Report: Hollywood Could Write Off $1 Billion in Summer Movie Flops
The summer movie box office receipts are up from last year, but that doesn't tell the whole story.
A series of film flops, from the liberal White House Down to the misguided Lone Ranger reboot, are making Hollywood very nervous. In fact, a new report from Fox News says the industry is facing a financial haymaker thanks for those box office duds.
Some experts and analysts anticipate that collectively studios will write up hundreds of millions, heading toward the billion dollar mark, in losses from these summer disasters.
Big stars no longer guarantee big box office success, witness the failure of Will Smith's After Earth or Channing Tatum's White House Down.
Other films earning far less than expected given their gaudy price tags include Pacific Rim and R.I.P.D.
Experts blame big budgets, bigger marketing costs and films that simply didn't grab our collective attention.