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Updated with Sunday figures: In the wake of Terminator: Dark Fate’s failure at the B.O., and Paramount’s recent decision to make Beverly Cops 4 for Netflix, we have the further breakdown of cinema IP in Sony’s Charlie’s Angels reboot, which is tanking with a God-awful $8.6M domestic opening, $27.9M worldwide (from 26 markets), 3 Stars on Screen Engine-Comscore’s PostTrak, and a B+ Cinemascore.

The Elizabeth Banks-directed-written and produced pic is also opening in 27 offshore markets, China being one where it’s also bombing, with a $7.8M 3-day take in third place behind No. 1 local title Somewhere Winter ($13.1M). All of this is primed to further spur a WTF reaction and anxiety among film development executives in town in regards to what the hell exactly works in this have-and-have-not era of the theatrical marketplace. Many will make the hasty generalization that old, dusty IP doesn’t work, or is now deemed too risky when it’s not a superhero project. However, moviemaking is an art, not a science, and annoying as it might sound, good movies float to the top, and this Charlie’s Angels reboot didn’t have the goods going back to its script.

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We’re going to break down for you what went wrong in another graph, but we don’t want to bury the success of Disney’s release of Fox’s James Mangold-directed Ford v Ferrari, which looks to be coming in at $31.5M, well ahead of the $20M+ many were seeing, with an awesome A+ CinemaScore and 4 1/2 stars and a 68% definite recommend on Screen Engine/Comscore’s PostTrak. After a franchise-laden summer which buried originals, now an original pic is sticking it to the IP.

When it comes to the bombing of Charlie’s Angels, the takeaway is this is what happens when you have IP, but there’s no reason for telling the story. In the walk-up to developing Jumanji: Welcome to the Jungle, and in the wake of its near $1 billion success, a fever broke out at the Culver City lot in the post-Amy Pascal era to reboot former Sony franchises or extend them, i.e. Zombieland: Double Tap (well over $103M at the global B.O. now), the upcoming Bad Boys 3, and, of course, Spider-Man, the latter electrified by Disney’s Marvel. Development studio executives define their being by getting films greenlit, and whenever that happens, it’s 90% of the job. And the pressure is on to fill a 10-12 picture annual slate in a world where Disney vacuums up all the best IP. A third Charlie’s Angels with McG directing and Drew Barrymore, Cameron Diaz and Lucy Liu starring, wasn’t made immediately after the second chapter, 2003’s Full Throttle, as the sequel turned out to be 29% more expensive than the 2000 original at $120M, and also made less worldwide, $259.1M to $264.1M. With Elizabeth Banks coming off her hot feature directorial debut with Universal’s Pitch Perfect 2 (which over-indexed in its stateside opening at the B.O., going from $50M projections to $69.2M, and finaled global at $287.1M); after she expressed interest in September 2015 in taking on a Charlie’s Angels reboot with a modern feminist spin, there was no question in Sony’s mind that the project should move forward.

However, there were script problems, I hear, that could never be resolved. A few months after Banks boarded, Evan Spiliotopoulos came on to write. By the time cast was assembled in July 2018, Banks had penned the latest draft off a script by Jay Basu (The Girl in the Spider’s Web), and earlier drafts by Craig Mazin and Semi Chellas. Andrea Giannetti oversaw the project on the lot. However, I hear that the script for Charlie’s Angels didn’t really attract top talent, i.e. Jennifer Lawrence, Emma Stone and Margot Robbie (a trio that would have potentially jazzed up business). Hence, why the production opted to go with largely a fresh face cast outside of Kristen Stewart. While we overwrite that stars mean nothing at the box office, they do, sometimes, when it comes to propping IP, and unfortunately and arguably, no one in Middle America knows who British actress Ella Balinska is, and they’ve only became recently acquainted with Naomi Scott from Disney’s Aladdin and Lionsgate’s Power Rangers. Stewart, who is hysterical in the movie and even needed more funny bits, is in a different place in her career professionally, publicly, and privately. It’s unfair to think that she could deliver her Twilight fans now.