(Third in a series of Studio Report Cards; Thursday -- Fox)
Previously:
WARNER BROS.: With Biggest 'Potter' Yet, Warner Just Shy of Its Record 2010
PARAMOUNT: Studio Set to Grab the Global B.O. Crown Following Huge Year
FOX: Low Risk, Low Reward for Fox
UNIVERSAL: Studio Rebounded, But Still Had Too Many Misses
DISNEY: Studio Move to Cut Costs With Fewer Films
SONY
Grade: B
Sony fielded a string of moderately-budgeted hits from the likes of Cameron Diaz and Adam Sandler, while launching a new family franchise with “The Smurfs.” Not every gamble paid off, with moviegoers giving a cold shoulder to “Anonymous,” but by and large the formula worked.
Sony left most of the major tentpole films to competitors such as Warner Bros. and Paramount, but what the studio did particularly well was hit for average.
From “Bad Teacher” to “Just Go With It,” Sony peppered the box office with a profitable string of doubles and singles.
By and large, the formula worked, with Sony on pace to lap the $3 billion mark worldwide. It's only the third time that the studio has reached that pinnacle.
Sony is currently in third place behind Paramount and Warner Bros. in terms of domestic theatrical market share, with just over $1.2 billion in receipts to date.
“We didn’t really have any sequels or established franchises, but we had some big wins and some really fresh pictures that exceeded our expectations,” Jeff Blake, Sony's chairman of worldwide marketing and distribution, told TheWrap.
The year also saw the introduction of a new family franchise for the studio. Produced for $110 million, “The Smurfs” racked up $561 million worldwide, doing particularly well in foreign markets. A sequel is already in the works.
Made for a cost of just $20 million, the raunchy “Bad Teacher” cast Cameron Diaz as a money-grubbing, pot-smoking middle school teacher and rewarded the studio with a $216 million worldwide gross. Though slightly less successful, the sex and romance romp “Friends With Benefits” continued the string of low-cost hits, grossing $150 million worldwide on a $35 million budget.
Also read: Report Card 2010: Sony Bets on Originals in Franchise-Heavy Market
Matthew Harrigan, an analyst at Wunderlich Securities, says making films for underserved audiences, such as older moviegoers or women, is central to Sony's approach.
“They are one of the studios that takes a very interesting approach on the counter-programming side," Harrigan said. "Obviously the big bright point in 2011 was 'The Smurfs' given the disproportionate international performance."
Picking up international rights to Steven Spielberg’s “The Adventures of Tintin” is proving to be a coup for the studio. The adaptation of Hergé’s comic strips has racked up $233.7 million worldwide so far, even though it has yet to debut stateside.
