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The John Wick franchise has been among Lionsgate’s most profitable intellectual properties, until that changed with the release of Ballerina on June 6. Per Box Office Mojo, Ballerina ended up making $133 million worldwide against a $90 million budget, a far cry from John Wick: Chapter 4’s gross of $447.3 million against a budget of $100 million.
Per Variety, Ballerina’s underwhelming box office performance is now being reflected in Lionsgate’s quarterly earnings with a $94 million net loss this quarter, marking a low point for the iconic action franchise that had until now been going from strength to strength.
Ballerina was a spin-off movie that followed the story of Eve Macarro (Ana de Armas) whose father sacrifices himself to save her from being hunted down by a murderous cult. She then joins the Ruska Roma to train as an assassin and get her revenge.
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Ballerina’s Underperformance Hurts Quarterly Revenue
Ballerina’s underperformance at the box office, alongside the disappointing returns of Lionsgate’s other film release Another Simple Favor, has delivered a blow to the company’s earnings, despite the company’s television unit seeing profits double.
In an attempt at cost-cutting, Lionsgate has divested itself from the Starz network, and is promising increased investment into generative AI technology. As CEO John Feltheimer told investors, “We are taking a number of important steps toward returning to solid growth in fiscal 2027.”
These measures include three major tentpole film releases planned for the upcoming fiscal year, along with doubling the scripted television series under the production umbrella. John Feltheimer closed off his statement by reassuring investors that “If we execute well in these areas, we will return to the kind of growth in fiscal ’27 that our shareholders expect”.
What Is Next For Lionsgate?
Lionsgate has a number of highly anticipated projects, both ongoing and upcoming, in its portfolio. To start with, the production company is involved with the Apple TV series The Studio, which is a fictionalized drama on the hard realities of Hollywood production. The series is directed by Seth Rogen and Evan Goldberg, and stars Seth Rogen, Catherine O’Hara, and Ike Barinholtz in leading roles. The Studio has been acclaimed by critics, with a 93% score on Rotten Tomatoes.
Another series in Lionsgate’s portfolio is the Netflix original The Hunting Wives. This show is an adaptation of May Cobb’s novel of the same name, and stars Malin Akerman, Brittany Snow, and Dermot Mulroney. The series has a 74% rating on Rotten Tomatoes.
Other major releases by Lionsgate include the upcoming film adaptation of the new Hunger Games prequel novel Sunrise on the Reaping, as well as a collaboration with Mel Gibson for releasing a two-part sequel to The Passion of the Christ.
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