Sept 10 - Horror movies like ''The Possession'' were toxic to the box office- making for the worst weekend since the the aftermath of September 11th 2001, so what's wrong with Tinseltown? Bobbi Rebell reports.
The box office take last weekend was scarier than the horror movie "The Possession" that led a limping movie lineup. In this case, it wasn't the economy that kept audiences away- it was the movies. Studios dropping the bombs no one really wanted to see, and hitting their mark. Hollywood.com's Paul Dergarabedian: SOUNDBITE: PAUL DERGARABEDIAN, PRESIDENT, BOX OFFICE DIVISION, HOLLYWOOD.COM (ENGLISH) SAYING: "I think it comes down to a combination of things. Mainly the product, because the product is what drives everything, because if it was always the economy than in a tough economy you can put any movie out there and it wouldn't do well. But when you put a big movie out there and movies that people want to see they line up around the block. They dig into their pocket and they see it." It was the worst grossing weekend for the movies in more than a decade. "The Possession" led the pack but took in only $9.3 million according to Hollywood.com. It was the first time since 2008 that no movie took in $10 million or more. The only new movie to even crack the top 10 was the Bradley Cooper romantic thriller "The Words". But even that flopped with less than $5 million at the box office. The real worry though isn't the box office. It's that Hollywood needs box office hits to propel its next wave of revenue. Morningstar's Michael Corty: SOUNDBITE: MICHAEL CORTY, EQUITY ANALYST, MORNINGSTAR (ENGLISH) SAYING: "The home video market has been in decline for several years. That's the window after the box office and how those economics are recognized for the films after they are shown on the big screen that is the real major impact." But the story isn't over. Even though the summer box office revenues were down 3 percent, year-to-date the domestic box office is still up more than 3 percent compared to last year. SOUNDBITE: PAUL DERGARABEDIAN, PRESIDENT, BOX OFFICE DIVISION, HOLLYWOOD.COM (ENGLISH) SAYING: "It's actually a good year overall because we are running ahead on both revenue and attendance versus last year. But remember in the first quarter we had a 20% revenue advantage over 2011. Now we are down to about a 3 and a half, 4 percent revenue advantage over 2011. But I think we can make it up in the final months." Next up: the re-release of Disney/Pixar's 2003 family film "Finding Nemo" in 3D, and the next installment of the "Resident Evil" horror franchise. Bobbi Rebell, Reuters.