Paramount CEO Brian Robbins has provided an update regarding the releases of their animated films that should scare moviegoers.
Speaking to Variety, Robbins revealed that Paramount is looking for ways to make more and spend less. This could be in reference to underperforming films such as Dungeons & Dragons: Honor Among Thieves that grossed just a hair over $200 million with a $150 million budget. Robbins directly named Babylon in his interview, which grossed just $63 million worldwide and was not based on any existing IP.
A potential solution is debuting films on their streaming service, Paramount+. This is a model that Disney has implemented with Disney+ — especially with the pandemic causing films like Turning Red and Soul to scramble. “We're not going to release an expensive original animated movie and just pray people will come,” he confessed.
While it makes perfect business sense, it's disappointing for those artists and filmmakers who create films with the hope of people seeing them in a theater. Take Elemental, for example. The film opened at just $29.6 million but has continued to leg out to a $359 million worldwide gross. It's not doing gangbusters, but that's proof that with a little time and patience, things can turn around. Studios these days are quick to throw underperforming (and sometimes steadily performing) films onto streaming — The Flash was placed on VOD just a month after its theatrical release.
Regardless, Paramount seems dead set on making this move in the future. Their upcoming animated feature film Under the Boardwalk will debut on Paramount+. However, Teenage Mutant Ninja Turtles: Mutant Mayhem (which is based on an existing IP), will premiere in theaters.
Teenage Mutant Ninja Turtles: Mutant Mayhem will be released on August 2.
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