Theaters Concede Revenue As Netflix Releases Cannes-Worthy Film
In news probably unwelcome among movie exhibitors, Netflix, Inc. (NASDAQ: NFLX)’s “The Meyerowitz Stories” debuted Friday with a 91 percent on Rotten Tomatoes.
The film provoked controversy at the 2017 Cannes Film Festival when Netflix announced its straight-to-streaming fate and denied theatrical releases.
Theater owners were irate — and for good reason.
The Cannes Effect
AMC Entertainment Holdings Inc (NYSE: AMC), Regal Entertainment Group (NYSE: RGC), Cinemark Holdings, Inc. (NYSE: CNK) and other exhibitors have made bank on previous Cannes competitors.
Francis Ford Coppola’s “Apocalypse Now” earned $83.5 million ($274 million in 2017 dollars) domestically after winning the Palme d’Or in 1979.
Quentin Tarantino’s “Inglourious Basterds,” which debuted at the festival, made a whopping $120.5 million domestically and $200.9 million internationally in 2009. Michael Moore’s “Fahrenheit 9/11” won the Palme d’Or in 2004 and went on to collect $119.2 million domestically and $103.3 million internationally.
Neither were better reviewed than “Meyerowitz.”
Moviegoer Ambivalence
While it’s certain theaters won’t pocket any revenue off “Meyerowitz,” the extent of the film’s earnings potential can’t be calculated. There’s no apparent correlation between festival appearance and financial success, and even a Palme d’Or doesn’t guarantee a good box office performance.
Roman Polanski’s “The Pianist,” which scored 96 percent on Rotten Tomatoes and won in 2002, brought in $32.6 million domestically and $87.5 million internationally.
The two films that competed with “Meyerowitz” this year were even more disappointing. Sofia Coppola’s “The Beguiled” made just $27.2 million globally, while Jeff Nichols’ “Loving” took in $12.9 million in its limited release.
The Baumbach Factor
“Meyerowitz” director Noah Baumbach doesn’t usually make blockbusters, anyway. Despite their positive reviews, “Frances Ha” totaled just $4.1 million with a 93-percent rating, and “While We’re Young” made $7.6 million with a score of 84 percent.
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Dustin Hoffman and Emma Thompson in "The Meyerowitz Stories." Photo courtesy of the Festival de Cannes.
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