- Posted: 1:32 PM, May 30, 2012
Paramount is converting the film to 3D in hopes that doing so will boost its performance overseas, and the studio's expanding the role of Channing Tatum, who reportedly dies early in the current version, now that he's become a star following the success of "The Vow" and "21 Jump Street," according to The Hollywood Reporter and Deadline Hollywood.
The attempt to bolster "GI Joe: Retaliation's" international ticket sales seems to be a response to the disastrous domestic box-office performance of "John Carter" and "Battleship."
A Paramount insider indicated to Deadline that the studio's decision was motivated by the fates of both films, pointing out that while Disney took a $200 million write-down on "John Carter," the movie managed to gross more than $200M overseas, more than triple what it made in the US.
"Then a week ago 'Battleship' basically had the same performance as 'John Carter' -- $60-70 million US and just over $200 million international," the Paramount insider adds. "That was just a wake-up call that said to us we need to offer the best version of the film irrespective of summer market share to ensure the best possible performance. And not being in 3D will cost us a ton of business internationally."
Paramount's decision also has the studio effectively sitting out the rest of the summer movie season, with only Katy Perry's 3D documentary "Part of Me" and distribution fees from DreamWorks Animation's "Madagascar 3" making up the rest of its summer slate.
The Viacom subsidiary also saw other potential blockbusters like "Dark Shadows" and even "Men in Black 3," which might lose money due to its soaring budget and numerous gross profit participants, not perform as well as anticipated when they went up against "The Avengers."
Paramount reportedly wanted to avoid competing with Sony's "Spider-Man" reboot out July 3 and with another Channing Tatum film, Warner Bros. "Magic Mike," which was set to share "GI Joe's" June 29 release date.
Still, Paramount will reportedly have to eat the money it spent on a multimillion marketing campaign, including an expensive Super Bowl spot, for the $125 million movie. And the studio's small summer schedule could mean that its streak of having one of the biggest market shares of the six major studios is over.