Following Lackluster Memorial Day, 2017 Might Be A Flop For Summer Blockbusters

Could this be the end of the summer blockbuster as we know it? This Memorial Day weekend was the worst in 18 years in terms of movie theater ticket sales, and there are concerns that it could only be the start of a weak summer for cinema.

According to Box Office Mojo's list of the long weekend's box office numbers between May 26 and 29 — the year's first batch of summer blockbusters, which included the opening of Walt Disney Co (NYSE: DIS)'s latest "Pirates of the Caribbean" installment — only managed to generate about $172.36 million. This edges out the previous low for the Memorial Day weekend of $142.5 million, set in 1999.

The fifth entry in the "Pirates" franchise took the top spot for the weekend, netting just over $77 million in its debut, the second lowest opening gross since the franchise's original. While the House of Mouse might not be thrilled with the weekend results, there is a silver lining in that the company's "Guardians of the Galaxy" sequel remained in the No. 2 spot for its third weekend in a row and surpassed ticket sales of the original film.

Following the two Disney movies were Paramount (parent company, Viacom, Inc. (NASDAQ: VIAB)'s "Baywatch" reboot, coming in at $18.57 million, and Twenty-First Century Fox Inc (NASDAQ: FOXA) Alien: Covenant, which posted $10.55 million in its second weekend.

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