Post by The Ultimate Nullifier on Jun 28, 2017 13:15:38 GMT -6
www.hollywoodreporter.com/news/luc-bessons-europacorp-posts-136-million-loss-valerian-release-1017406
Luc Besson's EuropaCorp Posts $136 Million Loss Ahead of 'Valerian' Release
The company suffered from an "underperforming slate" after '9 Lives,' 'Shut In' did poorly at the box office.
Luc Besson’s EuropaCorp has a lot at stake with the upcoming July release of Valerian and the City of a Thousand Planets, the $180 million sci-fi epic starring Cara Delevingne and Dane DeHaan.
The company posted an annual loss of $136 million (€120 million) for the fiscal year against $172.5 million (€151.7 million) consolidated revenue. While the company called the loss “considerably higher than past years,” it was in line with previous projections.
It's looking to establish Valerian as a tentpole franchise, after a devastating year with what it called an “underperforming slate” — namely the Kevin Spacey-starring cat movie Nine Lives, Naomi Watts' thriller Shut In, Jessica Chastain’s political drama Miss Sloane and Tom Hanks and Emma Watson-starring The Circle, all of which did poorly at the box office.
EuropaCorp cited the box office disappointments that “failed to offset distribution costs to support wide releases.” Distribution costs were upwards of $114 million (€100 million) for the films.
As part of a significant strategy shift, EuropaCorp signed its multiyear distribution agreement with STX Motion Pictures Group for its upcoming releases, in the effort to stave off the flood of losses. EuropaCorp says the new agreement will lead to better box office performance, more efficient distribution and lower marketing and distribution costs for its upcoming films.
The STX deal followed the overall failure of its RED joint distribution venture with Relativity, after the implosion of that company. Distribution costs under RED were upwards of $114 million (€100 million).
Following the success of recent hits like Lucy and the Taken franchise, the company is refocusing development and production to more closely reflect core strengths in action and sci-fi genres. It will also put greater emphasis on productions written and directed by Besson.
It will also continue focus on its TV business with the second season of NBC’s Taken. Despite the losses, revenue was up 3 percent overall — much of that due to its TV slate, which was up 25 percent on the strength of SVOD sales in the U.S.
EuropaCorp also aims to return to its historical level of French-language production, which has been somewhat sidelined as it’s focused on its English-language blockbusters. It’s got the fifth installment of its Taxi franchise, as well as four French-language films in production, including Eva, which stars Oscar-nominee Isabelle Huppert.
Valerian and the City of a Thousand Planets will be released July 21.
Luc Besson's EuropaCorp Posts $136 Million Loss Ahead of 'Valerian' Release
The company suffered from an "underperforming slate" after '9 Lives,' 'Shut In' did poorly at the box office.
Luc Besson’s EuropaCorp has a lot at stake with the upcoming July release of Valerian and the City of a Thousand Planets, the $180 million sci-fi epic starring Cara Delevingne and Dane DeHaan.
The company posted an annual loss of $136 million (€120 million) for the fiscal year against $172.5 million (€151.7 million) consolidated revenue. While the company called the loss “considerably higher than past years,” it was in line with previous projections.
It's looking to establish Valerian as a tentpole franchise, after a devastating year with what it called an “underperforming slate” — namely the Kevin Spacey-starring cat movie Nine Lives, Naomi Watts' thriller Shut In, Jessica Chastain’s political drama Miss Sloane and Tom Hanks and Emma Watson-starring The Circle, all of which did poorly at the box office.
EuropaCorp cited the box office disappointments that “failed to offset distribution costs to support wide releases.” Distribution costs were upwards of $114 million (€100 million) for the films.
As part of a significant strategy shift, EuropaCorp signed its multiyear distribution agreement with STX Motion Pictures Group for its upcoming releases, in the effort to stave off the flood of losses. EuropaCorp says the new agreement will lead to better box office performance, more efficient distribution and lower marketing and distribution costs for its upcoming films.
The STX deal followed the overall failure of its RED joint distribution venture with Relativity, after the implosion of that company. Distribution costs under RED were upwards of $114 million (€100 million).
Following the success of recent hits like Lucy and the Taken franchise, the company is refocusing development and production to more closely reflect core strengths in action and sci-fi genres. It will also put greater emphasis on productions written and directed by Besson.
It will also continue focus on its TV business with the second season of NBC’s Taken. Despite the losses, revenue was up 3 percent overall — much of that due to its TV slate, which was up 25 percent on the strength of SVOD sales in the U.S.
EuropaCorp also aims to return to its historical level of French-language production, which has been somewhat sidelined as it’s focused on its English-language blockbusters. It’s got the fifth installment of its Taxi franchise, as well as four French-language films in production, including Eva, which stars Oscar-nominee Isabelle Huppert.
Valerian and the City of a Thousand Planets will be released July 21.