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The disastrous opening weekend in the U.S. of Luc Bessons 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.
EuropaCorps stock price fell to 3.53 euros ($4.11) in the wake of Valerians 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 Nolans World War II movie Dunkirk, which surpassed expectations and received glowing reviews.
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 films 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 companys 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.
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