×
You will be redirected back to your article in seconds

EuropaCorp’s Stock Value Drops in Wake of ‘Valerian’s’ Poor Opening Weekend

The disastrous opening weekend in the U.S. of Luc Besson’s “Valerian and the City of a Thousand Planets” has left EuropaCorp with a hangover, as the Paris-based company saw its stock value drop by 8.31% by the close of trading on Monday.

EuropaCorp’s stock price fell to 3.53 euros ($4.11) in the wake of “Valerian’s” performance at the U.S. box office over the weekend.

Believed to be the most expensive independent movie of all time with a budget of $180 million, “Valerian” grossed just $17 million from 3,553 theaters and landed in fifth place, behind “War for the Planet of the Apes,” “Spider-Man: Homecoming,” “Girls Trip” and Christopher Nolan’s World War II movie “Dunkirk,” which surpassed expectations and received glowing reviews.

“Valerian,” based on a French comic book series, stars Dane DeHaan and Cara Delevingne as a pair of futuristic, time-traveling crime fighters. Rihanna also stars.

Tim Westcott, senior analyst at London-based IHS, pointed out the risky strategy of first launching in the U.S. a film like “Valerian,” which is not a DC Comics or Marvel franchise and is based on an unknown property outside of Europe.

Aside from the U.S., the film has now opened in Canada, Israel and Germany, among other markets, but has yet to roll out in more than 100 territories, notably in France (July 26) and the U.K. (Aug. 2). The release in China, where it’s expected to be released on 9,000 screens, has been delayed.

But the fact that “Valerian” failed to click with U.S. audiences from the get-go is casting a shadow on the movie’s prospects.

“Previous EuropaCorp film such as ‘Taken’ and ‘Lucy’ have done well in the U.S. as well as worldwide. If ‘Valerian’ turns out to be a flop in the U.S., it will be very difficult to compensate in international markets considering the size of the budget,” said Westcott.

By comparison, “Lucy,” which cost $40 million to make, grossed $43.8 million during its opening weekend in the U.S. and went on to take $463 million worldwide.

Although EuropaCorp has a limited risk on “Valerian” – about 90% of the film’s budget was financed with pre-sales and equity investment, Besson says – it desperately needs the film to be hit as the company just posted record losses of 119.9 million euros ($135 million) for the fiscal year ending March 31.

A EuropaCorp spokesperson told Variety last month that the company has limited its exposure to less than $20 million on “Valerian” but is nevertheless “looking towards a significant performance from ‘Valerian’ in the hopes of creating the company’s newest franchise.”

“Valerian” has to make $400 million worldwide to help EuropaCorp climb into the black and justify a sequel, according to several financial analysts, including Pavel Govciyan, an analyst at Natixis.

“Valerian” was released in the U.S. by STX Films, which was hired by EuropaCorp in January to handle distribution and marketing for the movie after the collapse of Relativity Media, with which EuropaCorp had formed a joint distribution venture.

The timing of the release had reportedly been debated within the company, which considered pushing it back to August when there would be less competition. EuropaCorp’s decision to stick with the date was seen as a sign of confidence in the material.

More Film

  • Joseph Gordon-Levitt's '7500' Sells to Amazon

    Joseph Gordon-Levitt's Thriller '7500' Sells to Amazon Studios

    Amazon Studios has acquired global rights to Joseph Gordon-Levitt’s terrorist drama “7500.” The deal, announced Monday at the Cannes Film Festival, excludes Germany, Switzerland, and Austria. Universum will distribute the film in Germany. In “7500,” Gordon-Levitt plays the co-pilot of a plane that has been hijacked by terrorists. The title references the code 7500, which [...]

  • Cannes: China's Rediance Boards Sales on

    Cannes: China's Rediance Picks Up Sales on 'Ways to Run' (EXCLUSIVE)

    Chinese indie sales and production finance outfit Rediance has boarded sales on “Ways to Run,” a project in the Cannes Film Festival’s Cinefondation La Residence section. The film picked up a special mention at the prize presentation. The road movie drama is being directed by Afghan-Dutch director Aboozar Amin, who previously made the documentary “Kabul: [...]

  • John Williams Pens Theme for Disneyland's

    John Williams in Disneyland: The Story Behind His 'Star Wars: Galaxy's Edge' Theme

    For only the second time in more than four decades of “Star Wars” music, legendary composer John Williams has written a new theme for a “Star Wars” project that is distinct from his film scores for those galaxies far, far away. Star Wars: Galaxy’s Edge, the much-anticipated attraction that will open at Disneyland on May [...]

  • Young Ahmed

    Cannes Film Review: 'Young Ahmed'

    There’s a darkness to “Young Ahmed” that audiences have never seen before in the work of Jean-Pierre and Luc Dardenne, the gifted Belgian brothers whose profoundly humane, unapologetically realist dramas have twice earned them the Palme d’Or in Cannes. Like surrogate parents to troubled children, the sibling directors have taken on their share of difficult [...]

  • Radegund

    Cannes: Fox Searchlight Nabs Terrence Malick's 'A Hidden Life'

    Fox Searchlight has picked up rights for U.S. and several international territories on Terrence Malick’s contemplative World War II drama “A Hidden Life,” following its enthusiastic reception at the Cannes Film Festival. “A Hidden Life” tells the true story of the Austrian farmer Franz Jägerstätter, who rejected Adolf Hitler and objected to the war. He [...]

  • China's Zhou Dongyu Is Focusing on

    China's Zhou Dongyu Plans to Focus on Acting, Says Female Roles Improving

    China’s Zhou Dongyu may have taken a recent turn as a producer, but the 27-year-old actress plans to focus on honing her craft in front of the camera rather than branching out too much into other roles behind it. She also believes that female roles are increasing in quantity and quality in China, and is [...]

More From Our Brands

Access exclusive content