Business News
‘M3gan’ box office success sets the stage for a scary good year in horror


A lifelike doll programmed to be a child’s greatest companion and a parent’s greatest ally turns murderous in Universal Studios and Blumhouse’s “M3GAN.”
Universal
A fashion-forward, murderous doll is ringing up big bucks at the box office.
“M3gan,” the newest release from the Universal Studios and Blumhouse collaboration, will end up with more than $100 million globally. It’s the latest success in a string of lucrative theatrical runs for the horror genre.
While Hollywood’s big-budget blockbusters typically get the most attention, the consistently strong performance of scary movies at movie theaters is good news for the cinema industry.
The pandemic fundamentally altered how and where consumers view entertainment. To be sure, people have returned to theaters, but not in the same volume as pre-pandemic times. Additionally, fewer theatrical releases have resulted in a smaller overall box office in the last year. The domestic box office reached $7.5 billion in 2022, better than $4.58 billion collected in 2021, but down around 34% compared to 2019.
Films like “M3gan” collectively add incremental value to the box office. In 2022, the horror genre accounted for around $700 million in domestic ticket sales, according to data from Comscore. While that figure is down compared to pre-pandemic levels, it indicates persistent demand for spooky entertainment as the theater business rebounds.
Horrifying but good
Paramount and Universal were the top contributors of horror content last year. Paramount’s “Smile” sold $105 million in tickets domestically and $217 million globally. Its newest installment in the Scream franchise took in $81 million in the U.S. and Canada and $137 million worldwide.
Universal’s “Nope” generated $123 million domestically and $171 million globally, while “The Black Phone” scored $90 million stateside and $160 million worldwide. The studio also released “Halloween Ends,” leading to $64 million in domestic ticket sales and $104 million globally, even though it hit streaming service Peacock the same day.
Ethan Hawke stars in Blumhouse and Universal’s “The Black Phone.”
Universal
Additionally, Disney‘s Searchlight Pictures released “The Menu,” which snared $38 million domestically and $70 million worldwide.
Notably, Disney and Marvel Studios’ “Doctor Strange in the Multiverse of Madness,” which features horror elements, was not included in the tally. The film generated $411 million during its run in the U.S. and Canada and nearly $1 billion worldwide.
“We’re in the middle of horror’s new golden age,” said Shawn Robbins, chief analyst at BoxOffice.com. “It’s a genre that has ebbed and flowed in past decades but one that’s always evolved, maintained commercial appeal, and helped introduce new filmmakers to the world.”
Here are several titles to expect from the horror genre in 2023:
- Universal’s “Knock at the Cabin” — Feb. 3
- Paramount’s “Scream VI” — March 10
- Sony’s “Insidious: Chapter 5” — July 7
- Warner Bros.’ “The Nun 2” — Sept. 8
- Neon’s “Cuckoo” — Sept. 29
- Universal’s “The Exorcist” — Oct. 13
- Lionsgate’s “Saw X” — Oct. 27
Scaring up dollars
Blumhouse, a producer of “M3gan,” has revolutionized the horror genre in the last decade, turning small budget flicks into huge box-office returns. The studio has been responsible for the profitable and popular “Paranormal Activity” films as well as the Academy Award-winning “Get Out.”
“Paranormal Activity,” which was released in 2009, had a budget of just $15,000 and went on to make more than $107 million in the U.S. and nearly $200 million worldwide
Following that model, “M3gan” was made for just $12 million and is on its way past $100 million. Already, Universal and Blumhouse have greenlighted a sequel due out in 2025.
Still from Universal and Blumhouse’s “M3GAN.”
Universal
Last year, most wide-released horror films had a budget of between $16 million and $35 million. The only outlier was “Get Out” director Jordan Peele’s “Nope,” which carried a $68 million production budget. Films with smaller budgets mean don’t have to generate blockbuster-size ticket sales in order to turn a profit. Those economics also help to make horror films one of the most consistently well-performing genre of all time.
For example, consider “Skinamarink,” an experimental horror film out of Canada, which cost $15,000 to make and has gone on to generate more than $1 million at the box office.
“At the heart of its sustainability has been a generational turnover of young audiences that drive many of these movies at the box office, a pre-pandemic constant that’s picked up right where it left off as post-pandemic moviegoing has rebounded,” Robbins said.
Unlike fans of comic book films, who can be easily turned off by an unfaithful adaptation of their favorite character, horror fans don’t seem to mind if the film isn’t totally up to par. So long as the movie had some good scares and was seen as a fun experience, they’ll be back for the next installment.
Additionally, in the last two decades, the quality of the horror genre has greatly improved, due in large part to support from indie companies such as A24 and Neon, as well as distribution from streaming services such as Netflix, Hulu and Peacock.
“A systematic, incremental increase in the quality of horror films, a genre that was once considered the smash and grab, take the money and run, open on Friday, close on Sunday genre, has now, with the creative vision of amazing production companies and brilliant filmmakers, earned respect of critics and audiences alike,” said Paul Dergarabedian, senior media analyst, at Comscore.
“M3gan,” for example, currently holds a 95% “Fresh” rating on Rotten Tomatoes.
“The genre and its audience are invaluable to the industry ecosphere, and 2023’s promising release slate looks to help maintain that status quo,” Robbins said.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal has a partnership with Blumhouse and owns Rotten Tomatoes.
Business News
From Cartel to Evangelist: The Inspiring Journey of Juan Reyes, Puerto Rico’s Entrepreneur and Author

