PC: The Wrap
The fact that “The Black Phone” has earned more than $150 million worldwide has allayed any worries Jason Blum had about the state of the box office.
Blum was one of several who were concerned that in the wake of widespread theatre closures, low-budget movies might not have a home at the movies. Blum and the larger business have learned through the movie, which was a cooperation between his production company Blumhouse and Universal, that there is still room in the market for films with modest budgets.
“The Black Phone” has already surpassed the $150 million global ticket sales milestone, surpassing Warner Bros.’ “Conjuring: The Devil Made Me Do It” ($206 million) and Paramount’s “A Quiet Place: Part 2,” which earned $299 million.
According to Blum, “The Black Phone” has not yet been released in South Korea but when it is in September, it is anticipated to boost global ticket sales by an additional $10 million.
The movie’s $16 million budget and original IP are two factors that contributed to its significance at the box office.
In this sort of post-Covid theatrical environment, it’s kind of anyone’s guess what people will be willing to go back to the movie theatre to watch and what they will not be willing to go back and see, Blum said. “Before the opening, you know, I was worried because that’s why I was nervous,” Blum added.
Many feared that huge spectacle films or franchise-based movies would become the only ones that moviegoers would seek out.
Blumhouse President Abhijay Prakash stated, “I think it’s fantastic. “I think it’s incredibly significant for us and the sector. What is taking place is certainly a component of the theatrical recuperation. I am aware that blockbusters like “Top Gun” and “Jurassic” get all the publicity. But for what it is, this movie has accomplished something truly amazing.
Blum also expressed his satisfaction with “The Black Phone’s” performance.
It’s one of the most financially successful movies the studio has ever had, he claimed, in the 20 years he has been doing this.
Low- and mid-budget movies don’t typically garner attention for their box office takings, but they still make a substantial contribution to the global and local business as a whole.
According to figures from Comscore, the box office for 2022 has brought in about $5.05 billion as of August 11, which is a 31% decrease from 2019. In comparison to the same period in 2019, it also had around 31% less releases, with only 52 wide releases (movies distributed in more than 1,000 theatres), as opposed to 75 in 2019.
It’s become obvious that fewer low- and mid-budget movies are being released in theatres, which has led to a decline in ticket sales overall. These kinds of movies, especially those in the horror genre, can draw in viewers who have been hesitant to go back.
If you speak to any of our exhibitor friends, they will tell you how much they adore the horror genre because it consistently attracts a younger demographic.
Blumhouse, which produces high-caliber feature films on tighter budgets, has raised the bar for horror filmmaking in the twenty-first century. The studio is probably best known for producing blockbuster movies with little budgets, like “Get Out” and “Paranormal Activity,” which won the Academy Award for best picture.
For instance, “Get Out,” which cost roughly $4.5 million, minus marketing expenses, made more than $250 million worldwide during its theatrical release in 2017.
Blumhouse still has “Halloween Ends,” which will be released in theatres in October, and “M3GAN,” which will follow in January. The studio is also working on a “Spawn” movie and a “Five Nights at Freddy’s” video game adaptation.
There is a thriving industry that includes outstanding original storytelling in movie theatres as well as comic book blockbusters and tentpoles, according to Blum. And that is, in fact, very, very significant.