US Movies Hit Worst Slump Since 2001
The US box office suffered its worst slump in a decade with the top grosser The Possession earning less than $10 million. This was its lowest overall earnings since September 11, 2001 attacks on Washington and New York.
There were just a couple of new releases over the weekend, with horror movie The Possession getting $9.5 million in United States and Canada. It was the first time since 2008 when no movie got at least $10 million at the domestic box office.
Early September is usually a slow time for movies as the summer season has just ended and Hollywood studios are reserving their big movies for the November and December holiday season. The overall revenues for the last weekend were estimated to be between $65 million to $68 million.
If the numbers holds, it would make the weekend the worst since September 21-23 2001 when the box office earnings peaked at $59.7 million. The current scenario is scarier than the top grossing horror flick when the top grosser can only manage to earn $9.5 million.
Analysts expect the box office to rebound next weekend when the next Resident Evil movie will be released. Disney/Pixar’s Finding Nemo will also be rereleased next weekend and this time it will be in 3D.
Last summer season saw a mixture of blockbusters, such as The Avengers and The Dark Knight, and flops. Summer ticket sales this year is 5 percent less compared to summer of last year. But to date, the domestic box office is still up 3 percent in revenue compared to the same period last year. Domestic box office earned $7.7 billion, with a 2 percent increase in attendance.
One of the notable films in 2012 was the anti-President Barack Obama documentary 2016: Obama’s America. It has already earned $26 million to be the second largest political documentary since Fahrenheit 9/11.