Woe, Speed Racer, Woe
As it turns out, Speed Racer didn't have a bad opening weekend. It had a worse one.
Final grosses out today show the big-budget, high-octane movie sputtered to a debut of just $18.6 million, down from the $20.2 million that was projected Sunday.
To top it off, Speed Racer dropped a spot in the rankings, falling to third, behind Iron Man and the newly upgraded No. 2 movie, What Happens in Vegas.
Jeff Bock, a box-office analyst for Exhibitor Relations Co., correctly predicted Sunday that Speed's wheels would really come off come Monday.
"Every studio except Warner Bros. estimated they'd be in third place [with Speed Racer]," Bock said today.
One of Speed's problems: Mother's Day.
While most of the weekend's top films, from Iron Man to Baby Mama, did bigger than expected Sunday business, Speed Racer didn't.
"It's a pretty bad sign in terms of long-term legs," Bock said. "It just doesn't look like the film has any."
Things aren't likely to get better for Speed, which cost a purported $100 millionat leastto make.
Box-office experts from Bock to Box Office Mojo's Brandon Gray predict the film will be lucky to make back half of its production budget from its domestic run.
"It should be a struggle to pass the $50 million line," Gray said today.
Even adding in its worldwide take, Speed Racer only grossed $31.2 million over the weekend, according to Box Office Mojo.
By comparison, Iron Man, which cost a reported $186 million, had its budget more than covered by its debut weekend. As of today, its worldwide take stands at $342.8 million.
Unlike Iron Man, Speed Racer never got its buzz going, this despite its lineage as a beloved 1960s cartoon and the presence of The Matrix's Andy and Larry Wachowski behind the camera.
"The movie lacked relevance," Gray said. "…It just wasn't that broadly appealing."
For Hollywood, at least, there is an upside to the downfall of Speed: According to Gray, its demise doesn't mean the overall summer box-office season is doomed.
Said Gray: "It just means Speed Racer did not do well."
The Hobbit: Peter Jackson Returns
The rumors are true: Lord of the Rings trilogy filmmaker Peter Jackson and New Line have come to an agreement, and will band together to bring The Hobbit to the big screen, split over two live-action films. MGM and New Line will co-finance the project, with New Line handing North American distribution, and MGM handing the International. It is currently believed that Peter Jackson will not be available to direct either of the two films, as his schedule is full. The announcement says that Peter Jackson and Fran Walsh will serve as Executive Producers of two films, which will be shot simultaneously.
Spider-Man director Sam Raimi has been anxiously watching this project, and his future schedule is pretty much clear. Raimi has said that he wouldn’t be involved unless Jackson produced, and it looks like the perfect situation is now in place. I wouldn’t be surprised if we see the Raimi announcement before Christmas.
Said Peter Jackson, “I’m very pleased that we’ve been able to put our differences behind us, so that we may begin a new chapter with our old friends at New Line. ‘The Lord of the Rings’ is a legacy we proudly share with Bob and Michael, and together, we share that legacy with millions of loyal fans all over the world. We are delighted to continue our journey through Middle Earth. I also want to thank Harry Sloan and our new friends at MGM for helping us find the common ground necessary to continue that journey.”
Principal photography is tentatively set for a 2009 start with a production budget of $150 million per film. They are currently eyeing release dates in 2010 and 2011. It has been previously rumored that the film would be shot and released in 3D, although Jackson and New Line are keeping mum at this time.