In the realm of entrepreneurship, few stories are as captivating and inspiring as that of Juan Reyes, a self-made entrepreneur and author hailing from Juncos, Puerto Rico. Despite being born into a low-income family, Reyes defied the odds and carved his path to success through sheer determination, hard work, and an unwavering commitment to his goals. From establishing thriving businesses to becoming a renowned author, Reyes’s journey exemplifies the transformative power of entrepreneurship and the indomitable spirit of an individual driven by faith and dedication.
A Journey Born out of Necessity
Growing up in Juncos, Puerto Rico, Juan Reyes faced significant challenges stemming from his family’s financial limitations. To support himself and contribute to his family’s well-being, Reyes began working from a young age. However, he never allowed his circumstances to dampen his dreams or extinguish his ambition. Determined to change his destiny, Reyes embarked on a path that would not only uplift his own life but also inspire countless others.
A Multifaceted Entrepreneur
Reyes’s entrepreneurial acumen led him to establish several successful ventures that have made a profound impact. Among his notable accomplishments are King of Credit Repair LLC, KCL Clothing Inc, and Shalom Renovation LLC. These enterprises not only generated substantial revenue but also provided employment opportunities for others. Reyes’s astute understanding of business markets, coupled with his expertise in real estate, notary services, modeling, and preaching, contributed to his ability to transform businesses from scratch into multi-million dollar ventures.
Authorship and Beyond
In addition to his entrepreneurial pursuits, Juan Reyes is also a respected author. His debut book, “From the Cartel to the Evangelist,” has garnered significant attention and acclaim. This captivating literary work chronicles Reyes’s personal journey, from overcoming adversity to finding redemption and purpose through his faith. The book serves as a testament to Reyes’s resilience and unwavering determination, inspiring readers to believe in their own potential and navigate their own paths to success.

Sponsored by Christian Faith Publishing
Reyes’s literary endeavors have received a significant boost through the sponsorship of Christian Faith Publishing. This collaboration has allowed Reyes to reach a wider audience with his powerful message of transformation, faith, and the pursuit of entrepreneurship. The partnership between Reyes and Christian Faith Publishing (visit the website here) has opened doors for him to inspire and motivate aspiring entrepreneurs and individuals seeking personal growth.
Empowering Others
Recognizing the significance of his own journey, Juan Reyes has made it his mission to give back to society and uplift others. Through speaking engagements and mentoring programs, Reyes shares his knowledge, unique ideas, and experiences with business leaders and young individuals alike. His teachings have become a beacon of hope for those who have faced similar challenges and made similar mistakes, demonstrating that even a fallen business can rise to great heights.
The Pride of Juncos, Puerto Rico
Juan Reyes remains deeply connected to his roots in Juncos, Puerto Rico. His success story has not only become a source of pride for the local community but also an inspiration for the youth in the neighborhood. Reyes’s achievements serve as a testament to the transformative power of entrepreneurship, instilling hope and motivating aspiring entrepreneurs to strive for greatness despite their circumstances.
Conclusion
Juan Reyes’s journey from a humble upbringing in Juncos, Puerto Rico, to becoming a renowned entrepreneur and author is a testament to the triumph of resilience, determination, and faith. Through his businesses, writing, and mentorship, Reyes exemplifies the boundless potential that lies within every individual. He reminds us that with unwavering dedication and a strong belief in oneself, anyone can rise above adversity and create a life of purpose and success. Juan Reyes is an inspiration, not only to entrepreneurs but to all those who dare to dream big and overcome the odds.
Business News
Disney CEO Bob Iger rips Ron DeSantis over ‘anti-Florida’ retaliation

