Once again it is summer, and Hollywood is faced with the same daunting task that it faces every year: putting out a movie that will not only please moviegoers, but will also rake in a lot of money. As you can imagine, this isn't an easy task. There are some critically acclaimed movies that could be considered box office flops, and then there are some that are panned by the critics and become box office hits.
Hollywood has taken heed of the saying: "If it ain't broke, don't fix it." Hollywood has decided that simply rebooting previous franchises is a good way to guarantee a box office smash. As a result, we have seen an increase in movies that simply aren't remakes of older films, but complete reimaginings that take these older films in a more modern direction. This method has been very successful for Hollywood and is making the act of betting on the entertainment industry much more rational.
SEE: How Hollywood Portrays Wall Street
The Dark Knight Series
When it comes to superhero films, none have seen as much critical acclaim as Christopher Nolan's Batman series. Since the first motion picture release of "Batman: The Movie" in 1966, Batman has seen many reboots. The character has moved from the more comical days of the famous shark repellent scene, to a grittier and hardened Batman that can be seen in Nolan's movies. Beginning with "Batman Begins" in 2005, Nolan's films been very profitable. "The Dark Knight," the second movie in the series, has brought in more than $1 billion in revenue. "The Dark Knight Rises" comes to theaters July 20.
"Rise of the Planet of the Apes"
Typically, the idea behind movie reboots is to pick a movie that the younger generation has not seen or heard about, but the older generation has. This was the objective with the reboot of the "Planet of the Apes" franchise. "Rise of the Planet of the Apes," which was released in 2011, is a reboot of the original film series that debuted in 1968. The advances in cinema technology allowed the production team to give the movie a more authentic feel, which paid off financially. The film raked in just over $480 million in box office sales. That's more than the original and the remake put together.
SEE: Invest In Hollywood With the Film Futures Market
"The Amazing Spider-Man"
Moving in the opposite direction of the "Planet of the Apes" reboot, "The Amazing Spider-Man" is one of the quickest movie reboots to date. "Spider-Man 3" debuted in 2007 and was a box office success. However, it was regarded as a critical disappointment, which led to the decision to reboot the franchise. The 2012 reboot, "The Amazing Spider-Man," has already started to see a lot of commercial success. It recorded nearly $150 million in its first week at the North American box office and scored the biggest Tuesday opening ever with $35 million.
"Casino Royale" was released in 2006 and put a brand new face on James Bond. With this reboot the fans got to see something they have never seen before: an inexperienced James Bond who makes mistakes and has poor judgment. The film was both a box office and critical success with the film receiving generally positive reviews and bringing in nearly $600 million worldwide.
SEE: Financial Careers According To Hollywood
The Bottom Line
Movies have been teaching consumers many money myths, but Hollywood has its own financial strengths. Hollywood has taken notice to the success of reboots and has several planned for the future. A few high-profile ones to be on the lookout for are the new Superman movie "Man of Steel," "RoboCop" and "Escape From New York." Movie studios have come to accept the fact that the tried-and-true is often a safer path to take. If so inclined, be sure to watch the older versions so that you can compare the results.