Second in a series of studio report cards from TheWrap; also included:
UNIVERSAL: Studio Grows Some Green Shoots
FOX: For Fox, a Hot Start to 2010 Goes South
SONY: Sony Bets on Originals in Franchise-Heavy Market
DISNEY: For Disney, Big Hits Came With Big Bills
Lionsgate
Grade: B
Its "Saw" franchise finally ran out of teeth, but the indie studio had a hit with the Stallone action movie "The Expendables," while the low-budget horror film "The Last Exorcism" was wildly profitable.
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In a year of boardroom battles, Lionsgate’s film division quietly pulled off an impressive year at the domestic box office.
Propelled by low- to mid-budget hits such as “The Expendables” and “The Last Exorcism,” the studio, which was battered by an ongoing takeover bid from billionaire Carl Icahn, the company's largest shareholder, added a $100 million to its annual haul.
That saw Lionsgate ending the year with $508 million total at the domestic box office, an impressive rebound from the $404 million the studio banked last year off roughly the same number of films.
“There were a few bumps in the road, but we systematically launched movies that could become new franchises and freshen our brand,” Joe Drake, Lionsgate’s Motion Picture Group president and co-chief operating officer, told TheWrap.
There were also lessons to be gleaned. When Lionsgate sticks to the cost-effective horror and action films that have historically been its bread and butter, it doesn't miss.
But when it strays from that formula, such as with the costly action comedy “Killers,” which opened with a whimper, Lionsgate rarely makes a killing.
“I personally embrace the idea that everybody thinks of us as a little bit alternative,” Tim Palen, Lionsgate’s co-president of theatrical marketing. “It creates opportunities for us that others don’t have.”
Liongate executives think that in a year that saw the conclusion of the studio’s lucrative “Saw” franchise, new films like retro-action flick “The Expendables” will spawn sequels and fill the void left by the departure of Jigsaw.
Not that there weren’t costly mistakes. In particular, “Killers,” a pricey summer release that boasted less-than-blue chip talents in Katherine Heigl and Ashton Kutcher, landed with a thud. The $75 million film saw the mini-major trying to play on the big studio’s turf with a June debut, but the critically maligned movie only managed to gross $47 million.
“‘Killers’ is a real outlier and I’m not sure we're going to be getting that big again,” Drake said.
Betting on a more established star with Russell Crowe’s “The Next Three Days” also proved to be a gamble not worth taking. The action film may have boasted Oscar winner Crowe and director Paul Haggis, but it only eked out a $20 million gross on a $30 million budget.
Though not a disaster, “Kick-Ass” also lands in the disappointment category.
