything about the movie just screamed of success, with renowned filmmaker Brad Bird ('Mission: Impossible - Ghost Protocol,' 'The Incredibles') handling it and hot actor George Clooney as the lead actor.
But it sadly debuted with weak reviews, and made only $42.7 million during the long Memorial Day weekend. By June 8, the film had only earned $76.4 million domestically and $93.5 million overseas, giving it a total of $169.9 million. All in all, what the film earned did not even cover the costs of its creation.
"Yes, they took a miss with 'Tomorrowland,' but there are so many things working for Disney," analyst Eric Handler of MKM Partners told The Hollywood Reporter.
He noted that Marvel's "Avengers: Age of Ultron" earned $1.35 billion worldwide since it debuted on May. "And coming up, there's 'Inside Out' (June 19), 'Ant-Man' (July 17), and 'Star Wars' (Dec. 18). Disney will do just fine this year."
Disney's stocks has not budged either, but that does not mean that they will not re-evaluate how much they spend on movies next time around. Warner Bros. disaster action film "San Andreas" was actually created with "only" $110 million, so Handler believes that Disney could tone down its budget too.
"There's a reason you're seeing more sequels, prequels and known properties because you never know how films like 'Tomorrowland' or 'Jupiter Ascending' are going to turn out," he said.
On the other hand, a rival executive noted that Disney could not be blamed for their high expectations on "Tomorrowland" given the people involved in its creation.
"When a guy like that (Bird) comes to you with an original idea, and Clooney is part of the package, you'll take the swing," he said.
