If Beale Street Could Talk and Vice were critical sensations for Annapurna. However, neither of them were able to make a profit and ended up losing a lot of money in the process. The studio released the aforementioned movies on Christmas day along with Karyn Kusama's Destroyer, which in hindsight, probably wasn't the best idea since the box office was already crowded with some larger name movies like Aquaman, Bumblebee, and Mary Poppins Returns from bigger studios.
It has been revealed by sources that If Beale Street Could Talk lost anywhere between $8 million and $10 million, despite taking top honors at the Indie Spirit Awards and the Best Supporting Actress Oscar for Regina King. The movie was a critical smash, but it had trouble at the box office, which was more than likely due to poor marketing. Whatever the case may be, Beale Street wasn't the only movie that Annapurna lost big on at the end of last year.
Adam McKay's Vice, which was also praised by critics and nominated for several awards, including 8 Academy Awards, was a major blow to Annapurna. It has been revealed that the movie cost $65 million to make and lost the studio between $15 million and $20 million, which is huge. Additionally, Destroyer ended up losing Annapurna an extra $7 million. Even all of the awards and critical buzz surrounding these releases was not enough to get people in theaters to check them out during the crowded holiday season. With that being said, there was one movie that the studio released last year that was able to make a profit.
Boots Riley's Sorry to Bother You has reportedly turned a small box office profit for Annapurna, though the exact numbers have not been provided. No budget information has been released for Riley's movie, but it did earn $17.4 million at the box office. While the success of Sorry to Bother You is great, Jacques Audiard's The Sisters Brothers was another box office failure for Annapurna. The movie barely made it past the $1 million-mark at the box office after it cost over $38 million to produce.
Olivia Wilde's Booksmart is up next for Annapurna and it could be a box office win for the studio. The movie recently premiered at SXSW to rave reviews and it hits all theaters on May 24th of this year. The movie could be the hit that the studio desperately needs at this time. For now, it looks like Annapurna is going to have to figure out a different model, which will more than likely include smaller budgets on future projects until they figure out a way to turn their critical praise and translate that into box office earnings to make sure that they are able to keep putting out movies in the future. Variety was the first to report about Annapurna's financial woes.