Bob Iger, CEO, Disney, during CNBC interview, Feb. 9, 2023.
Randy Shropshire | CNBC
Bob Iger on Monday called Florida Gov. Ron DeSantis’ actions against The Walt Disney Co. retaliatory, “anti-business” and “anti-Florida.”
The feud between DeSantis and the company escalated earlier Monday, when the governor asked the state’s inspector general to determine whether the House of Mouse’s sly move to retain control over the outer limits of Orange and Osceola counties is legal – and whether any of the company’s executives were involved in the scheme.
During the company’s annual shareholder meeting Monday, Disney CEO Iger addressed investor inquiries about the ongoing dispute between the company and Florida legislators. He noted that Disney has more than 75,000 employees in the state, and has created thousands of indirect jobs, as well as brings around 50 million visitors to Florida every year and is the state’s largest taxpayer
“A year ago, the company took a position on pending Florida legislation,” Iger said, apparently referring to what critics called the “Don’t Say Gay” bill. “And while the company may have not handled the position that it took very well, a company has a right to freedom of speech just like individuals do.”
He added: “The governor got very angry about the position Disney took and seems like he’s decided to retaliate against us, including the naming of a new board to oversee the property and the business. In effect, to seek to punish a company for its exercise of a constitutional right. And that just seems really wrong to me.”

Iger said Disney plans to spend more than $17 billion in investments at Walt Disney World over the next decade, which would create around 13,000 jobs at the company and generate even more taxes for Florida.
“Our point on this is that any action that supports those efforts simply to retaliate for a position the company took sounds not just anti-business, but it sounds anti-Florida,” he said. “And I’ll just leave it at that.”
Last week, DeSantis’ newly appointed board of the Reedy Creek district, now named the Central Florida Tourism Oversight District, revealed that the previous Disney-allied board signed a long-lasting agreement that drastically limits the control that can be exercised over the company and its district.
Florida Governor Ron DeSantis speaks during ‘The Florida Blueprint’ event on Long Island, New York, United States on April 1, 2023. Ron DeSantis made comments on the Grand Jury’s indictment of Donald J. Trump, 45th President of the United States in Manhattan, New York.
Kyle Mazza | Anadolu Agency | Getty Images
The agreement was signed on Feb. 8, the day before the Florida House voted to put DeSantis in charge. DeSantis replaced all of the Disney-allied board members with five Republicans on Feb. 27. It was only then that Disney’s new binding agreement was discovered.
The agreement includes a clause that dates back to 1692 in Britain. The “Declaration shall continue in effect until 21 years after the death of the last survivor of the descendants of King Charles III, King of England, living as of the date of this declaration,” the document said.
The governor’s letter calls the board’s agreement an attempt to “usurp the authority of the CFTOD board” and “nullify the recently passed legislation, undercut Florida’s legislative process, and defy the will of Floridians.”
He said at the agreement also has “legal infirmities” including inadequate notice, improper delegation of authority and ethical violations.
Disney, however, has said that all of the board’s maneuvers were completely legal — the agreement was discussed and approved in open, noticed public forums, in compliance with Florida’s Sunshine law.
The development in DeSantis’ conflict with Disney marks just the latest move in one of several partisan battles being waged by the Republican governor.
DeSantis is widely believed to be laying the groundwork to launch a 2024 presidential campaign. That move is expected to come not long after the current Florida legislative session ends in early May. Polls show that DeSantis is the most competitive of the potential opponents for former President Donald Trump in a GOP primary.
The Florida governor took aim at Disney after the company publicly balked at Florida’s HB 1557 law early last year. HB 1557, which critics called the “Don’t Say Gay” bill, limits early education teachings on sexual orientation or gender identity.
Republican state Rep. Randy Fine told CNBC’s “Squawk Box” last April that the bill dissolving Reedy Creek wasn’t retaliatory, but then said “when Disney kicked the hornet’s nest, we looked at special districts.”
Until recently, there had been no major public discussion about dissolving Disney’s long-established special district, which it’s occupied for 55 years, leading DeSantis’ critics to question its timing and the speed at which the governor acted against the company.
The fight between DeSantis and Disney shows no signs of slowing down. During a book tour stop in Georgia last week, DeSantis told attendees “You ain’t seen nothing yet.”
Business News
WWE near deal to be sold to UFC parent Endeavor, sources say

