It has been a summer season filled with pretty tremendousbox office bombs, but no movie has taken a hit quite likeBen-Hur. This is a remake that seemingly nobody wanted, and the box office tally thus far seems to dictate that was definitely the case. As of this writing, the movie has only made $54 million at the worldwide box office and that means that the studios behind the movie are going to take a massive financial hit.
According toThe Hollywood Reporter,Ben-Huris on track to lose somewhere in the neighborhood of $120 million. The report sites that sources close to the production and multiple box office analysts helped to determine that figure, which would make it the biggest box office bomb of the summer. MGM and Paramount co-financed the movie, with MGM having an 80 percent stake and Paramount taking on the other 20 percent, so both studios will also share in the massive loss.
Ben-Hurwas taking on one of the most beloved and classic movies in the history of cinema, so it was facing an uphill battle from the very start. The studios spent $100 million to remake the movie, and that was before a very expensive marketing push. It didn’t help anything that the movie was lamented by critics, as it currently sits at a mere 28 percent approval rating onRotten Tomatoes. Even though the movie has yet to open in a few international markets, that revenue isn’t very likely to help all that much. Estimates haveBen-Hurtopping out at around $75 million, which would put it well below even making back its production budget.
MGM will be taking on the lion’s share of the losses, as they have an 80 percent stake in the movie, but ultimately Paramount may be in worse shape overall. Paramount has faced a long string of disasters such asTeenage Mutant Ninja Turtles: Out of the ShadowsandStar Trek Beyondfrom this summer alone. As it stands, Paramount is on track to lose more than $500 million over a two-year period. So yes,Paramount Picturesis going to lose less money than MGM, but they can ill afford to lose any more money, especially on something they were hoping to bring in big money.
Ben-Hurwas far from the only majortentpole moviethat took a dive at the box office this summer. Aside from the already mentioned Paramount disasters, Disney’sThe BFG, Warner Bros.The Legend of Tarzanand Fox’sIndependence Day: Resurgenceall lost a truckload of money as well, butBen-Hurwill wind up at the top of the heap, or bottom depending on how you look at it. Hopefully Hollywood can try to learn a lesson or two from these flops, especially Paramount, sooner rather than later.
