Red One’s box office performance hasn’t exactly dazzled audiences, given its hefty budget, but Amazon doesn’t seem too worried, thanks to Prime Video.
According to Variety, Red One managed to rake in just $34 million domestically during its opening weekend. For a film with a staggering $250 million price tag, this number leaves much to be desired. Internationally, it has amassed about $84 million, still falling short. David A. Gross from Franchise Entertainment Research commented on the situation, saying, “With a production budget of $250 million, it’s a significant investment for a Santa Claus story. This opening isn’t a failure, but it certainly doesn’t cut it against such a massive budget before even considering marketing and distribution costs. Ideally, a movie like this shouldn’t exceed $150 million in production costs.”
Amazon is currently in a wait-and-see mode. As expressed by Kevin Wilson, head of theatrical distribution at Amazon MGM, “We need to see how the film performs during the holiday season. We’ve got significant competition coming up… everyone knows about it,” hinting at big hitters like Wicked, Gladiator 2, and Moana 2. Yet, they believe they bring something unique to the table, with the catch being Prime Video. Amazon seems confident that the film’s appeal will eventually shine through, even if it doesn’t hit big on the box office, by sparking buzz before its Prime Video release.
Wilson further elaborated, “Like it or not, these films have a different value in our business model. If we can launch these movies in theaters and at least break even on P&A [print and advertising] costs, why wouldn’t we? We benefit from an extensive marketing campaign long before the film lands on streaming.”
Unfortunately, when it comes to streaming figures, seeing hard data isn’t common practice. So, unless Red One spawns a sequel or some future indication, understanding if such a costly endeavor was justified, despite the box office letdown, remains a mystery.
As for now, Red One hasn’t announced a streaming release date. If you’re among those who don’t feel like visiting the theater to watch it, you’ll have to sit tight for its arrival on streaming platforms.
