Full Breakdown
Lionsgate Revives Fortune With “Michael” Biopic and New Franchises
7/20/2026, 12:17:31 AM
Lionsgate’s Unexpected Box-Office Revival
Lionsgate, the last major independent movie studio, saw its controversial Michael Jackson biopic “Michael” surpass $1 billion in global box-office receipts, according to Rentrak, a film-data service. The film’s success follows the studio’s earlier thriller “The Housemaid,” which earned $400.5 million worldwide on a $35 million budget. The twin hits have positioned Lionsgate to announce sequels and a slate of new franchise projects.
From Decline to Billion-Dollar Success
In 2024, Lionsgate released 17 movies that generated $251 million in domestic ticket sales—85 percent lower than the studio’s 2012 peak of $1.72 billion driven by titles such as *Katniss Everdeen*, the “Twilight” series, Madea, and the “Expendables.” The slump drove the company’s share price to $5.76, its lowest level since the COVID-19 pandemic shutdown of theaters. Conventional Wall Street and Hollywood analysis suggested that a sale to a larger studio might be the only viable path forward. Instead, Lionsgate pursued high-risk, high-reward projects that larger studios had declined, citing concerns that the long-standing child-molestation allegations against Michael Jackson made the biopic “too risky” for them.
Box-Office Numbers and Upcoming Projects
- “Michael” – $1 billion global gross; production cost $150 million; co-distributed overseas by Universal and Kino Films.
- “The Housemaid” – $400.5 million global gross; production cost $35 million.
- Upcoming releases include a “Hunger Games” sequel (November), a “Rambo” prequel, two additional “John Wick” films, “Now You See Me 4,” two sequels to *The Passion of the Christ*, a reimagined “Blair Witch Project” with Jason Blum, and a revival of the “Saw” series with James Wan.
Industry Implications
Lionsgate’s turnaround demonstrates that an independent studio can generate blockbuster-level revenue without merging with a legacy major. The success of “Michael” and “The Housemaid” provides the studio with capital to develop multiple franchise sequels, potentially reshaping the competitive dynamics between independent producers and the consolidated “Big Tech”-aligned majors. The strategy of taking on projects deemed too controversial for larger studios may encourage other independents to pursue similarly bold acquisitions.
