Pacific Rim (which I give a mostly positive review here) is the latest in a string of big budget 3D flicks to hit screens this summer. At least in DC, critics are typically not given the chance to preview these films in 2D: It's 3D or nothing. That was not the case for Pacific Rim: critics could choose between 2D and 3D. I literally can't remember* the last time this happened (a critic friend suggested Green Lantern or possibly even Avatar).
Needless to say, I found this development intriguing. Perhaps studios are growing to understand that they are needlessly antagonizing critics (and, far more importantly, audiences) by trying to cram 3D down our throats. And what do I see today?
Here’s more sign of trouble for the 3D movie business. The stock price for the 3D technology company dropped about 12% in initial trading this morning after it reported that films on its screens generated $291M at global box offices in June, with 54% from U.S. venues. That’s a much lower number than analysts expected, and means RealD’s box office results are down about 10% in the quarter vs the same period last year. The problem is that consumers are "becoming increasingly choosy about which 3D movies they will pay a premium for given the significant ramp in 3D titles available," says B. Riley analyst Eric Wold who just lowered his stock price target for RealD to $15 from $16.25. He’s given up his belief that 3D sales were missing the mark because theaters had too few 3D screens. Wold says that he has "confirmed with 4 of the top 5 domestic exhibitors that no additional 3D screens are needed to meet demand."
That's Deadline New York's David Lieberman. And it's just the latest piece of evidence that audiences are not taking as much of a shine to the technology as studios might like.
To be sure, there are audience members who really, really like 3D. I don't understand those freaks, but fine. I can't stand the format. And I think it's becoming obvious that many, if not most, audience members agree with me. The market works!
*To be fair, I wasn't attending preview screenings for most of 2011 and the first half of 2012. So I have a pretty big blind spot.