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Garfuriosa

Garfuriosa was no Barbenheimer for the US box office

Garfuriosa

Hollywood had an unremarkable Memorial Day Weekend this year, as the American box office notched an estimated $132M from Friday through Monday — the lowest total gross (excluding the pandemic era) in 26 years, according to data from Box Office Mojo.

Both Furiosa, the 5th installment in the popular Mad Max franchise, and The Garfield Movie, the 6th film in the Garfield cinematic universe, struggled over the long weekend, which is typically a heavy hitter in the box office calendar. Indeed, despite favorable reviews, Furiosa: A Mad Max Saga took just $32M over the 4-day period, the lowest gross for a Memorial Day #1 debut since Casper in 1995 (not adjusted for inflation).

Flop era

Hollywood’s holiday disappointment is very much in keeping with what’s been a seriously slow start to 2024 at the US box office, with hopes now pinned to Marvel’s Deadpool & Wolverine — which is still 2 months out — to save ailing ticket sales and turn the year around following a string of “megaflops”.

Last year, takings across the 4-day period sat at a comparatively gargantuan $204M, while 2022’s was even more impressive at $223M, in no small part thanks to the sensation that was Top Gun: Maverick. The truth, which is hard for cinema-lovers everywhere to reconcile with, is that the box office is just not what it once was, and shows few signs of getting back to its glory days. What’s to blame? Streaming, “sequelitis”, the pandemic, the size of your TV at home... maybe even all of the above.

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Netflix climbs ahead of “Stranger Things” streaming premiere amid reports it is ramping up its efforts to acquire WBD

The final season of Netflix’s tentpole franchise “Stranger Things” debuts on the streamer at 8 p.m. ET on Wednesday, and its stock appears to be safely out of the upside down.

Netflix is trading up about 2% on Wednesday, on pace for one of its better days in the past three months. The stock has closed up more than 3% only a dozen times this year.

Potentially boosting investor optimism is a New York Post report from Tuesday evening that the streamer has ramped up its efforts to acquire Warner Bros. Discovery. According to the Post, Netflix has made a case to the WBD board that antitrust concerns may not be warranted because Netflix competes not just with other streaming companies but with a larger pool of content providers, such as YouTube and TikTok. If Netflix’s legal team is right, the idea could pave the way for the world’s largest streamer by subscriber count to buy the fourth-largest.

At least one major Hollywood player is rooting against the company in the WBD bidding war. “Titanic” and “Avatar” director James Cameron this week said that Netflix acquiring WBD “would be a disaster.”

Morgan Stanley analysts have also argued that Netflix’s pursuit of these studio and streaming assets was creating headaches for its investors.

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