Theatrical Run Ends,
Now Available on Apple TV and Other Platforms
Director Bong Joon-ho's new film 'Mickey 17' ended its theatrical run without turning a profit just one month after its release and is now moving to online streaming platforms (OTT), which can be considered its home viewing environment.
On the 7th, Yonhap News cited the new release list of Amazon Prime Video in the U.S., reporting that 'Mickey 17' will be available on this platform at 9 PM (Pacific Time) on the 7th. According to the U.S. economic media Forbes, the film will also be available on several other streaming platforms such as Apple TV and Fandango.
At the press conference for the movie "Mickey 17" held on February 20th at Megabox COEX in Gangnam-gu, Seoul, director Bong Joon-ho (from left), actors Naomi Ackie, Mark Ruffalo, Steven Yeun, and producer Choi Doo-ho are posing. Photo by Yonhap News
Released domestically on February 28 and in North America on the 7th of last month, 'Mickey 17' earned about $45.2 million in North America and $77.7 million in countries outside North America, totaling approximately $123 million worldwide (about 178 billion KRW, according to Box Office Mojo). Its box office ranking has dropped to 12th place.
Although the revenue was nearly equal to the net production cost, local media estimate the break-even point for 'Mickey 17' to be around $300 million. When adding promotional and other ancillary costs to the net production cost, and considering the revenue split between theaters and ticket sales, Warner Bros., the production company, would have needed to earn at least $300 million to avoid losses. Local media estimate the deficit for 'Mickey 17' to be about $80 million.
Since 'Mickey 17' has not exceeded these industry expectations, the theatrical loss could be even greater.
The media also analyzed, "Most films do not turn a profit from theatrical releases alone and usually cover losses through sales to TV and streaming platforms. Since box office performance typically influences the contract amount with streaming companies, it may be difficult for 'Mickey 17' to ultimately escape a deficit."
'Mickey 17' also underperformed domestically. As of the 6th, 2.99 million people have watched it, making it likely to become the first domestic film of the year to reach 3 million viewers, but this falls short of industry expectations. A multiplex company official said, "We were expecting at least around 5 million viewers in theaters."
Released on February 28, 'Mickey 17' is Bong's first new film in five years since winning four Academy Awards (Oscars) in 2020, including Best Picture for 'Parasite.' It attracted significant attention in Hollywood as a project ambitiously invested in and distributed by the major company Warner Bros.
However, in early release, it received a relatively low grade of 'B' in audience surveys conducted by the U.S. market research firm CinemaScore.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