World Wrestling Entertainment Inc. Chairman Vince McMahon appears in the ring during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009 in Las Vegas, Nevada.
Ethan Miller | Getty Images
Vince McMahon’s World Wrestling Entertainment is in advanced talks to be sold to Ari Emanuel’s Endeavor Group, the parent company of UFC, according to people familiar with the matter.
A deal could be announced as soon as Monday. UFC and WWE are expected to form a new publicly traded company as part of the agreement, according to the people, who declined to be named due to the confidential nature of the discussions.
Endeavor is slated to own 51% of the new combat sports and entertainment company, while WWE shareholders would get 49%, according to the people. The Endeavor deal gives WWE an enterprise value of $9.3 billion, they said.
Emanuel is expected to act as chief executive of both Endeavor and the new company. McMahon, likewise, is expected to be executive chairman, while Endeavor President Mark Shapiro will also work in the same role at the new company. Dana White will remain as president of UFC, while WWE CEO Nick Khan will serve as president of the wrestling business.
The development comes during the same weekend WWE hosts its flagship live event, WrestleMania, in California. The company has spent the past several months looking for a buyer. McMahon returned to the company as chairman in January to oversee the process. Shares of WWE are up more than 33% so far this year, giving it a market value of more than $6.79 billion.
The deal will effectively end WWE’s decades-old status as a family-run business. McMahon’s father founded WWE in its original incarnation during the middle of the 20th century, and McMahon is the controlling shareholder in the company. McMahon bought the company from his father in 1982. Since then, the company has grown into a global phenomenon, spawing stars suck as Hulk Hogan, Dwayne “The Rock” Johnson, Dave Bautista and John Cena.
McMahon, 77, retired from the company in July following a string of revelations that he paid several women millions of dollars over the years to keep them quiet about alleged affairs and misconduct. His daughter, Stephanie McMahon, became co-CEO alongside Khan. Paul Levesque, who’s both Stephanie McMahon’s husband and the wrestler known as Triple H, took over creative duties from Vince McMahon.
When Vince McMahon came back in January, Stephanie McMahon stepped down and Khan fully assumed the CEO role. The elder McMahon recently locked in a two-year employment contract, according to a securities filing.
Khan in recent weeks has been making the media rounds to discuss the potential sale. He told CNBC’s Morgan Brennan on Thursday that it’s been a robust sale process, drawing many interested buyers.

WWE brings with it a robust media and live events business, along with its decades worth of intellectual property. The company generated $1.29 billion in revenue last year, driven mainly by its $1 billion media unit.
UFC has paid off for Endeavor. Last year, the MMA league helped Endeavor’s sports business make $1.3 billion in revenue. Endeavor’s market cap stood at about $10.53 billion as of Friday’s close. The Endeavor-WWE deal values UFC at more than $12 billion.
WWE, at least at a glance, would also fit well with the cultures at Endeavor and UFC. McMahon has a brash public persona, making him an apparently good match for Emanuel and White, who are also known for their outsized personalities.
White, like McMahon, is no stranger to scandal, either. Earlier this year, video emerged showing the UFC boss slapping his wife during a public argument at a New Year’s Eve party in Mexico. White apologized.
Disclosure: Peacock, the streaming service owned by CNBC parent NBCUniversal, carries WWE events such as WrestleMania.
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