How Can a $200 Million Movie Lose Money?

The Flash sold about $271 million worth of cinema tickets around the world. It reportedly cost around $200 million to make. And by one estimate, it lost $155 million. How? We follow the money from a single cinema ticket to the studio's books: how much of each ticket the cinemas keep, what the film really cost once marketing and release are added, how the money keeps coming in after the cinema, and why even the best estimates are still estimates. Then we compare it with Disney's own warning about The Lone Ranger, and with the film that did everything right in the same year: The Super Mario Bros. Movie. The profit and loss figures are estimates from Deadline's analysis, not Warner Bros.' own published accounts, and they're presented as such. CHAPTERS 0:00 The movie that made $271 million and lost money 1:15 One ticket 2:44 The $200 million price tag 4:04 Two weekends 5:30 After the cinema 6:50 Opening the books 7:49 How sure can we be? 8:30 Disney's $190 million warning 9:57 The other side of the bet 11:44 For whom? SOURCES • The Numbers: The Flash (2023), The Lone Ranger (2013), The Super Mario Bros. Movie (2023): budgets and box office • Box Office Mojo: The Flash, worldwide box office • Deadline, "Most Valuable Blockbuster Tournament" (Anthony D'Alessandro, 2 May 2024): estimated revenue, costs and loss for The Flash • Los Angeles Times (18 June 2023): The Flash's opening and release • Los Angeles Times (26 April 2023): CinemaCon 2023 and David Zaslav's remarks • AMC Entertainment Holdings, 2024 Form 10-K: how cinemas pay film rental to distributors • The Walt Disney Company, Q3 fiscal 2013 earnings call (6 August 2013): Jay Rasulo's $160–190 million loss forecast for The Lone Ranger • Reuters (6 August 2013): Disney projects up to $190 million Lone Ranger loss • GameSpot (7 May 2024), reporting Deadline's estimate of The Super Mario Bros. Movie's profit FOOTAGE AND IMAGES (short clips and stills, used for commentary and criticism) • The Flash official behind-the-scenes featurettes © Warner Bros. Pictures • Film stills and posters: The Flash © Warner Bros. Pictures; The Lone Ranger © Disney; The Super Mario Bros. Movie © Universal Pictures / Illumination / Nintendo • "The 5 Major Movie Studios of Los Angeles: Drone Video Tour and Historical Guide" [CHANNEL TO CONFIRM] • News screenshots: Deadline, Box Office Mojo, and others named on screen • Cinema photos: Sunny Su and Thibaut Charp on Unsplash • MUSIC • String Pizzicatos by xtremefreddy (Pixabay) • Soulful by Nicolas Boscovic [youtube] • #TheFlash #BoxOffice #Hollywood