Venom 3’s box office struggles: A deeper dive

The highly anticipated Venom: The Last Dance may have clinched the top spot at the box office, but it has arrived with much less fanfare than expected. This final chapter in Sony’s Marvel antihero trilogy, featuring Tom Hardy, opened to a notably low $51 million from 4,125 North American theaters.

Box office performance: A comparison with its predecessors

The third installment’s opening is significantly below projections of $65 million and pales in comparison to the $80 million opening of the original Venom in 2018, and the $90 million debut of 2021’s Venom: Let There Be Carnage, a pandemic-era record. Despite its lackluster domestic debut, Venom 3 did see success overseas, raking in $124 million for a global total of $175 million.

Costs vs. earnings: The financial balancing act

On the production front, The Last Dance was relatively cost-effective, with a $120 million budget excluding global marketing efforts. This figure is modest compared to other superhero films such as Deadpool & Wolverine and Joker: Folie à Deux, each with budgets surpassing $200 million. Given that theaters keep approximately half of ticket sales, Venom 3 will need an extended theatrical run to justify its price tag. For reference, the first Venom grossed $856 million globally, while Let There Be Carnage reached over $500 million.

Audience reception and critical response

Historically, the Venom series has not been widely celebrated by critics, and The Last Dance continues this trend, holding a 37% rating on Rotten Tomatoes. Audience enthusiasm also appears to be waning; the film received a B- on CinemaScore, the lowest of the trilogy. Directed by Kelly Marcel, who also wrote the first two films, this PG-13 sequel sees Tom Hardy return as Eddie Brock and his parasitic companion, Venom.

“This was a step down in terms of content, and it was painfully obvious to the audience by the trailers alone,” comments Jeff Bock, an industry analyst. “Superhero fans expect escalating stakes with each sequel, and The Last Dance didn’t deliver on that front.”

The broader industry context

After a slower-than-expected October, overall box office returns are 11.4% behind the same period in 2023 and 26.8% less than 2019. The upcoming slate of films looks sparse, as studios avoid releases near the election. This leaves just a few notable titles, including Sony’s Here, directed by Robert Zemeckis, and Amazon’s Christmas comedy Red One featuring Dwayne Johnson as Santa’s head of security.

The state of movie-going

According to industry watchers, movie-going is yet again seeing a decline. “Moviegoing is falling back into its sunken state,” says David A. Gross from Franchise Entertainment Research. “There’s little momentum right now.”

“Joker: Folie à Deux plummeted to the 12th spot in its fourth weekend, earning just $600,000 from 1,243 venues. The follow-up to the 2019 blockbuster Joker has become a box office flop, with $57.8 million in domestic earnings and $201.1 million worldwide. The original Joker hit $335 million domestically and $1.07 billion globally, a stark contrast.”

Fresh releases: Bright spots in dark times

One unexpected success is the Ralph Fiennes-led thriller Conclave, opening at No. 3 with $6.5 million. Directed by Edward Berger, this Vatican-set drama explores the selection of a new pope and the secrets that could shake the church. The film has received solid reviews, achieving a B+ on CinemaScore, and hopes for Oscar consideration. Audience demographics show a leaning towards older males, with 77% over the age of 35.

“This is a very good opening for an awards drama,” notes Gross. “The Catholic church provides an endless supply of dramatic, cinematic material.”

Other box office entries

The thriller Smile 2, produced by Paramount, dropped to second place with $9.6 million, marking a 59% decline from its debut. Despite this, the sequel has garnered $40.7 million in North America and $83 million worldwide, ensuring profitability.

Universal and DreamWorks Animation’s The Wild Robot descended to the No. 4 spot with $6.2 million in its fifth weekend, accumulating $111 million domestically and $232 million globally. A24’s romantic drama We Live in Time expanded to 1,939 theaters, securing $4.8 million and bringing its total to $11.7 million.

Also, Sean Baker’s Cannes Palme d’Or winner Anora broke into the top 10 with a robust $867,142 from just 34 venues. Neon, who acquired the film at Cannes, plans to expand its reach, aiming for a strong run into awards season.

Wrapping up the box office landscape

The varying performances highlight the challenges and occasional triumphs film faces today. With shifts in audience expectations and the impacts of economic factors, studios and filmmakers must continually adapt. Those navigating this landscape can leverage successes like Conclave and Anora while learning from the missteps of tentpoles like Venom 3 and Joker: Folie à Deux. Keep an eye on these trends for more insights and follow our updates for the latest in the world of cinema.