This past summer has had numerous box office hits, including the worldwide release of Wonder Woman, Guardians of the Galaxy Vol.2, Spiderman: Homecoming, Dunkirk, Cars 3, Pirates of the Caribbean: Dead Man Tell No Tales, Baywatch, Atomic Blonde, and Despicable Me 3, which happened to bring in the most revenue at over $1,005,854,581 and was ranked second-biggest animated opening of all time (The Numbers). So how does a film, like Despicable Me 3, generate all of this revenue?
The blockbuster film emerged in the 1960s when Hollywood studios were experiencing financial difficulties due to the Paramount Decree, where these films helped the studios to “differentiate their products from the supply of competing media, such as television and helped revive the theater as a privileged place for the film experience and high quality entertainment,” stated Tanner Mirrlees (Designing Global Entertainment Media, 2013).
In fact, some of the biggest blockbuster films that were mass marketed and released, was George Lucas’s Star Wars and the hit film Jaws– along with many others. These films emphasized the exchange value of high-concept, mass-marketed, mass-released, and mass-targeted films, complemented with synergetic merchandising.
Blockbusters are able to stand out from the rest of films as they have large budgets, are marketed globally as high-concept and “must see” events, have big releases, and are designed to create as much revenue as possible, not only by collecting box office receipts, but by also spinning off commodities. They also target a global, rather than a national based audience.
The Despicable Me franchise has shown that there is life outside Pixar and Disney, both commercially and artistically in the blockbuster animation world. Despicable Me features the “despicable” character of Gru, and its little yellow creatures that are shaped like Tic-Tacs, in my opinion.
With Universal Pictures and Illumination Entertainment as the main production companies, the overall budget of the film was estimated at about $80 million, nearly matched by its $75 million opening weekend (IMDb). The 90-minute film, however, did not look as promising as the previous Minions and Despicable Me 2. In fact, the opening weekend was 14% lower than Despicable Me 2 and 37% lower than the Minions had opened up with (The Numbers).
The PG animated film raked in over $260 million in domestic revenue and over $748 million in foreign revenue. The largest foreign market was China, raking in over $158 million, with Japan coming in second at over $61 million (Box Office Mojo).
Its strategic marketing also had a lot to do with its success. Bloomberg reported that Universal’s parent company, Comcast, and its partners spent a combined $593 million publicizing the film, with less than half going towards traditional TV and print ads. The Minions have truly taken over the market appearing on merchandise, Tic-Tac packages, Chiquita Bananas, iPhone cases, Twinkies, etc.
Another franchise that has done well outside of the U.S. is the Ice Age franchise, where more than 80% of its revenue comes from the foreign box office. In fact, the fifth installment bombed its U.S. opening but went on to succeed in the global market (The Numbers). Opposite of this foreign success, Finding Dory and The Secret Life of Pets both had stellar runs at the U.S. box office, where Finding Dory was able to gross over $782 million globally.
Feel free to respond with your own personal opinions on how the Minions and the Despicable Me franchise has continued to succeed over the past few years. Are you a fan? Or, are you surprised at how successful this animated franchise has become?
Link to the trailer: https://www.youtube.com/watch?v=euz-KBBfAAo