Highbrow Films Aimed at Winning Oscars Are Losing Audiences

Ever since Oscar-oriented films began showing up on streaming services in the late 2010s, Hollywood has worried that such movies would someday vanish from multiplexes. The diminishing importance of big screens was accentuated in March, when, for the first time, a streaming film, “CODA” from Apple TV+, won the Academy Award for best picture.

This is about more than money: Hollywood sees the shift as an affront to its identity. Film power players have long clung to the fantasy that the cultural world revolves around them, as if it were 1940. But that delusion is hard to sustain when their lone measuring stick — bodies in seats — reveals that the masses can’t be bothered to come watch the films that they prize most. Hollywood equates this with cultural irrelevancy.

Sure, a core crowd of cinephiles is still turning out. “Till,” focused on Mamie Till-Mobley, whose son, Emmett Till, was murdered in Mississippi in 1955, has collected $8.9 million in the United States and Canada. That’s not nothing for an emotionally challenging film. “The Banshees of Inisherin,” a dark comedy with heavily accented dialogue, has also brought in $8 million, with overseas ticket buyers contributing an additional $20 million.

Article source: https://www.nytimes.com/2022/12/09/business/media/oscars-films-box-office.html