What Hollywood's latest flops can teach us about the modern entertainment industry

After the longest writers’ and actors’ strikes in history rocked Hollywood in 2023, there were high hopes this year would turn the industry’s fortunes around. However, high-profile flops such as Argylle, Joker: Folie à Deux, and Megalopolis have left investors reeling, with the industry's future up in the air. This article dissects what led to these flops and how producers adapt to a changing market.

The Rise of Home Entertainment
The pandemic didn’t just upturn how people work, communicate, and live. The stay-home orders provided the catalyst for the streaming wars, which saw services such as Netflix, Prime Video, and Disney+ shift their film release schedules online. This changed audience behaviours around theatre-going, with many forgoing the in-person experience for the comfort of their homes.

It wasn’t just film media that was impacted too. Live entertainment such as retail casinos has seen visitation dwindle as their online alternatives have become more sophisticated. The live casino at Paddy Power, for example, offers immersive gambling table games such as roulette and blackjack hosted by real croupiers, eliminating the need for an in-person visit. This is another indicator of how audience expectations for convenient at-home entertainment have affected the media landscape.

Argyle: 2024’s Biggest Flop
On paper, Argyle had it all. Directed by Matthew Vaughan, the spy thriller had an all-star cast including Henry Cavill and Bryan Cranston and backing from Apple. However, after being panned by critics and audiences, the film only generated $18 million in its opening weekend on a $200 million budget.

In this current climate, a film’s reception is now integral to its box office performance. A genre film such as this already had the challenge of attracting female audiences, so a critical panning did no favours to widen its interest. Its overblown production and marketing budget also increased the risk and sealed its fate just as it did to Megalopolis later.

Megalopolis: Francis Ford Coppola’s Dud
As the director of The Godfather films and Apocalypse Now, Francis Ford Coppola is a revered name in the industry. So when his self-funded passion project Megalopolis was announced, the anticipation was immense. However, poor reception saw the $120 million project flop, with only a dismal $11 million made at the international box office.

In addition to its poor reception, many cited its poor marketing strategy for failing to interest fans. The film was also said to be overlong, confusing, and meandering, which doesn’t sound appealing to viewers already struggling with reduced attention spans. Not even Coppola’s name could save this, proving that audiences’ attachments to big-name creatives are now unreliable.

Joker 2: A Seismic Flop
After Todd Philipps’ first Joker film earned over $1 billion at the box office, the follow-up Joker: Folie à Deux was expected to be a sure-fire hit. But poor critical reception and backlash over its jukebox musical approach to the villain saw audience interest plummet. The result is expected to lose Warner Bros. $200 million, and the film has already been fast-tracked for a streaming release.

This film is likely to be a catalyst for change in the industry, with the success of popular IP now no longer enough to guarantee box office returns. Viewers have realised that huge production budgets are no longer a sign of quality and are unwilling to invest in something that fails to live up to expectations.

What the Industry Can Learn
With these three high-profile box-office flops, Hollywood must adapt to the market to survive. This could see the return of the mid-budget film, with more of a focus on quality storytelling than flashy set-pieces. To lure people back to the cinema, the audience’s intelligence can no longer be underestimated, with critics’ reviews central to the success of a film.