Magic 8 Ball by Mattel
Blumhouse is no longer a production partner of Mattel’s planned the movie Magic 8 Ball.
On Friday, co-founder and producer Jason Blum told CNBC that the horror film producer is no longer attached to the bread maker’s project.
“We’ve been developing it for a while, but we’re not attached anymore,” he said. “I think they’re developing it with someone else. I wish them the best of luck.”
Blum did not go into detail about why Blumhouse exited the project. Representatives for Mattel did not immediately respond to CNBC’s request for comment.
The Magic 8 Ball movie was first announced in 2019 and is one of many projects being developed under the management of Mattel Films.
The company recently completed production on its Barbie movie with Warner Bros, and also has a Masters of the Universe movie scheduled with Netflix. There are dozens of other projects in development, including movies based on Hot Wheels, Major Matt Mason, Rock ‘Em Sock’ Em Robots, Uno and Barney.
Turning Magic 8 Ball into a horror story might come as a surprise, but Mattel’s decision to team up with Blumhouse was not.
The studio has set a new standard for horror production in the 21st century lift the whole category. Blumhouse is known for films like the Oscar-winning “Paranormal Activity” and “Get Out” and its strategy of capturing small-budget films and turning them into big box office successes.
Example: Blumhouse partnered with Hasbro to create a movie based on the Ouija board. The film was released in 2014, costing just $5 million to make and went on to gross over $103 million at the global box office. The sequel “Ouija: Origin of Evil” was released in 2016, the production cost was $9 million and grossed $81.7 million.
As Mattel tries to keep its profits in check and expand into theatrical entertainment, producing cheap films that can lead to multi-million dollar success will be key. Partner with third-party studios and distributors to bring their toys to life on the big screen and small screen, while minimizing financial risk.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal distributed “Get Out.”