Top 10 Box Office Bombs That Ruined Studios
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Script written by Spencer Sher
Top 10 Movies That Bombed So Hard They Bankrupted Studios
Hey, they can’t all be hits, right? Welcome to WatchMojo, and today we’re counting down our picks for the Top 10 Movies That Bombed So Hard They Bankrupted Studios.
For this list, we’re taking a look at box office bombs/disappointments that caused a movie studio to go bankrupt, taking into account their critical reception. We’re using the term bankrupt loosely however, meaning that the films in question don't need to have officially filed for bankruptcy; instead, they could have significantly hurt their studios financially, caused a sale/merger, and/or caused them to shut down. To put it simply, these flicks severely crippled their respective production or distribution studios.
#10: “Superman IV: The Quest for Peace” (1987)
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The Cannon Group, Inc.
After three mostly solid entries in the “Superman” film series, the character’s rights were sold to Cannon Films – a company with a history of financial woes. “Superman IV: The Quest for Peace” was intended to have a budget of $36 million, but that was soon reduced to $17 million and even then it still failed to recoup its debts. This thriftiness was apparent on screen in spades – from a visible lack of production values, a weak story and script, and a horridly lame villain – and it dissuaded fans and critics alike, worsening the studio's already strained financial situation. The fallout from its facing bankruptcy saw Cannon change hands when it was taken over by Pathé Communications. Despite varied efforts to pay off its debts, reorganize the company, and switch execs, it ultimately closed up shop in 1994.
#9: “Raise the Titanic” (1980)
Associated Film Distribution/ITC Entertainment
With Hollywood legends like Jason Robards and Sir Alec Guinness onboard, “Raise the Titanic” appeared poised for box office success. Unfortunately, that’s not how things played out. The film made back just $7 million of its $40 million-dollar budget, with producer Lew Grade quipping, “it would have been cheaper to lower the Atlantic". Some claim that author Clive Cussler's public dismissal of the film – based on his novel of the same name – was partially responsible for its poor reception. This, along with a poorly timed film about the Village People, set in motion a series of events that would first lead to Associated Film Distribution, the British film distribution company that ITC Entertainment set up to distribute their movies in the US, to be sold to Universal Pictures in the early ‘80s. Despite continuing to produce content, ITC itself became defunct in 1998.
#8: “Astro Boy” (2009)
Imagi Animation Studios
After making waves with “TMNT”, their animated Teenage Mutant Ninja Turtles film, Imagi Studios were ready to take the next step in becoming major Hollywood players. Unfortunately, that next step turned into one of the biggest cinematic disappointments of the decade: “Astro Boy”. The movie flopped hard at the box office, managing to recoup just $42 million of its $65 million-dollar budget. “Astro Boy” wound up being the final film produced by Imagi Animation Studios, which went under in 2010, leaving a short list uncompleted and abandoned projects in its wake.
#7: “It’s a Wonderful Life” (1946)
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Liberty Films
It's a Christmas classic now, but “It's a Wonderful Life” was actually a box office dud. This is in part because although it was released just in time for Christmas on December 20, 1946, it didn't actually get a full national release until January 7, 1947 – a day by which most people are pretty well Christmas'd out. Barely earning back its $3.18 million dollar budget, the film's poor reception left its production company Liberty Films unable to recoup costs, on the verge of bank foreclosure and seeking new ownership. They found it in Paramount Pictures in May 1947, which made “It's a Wonderful Life” the only film the company released independently. Under Paramount's ownership, Liberty would release only one other film, “State of the Union” before closing in 1951.
#6: “Heaven's Gate” (1980)
United Artists
“Heaven’s Gate” was highly anticipated, and that's just what led to its failure. With “The Deer Hunter” – his second film as a director – Michael Cimino became a double Academy Award winner, and was granted carte blanche when “Heaven's Gate” rolled around. This resulted in a film that was well behind schedule, over budget, and rife with allegations of animal abuse and directorial megalomania. Once completed, the final project had a runtime of nearly 5 and a half hours, eventually trimmed down to 3 hours and 39 minutes. However, audiences didn't show, and the box office take was a mere $3.5 million on a $44 million budget. This prompted the sale of United Artists to MGM Studios shortly thereafter.
