POINT BREAK

Point Break

Alcon Entertainment majority financed this remake of the cult 1991 pic and partnered with Beijing based company DMG for a series of films they would contribute some capital into and help secure a release date in China. The partnership with DMG would allow the films to be China co-productions, which would return 40% of the gross, instead of 25% for foreign films. The first film under this partnership was the Johnny Depp fiasco Transcendence and Point Break was the second. In 2013 Lionsgate pre-sold the remake for Alcon at the American Film Market and it was the most successful project at AFM, selling out worldwide and distributors were in bidding wars over the movie, which did not even begin casting. The strong pre-sales mitigated much of Alcon’s exposure to the $105 million budget. While at AFM, Lionsgate also sold out global pre-sales of another Johnny Depp fiasco Mortdecai and Gods Of Egypt. The German Federal Film Fund also invested $4.4 million.

Point Break became the first major studio release to open first in China before its domestic run, which was positioned to beat the blackout period, where only local films are booked in theaters. The early release date also distanced it from Star Wars: The Force Awakens and Kung Fu Panda 3, which were set to open after the blackout ended. The film grossed a healthy $39.3 million from China.

For its US release, Alcon paid for the P&A expenses and distributed through Warner Bros and WB received a fee for use of its resources. Point Break was first scheduled as a major summer release on July 31, but Paramount moved Mission: Impossible — Rogue Nation from Christmas to July 31 and Warner Bros moved the remake to Christmas. Point Break was one of five wide releases opening over the crowded Christmas frame and it fared the worst. It bowed against Daddy’s Home, Joy (which also had a supporting role for Point Break actor Edgar Ramirez), the wide expansion of The Big Short and Concussion. The remake pulled in a soft $9,800,252 placing #8 for the weekend led by Star Wars: The Force Awakens. Point Break had a modest 30.4% second weekend decline to $6,817,641 over the New Year’s frame, but plunged 68.5% in its third session to $2,148,406 and promptly lost most of its theater count. The domestic run closed with $28,782,481. Alcon would see back about $15.7 million after theaters take their percentage of the gross. While they would not be on the line for much of the budget, Alcon financed an expensive marketing blitz, with $28.62 million just in TV ads going into release and a few million more over the next week, plus millions spent on print, online, radio, billboards, etc.

The overseas release fared better than the terrible US run, but most markets pulled in mixed to poor numbers. China is the strongest market and Russia posted the second highest gross at $6 million. Point Break flopped in the UK with $1,230,574. The overseas release cumed $104.9 million across many distributors.