Source: Fortune.com
Summary
Warner Bros. canceled “Coyote vs. Acme” in 2023, opting for a tax write-off, but Ketchup Entertainment acquired the film and released it over the weekend. The movie debuted with $15.5 million in ticket sales, ranking second at the box office. “Spider-Man: Brand New Day” remained the top film with $22.2 million. “The Dog Stars,” a Ridley Scott film, opened in fifth place with $8 million. The film, which cost $70 million to produce, had a poor overseas performance. “Coyote vs. Acme” received positive reviews and audience scores, with a CinemaScore of “A” and a 95% rating on Rotten Tomatoes.
Our Reading
The announcement sounds familiar.
Warner Bros. canceled a film, then sold it to a third party.
Ketchup Entertainment got a box office hit from a discarded project.
The film’s success contrasts with the failure of others.
The story of a movie’s second chance is one Hollywood tells often.
Author: Evan Null
Warner Bros. and the Art of Cancellation
Warner Bros. had already decided to cancel “Coyote vs. Acme” in 2023, choosing a tax write-off over a theatrical release. The film was intended for HBO Max but was later shelved. The decision was part of a broader pattern of canceling projects, including “Batgirl” and “Scoob! Holiday Haunt,” which remain unreleased. The film’s cancellation was a strategic move, but it also sparked an outcry from fans and creators. This led to the film being put up for sale, eventually acquired by Ketchup Entertainment for $50 million.
The Role of Ketchup Entertainment
Ketchup Entertainment, an independent distributor, took a chance on “Coyote vs. Acme” after Warner Bros. abandoned it. The film’s acquisition was a calculated risk, but the results have been positive. The movie opened with $15.5 million, marking the best debut for Ketchup in its history. This success highlights the potential for independent studios to find value in discarded projects. Ketchup’s previous high was “The Day the Earth Blew Up,” which opened with $3.1 million. The new film’s performance suggests a shift in strategy for the company.
Box Office Performance and Industry Trends
“Coyote vs. Acme” opened in second place behind “Spider-Man: Brand New Day,” which grossed $22.2 million. The film’s performance was solid, especially considering its $70 million production cost. However, it was not a blockbuster. The movie’s success was more about its reception than its box office numbers. Critics and audiences praised the film, with a 95% rating on Rotten Tomatoes and an “A” CinemaScore. This suggests that the film’s value may come from its ancillary revenue rather than its initial box office take.
The Failure of “The Dog Stars”
In contrast to “Coyote vs. Acme,” “The Dog Stars” flopped. The Ridley Scott film, which cost between $70 million and $100 million to produce, opened in fifth place with $8 million. The film’s poor performance was even more disappointing given its high budget. Despite earning $11.3 million overseas, it was still a financial loss. The film’s failure highlights the risks of producing high-budget projects without a clear market strategy. It also underscores the challenges faced by studios in balancing creative ambitions with commercial viability.
Industry Reactions and Future Outlook
Industry analysts noted that while “Coyote vs. Acme” may not have been a box office hit, its reception was strong. David A. Gross, a box office analyst, said the film should recoup its investment through ancillary revenue. This suggests that the film’s success may not be measured solely by its opening weekend but by its long-term performance. The story of “Coyote vs. Acme” is a reminder that even discarded projects can find a second life, especially when backed by the right distribution strategy.