#5: “Final Fantasy: The Spirits Within” (2001)
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Square Pictures
In 2001, Square Pictures, the film leg of Japanese video game company Square, decided to give “Final Fantasy” a big screen adaptation. The result was the $137 million-dollar animated epic “Final Fantasy: The Spirits Within”. The film featured the voice work of Alec Baldwin and Donald Sutherland and drew considerable praise for its photorealistic animation, but still failed to connect with a broad audience, taking in only a worldwide gross of $85 million. In fact, the underperformance was so great it was enough to significantly delay a merger involving the studio's parent company with Enix. Fortunately, Sony Corp. provided Square with some capital, and they recouped some financial losses thanks to video game sales. After the merger went through, only Enix survived, with Square Pictures becoming a consolidated subsidiary of Square Enix and Square Co. Ltd dissolving.
#4: “Titan A.E.” (2000)
Fox Animation Studios
On paper, “Titan A.E.” seemed to have hit potential, and it featured an all-star cast including Matt Damon, Bill Pullman and Drew Barrymore. Fox Animation Studios looked to be on a roll, one that would hopefully allow them to compete with the likes of Disney and DreamWorks. However, “Titan A.E.’s” massive budget, convoluted plot and unclear demographic led it to being a massive box office bomb. Fox Animation Studios had been in trouble for some time, having laid off hundreds of employees the year before. Unfortunately, “Titan A.E.” pushed them off the cliff, and a little over a week after its release the company shut down.
#3: “The Golden Compass” (2007)
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New Line Cinema
This studio had hoped to re-create the tremendous financial success of “The Lord of the Rings” film series when they put “The Golden Compass” into production. Adapted from a popular line of young adult books, the film boasted a budget of $180 million; making it one of the most expensive films of the year. By the numbers, this gamble paid off, as the film grossed $372 million worldwide... however, that $180 million budget was funded by the sale of the film's international rights, with only the $70 million domestic take going back to New Line. This failure is seen by most as the moment that forced the studio's hand into merging with Warner Bros, meaning that New Line would no longer be a studio that was separately operated.
#2: “Cutthroat Island” (1995)
Carolco Pictures
You know you’ve made a horrible mistake when you file for bankruptcy before your movie hits theaters. Such was the case with Carolco Pictures, which filed for Chapter 11 bankruptcy protection a month ahead of the release of 1995's “Cutthroat Island”. Intended to be the studio's comeback, the movie was not only light on star power, but was also funded by the sale of multiple films – including “Stargate”, which not only fared significantly better but spawned a massive television franchise. “Cutthroat Island”, meanwhile made just $10 million against its $98 million budget, leading to bankruptcy and a sale of assets to French production company StudioCanal.
Before we unveil our number one pick, here are some dishonorable mentions:
“Hotel Artemis” (2018)
Global Road Entertainment
“One from the Heart” (1982)
Zoetrope Studios
“The Ant Bully” (2006)
DNA Productions
#1: “Battlefield Earth” (2000)
Franchise Pictures
Voted “Worst Picture of the Decade” in 2010 and 'winner' of eight Golden Raspberry Awards, “Battlefield Earth” is one of the first movies that comes to mind when you hear the words “box office disaster”. Based on a novel by Scientology founder L. Ron Hubbard, the film was a long-time passion project for star – and noted scientologist – John Travolta. Despite being turned down by almost every studio in Hollywood, Travolta finally found a backer in Franchise Pictures. However, the combination of a poor box office return and the fallout from legal issues surrounding the means by which the film was financed led Franchise Pictures to file for bankruptcy in 2007.
