Amazon eyes streaming lifeline after 'Red One' disappoints in theatres

Moviegoers were not exactly feeling the Christmas spirit this weekend, or at least not based on their attendance at 'Red One' showings.

The big budget, star-driven action comedy with Dwayne Johnson and Chris Evans sold $34.1 million in tickets in its first weekend in theatres, according to studio estimates Sunday. It easily topped a box office populated mostly by holdovers.

For traditional studios, a $34.1 million debut against a $200 million-plus production budget would be a clear indication of a flop. Some even peg the budget closer to $250 million. But 'Red One' is an Amazon MGM Studios release with the luxury of playing the long game rather than relying solely on global box office where Johnson tentpoles often overperform. The film may have a life on Prime Video for years to come.

'Red One', in which Johnson plays Santa's bodyguard, was originally built to go straight-to-streaming. It was greenlit prior to Amazon's acquisition of MGM. One interpretation of its lifecycle is that the theatrical earnings are not only just a bonus, but an additive gesture toward struggling theaters looking for a consistent stream of new films.

"Amazon has 250 million plus worldwide subscribers to the platform. It's similar to the way Netflix, I think, looks at stuff for their platform," said Kevin Wilson, head of distribution for Amazon MGM Studios. "There's a massive value for a movie like this in terms of how many eyeballs you're going to get."

The first major studio holiday release since 2018, 'Red One' opened on 4,032 screens, including IMAX and other large formats, on an otherwise quiet weekend for major releases.

"We're really happy with the results," Wilson said. "I think when you look at the theatrical marketplace that's sometimes unforgiving, especially for original films, this is a good result for us."

Since 2020, only seven films that weren't sequels or based on another piece of intellectual property have opened over $30 million (including 'Oppenheimer' and 'Nope').

Warner Bros. is handling the overseas release, where it has made an estimated $50 million in two weekends from 75 territories and 14,783 screens.

Still, it's certainly not a theatrical hit in North America. Even 'Joker: Folie a Deux' made slightly more in its first weekend. 'Red One', directed by Jake Kasdan and produced by Johnson's Seven Bucks, was roundly rejected by critics, with a dismal 33% Rotten Tomatoes score. Jake Coyle, in his review for wrote that it "feels like an unwanted high-priced Christmas present".

Audiences were kinder than they were to 'Joker 2', giving it an A- CinemaScore, suggesting, perhaps, that the idea of it becoming a perennial holiday favorite is not so off-base.

'Red One' is also overperforming in the middle of the country, Wilson said, and perhaps will have a nice holdover over Thanksgiving as a different option to the behemoths on the way.