DreamWorks shares tumble after lackluster debut of Puss in Boots.
The animated offshoot of the successful Shrek franchise of films posted an estimated $34 million debut on Halloween weekend, dropping shares for DreamWorks down 7.46%, reports Marketwatch. Still, I would agree with the second part of this question posed, stating "Was the film a victim of circumstances or of shortsighted Hollywood executives’ belief that they could sell any old idea for an animated feature to today’s American audience?"
The film now boasts having the worst debut ever for a DreamWorks animated film since 1998's Antz. That said, that was not a co,plete disaster and, with a budget of $105 million, the film earned $90 million domestically and over $81 million overseas, for a total of $171.7 million.
Puss in Boots may not pass the $100 million mark domestically, but in my opinion, that doesn't reflect the quality of the film itself. Hell, look how appallingly bad the Transformers films are overall, despite strong effects.
Each year Hollywood struggles more to find fresh material, as such, indie films have risen in popularity. However, making Puss in Boots can't be labeled as a blunder, but more a bad release date choice. Debuting an animated family movie over Halloween weekend, when more mature audiences are out for a good scare, leaves a horror like Paranormal Activity 3 pulling in potential coin which could have been pocketed a different frame.
It's questionable whether an off-shoot of a done franchise should have been made, however, both Sony stocks and Disney stocks also dropped (5.46% and 3.15% respectively).
Sony's upcoming Arthur Christmas, which looks appalling, opens November 23rd, but in a stronger frame - the Wednesday before Thanksgiving Day.
As always, comments are welcome, so let's hear it. Bad timing, or just greed to capitalize on the success of Shrek, or both?
UPDATE - As of 1:44 p.m. ET. stocks seem to be climbing again and are now down 1.29 or 6.41% for DreamWorks ($18.83).