• Clockwise from left: Anya Taylor-Joy, Rami Malek, Christian Bale, Robert De Niro and Margot Robbie in 'Amsterdam'. The film has struggled to draw in audiences and is on course to be a box office flop. Photo: 20th Century Studios
    Clockwise from left: Anya Taylor-Joy, Rami Malek, Christian Bale, Robert De Niro and Margot Robbie in 'Amsterdam'. The film has struggled to draw in audiences and is on course to be a box office flop. Photo: 20th Century Studios
  • Alexander Skarsgard and Anya Taylor-Joy in 'The Northman'. Photo: Focus Features
    Alexander Skarsgard and Anya Taylor-Joy in 'The Northman'. Photo: Focus Features
  • This image released by Lionsgate shows Tiffany Haddish, left, and Nicolas Cage in a scene from "The Unbearable Weight of Massive Talent. " (Karen Ballard / Lionsgate via AP)
    This image released by Lionsgate shows Tiffany Haddish, left, and Nicolas Cage in a scene from "The Unbearable Weight of Massive Talent. " (Karen Ballard / Lionsgate via AP)
  • Jared Leto in 'Morbius'. Photo: Sony Pictures
    Jared Leto in 'Morbius'. Photo: Sony Pictures
  • Liam Neeson in 'Blacklight'. Photo: Briarcliff Entertainment
    Liam Neeson in 'Blacklight'. Photo: Briarcliff Entertainment
  • Patrick Wilson in a scene from 'Moonfall', another one of the year's biggest box office disappointments. Photo: Lionsgate
    Patrick Wilson in a scene from 'Moonfall', another one of the year's biggest box office disappointments. Photo: Lionsgate

Six of the biggest Hollywood flops of 2022 so far — 'Amsterdam', 'Morbius' and 'Moonfall'


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After two years of pandemic-induced doldrums, the summer blockbuster season returned with a bang this year.

We’ve seen Tom Cruise break his box office opening record in Top Gun: Maverick, Elvis outperform all expectations for a musical biopic and Nope smash records for an R-rated horror.

Of course, there’s more to the cinematic year than summer blockbusters. With autumn now well underway, David O Russel’s Amsterdam has stepped up to offer a reminder that, to paraphrase Isaac Newton, for every box office smash, there’s an equal and opposite flop.

Here are some of the year’s biggest.

'Amsterdam'

Amsterdam seemed to have everything required for huge commercial success. It was Silver Linings Playbook and American Hustle director David O Russell’s first big-screen outing in seven years. It featured an all-star ensemble cast including Christian Bale, Margot Robbie, Taylor Swift and Robert De Niro, among many others, and it opened on a weekend when its biggest competition came from a singing cartoon reptile in Lyle, Lyle Crocodile.

Pre-release, critics were unconvinced by the quirky film’s non-traditional structure, sometimes confusing narrative and overall lack of an obvious purpose, and audiences voted with their feet. The $80 million film made a little over $18 million at the box office.

'The Northman'

It seems harsh to class Robert Eggers’s big-budget debut as a flop. Critics loved it, cinephiles flocked to their local art house cinema to gush over it and it’s almost guaranteed to feature highly in many end-of-year "best of" lists. Unfortunately critics, cinephiles and lists don’t pay the bills for a $90m production, which saw indie horror darling Eggers switch to a Shakespeare-inspired Viking epic for the big screens.

The directing was impeccable, the cast top drawer (Nicole Kidman, Claes Bang, Willem Defoe, Anya Taylor-Joy et al), the script faultless (can you go wrong with Norse mythology and Macbeth as your starting points?). The box office, however, was dismal. The film took back around two-thirds of its estimated budget.

'The Unbearable Weight of Massive Talent'

Tiffany Haddish and Nicolas Cage starred in 'The Unbearable Weight of Massive Talent'. Photo: Lionsgate
Tiffany Haddish and Nicolas Cage starred in 'The Unbearable Weight of Massive Talent'. Photo: Lionsgate

Anecdotal research suggests that Nicolas Cage features in around half of all internet memes currently doing the rounds on social media, so when it was revealed that the prolific, and much-loved, star would be appearing as a fictionalised version of himself in Tom Gormican’s self-mocking, satirical comedy the web was predictably ablaze.

The film was a riot, featuring fractured father-daughter relationships, post-modern nods to Cage’s rollercoaster career, arms dealers, kidnapping, incompetent CIA agents, and Paddington. None of this translated into admissions, however, and the film fell short of recouping its $30m budget globally.

It possibly wasn’t helped by its release date, which saw it competing with another high-budget indie in the shape of The Northman, and came at the height of Everything, Everywhere All at Once’s breakout success cannibalising indie audiences. In its favour, it’s the kind of film that could have a successful second life on streaming, which is perhaps where it would have been better released in the first place.

'Morbius'

It’s rare to find a Marvel feature on this sort of list, even more so when that movie is part of Sony’s all-conquering Spiderverse. Jared Leto’s superhuman vampire Morbius, however, represented something of a bump in the road for the franchise.

On paper, the film doesn’t appear to be an out-and-out flop. It topped the North American box office on its release weekend, with a $39m opening haul, and it grossed more than $160m globally — more than double its production budget. These figures need some perspective, however.

Following that healthy domestic opening, it suffered a 74 per cent drop off in its second week, the worst of any big-ticket superhero movie to date. As for that $160m-plus figure, we should bear in mind that cinemas typically take up to 40 per cent of admission fees, distribution doesn’t come free, and big movies, and big superhero movies in particular, often spend at least as much as production again on marketing the film. Studios don’t break these figures down for the general public as a matter of course, but Morbius seems likely to have broken even at best.

'Blacklight'

There was a time when the combination of Liam Neeson and a mid-budget action flick with lots of shooting was a guaranteed recipe for box office success. Specifically, that time was for a few years after the release of Luc Besson’s 2008 genre classic Taken. It is not, it seems, 2022.

In Blacklight, Neeson stars as an FBI fixer who wants to retire to spend more time with his family. Naturally this desire coincides with him becoming entangled in a web involving a rogue agent and a massive government conspiracy. Shooting ensues, but audiences failed to respond.

To be fair, the film just about met expectations on its opening weekend, banking $3.5m at the domestic box office while tracking had predicted an opening $1 to $5m. Thereafter, however, it promptly sank without trace, suggesting Neeson’s very particular set of skills may have outlived its usefulness.

'Moonfall'

Roland Emmerich has made a successful career of big-budget, set-piece blockbusters. That’s great for studios’ bank accounts when it works, such as with Independence Day ($817.4m global gross in 1996, or over $1.5bn adjusted for inflation in 2022) and The Day After Tomorrow ($522.6m in 2004, or $821m today). When it doesn’t work, its eye-watering.

And it definitely didn’t work in his latest alien invasion yarn, which bombed at box offices around the world in February. With a production budget of almost $150m, the film pulled back a mere $59.1m from audiences. Factor in the marketing, cinema cuts and other costs and we could be looking at losses in the region of $300m, giving the film an unwelcome seat at the table among the biggest box office bombs of all time.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: June 22, 2023, 12:31 PM