RI Spent $1 Million Plus in Paz Movie Box Office Disappointment

GoLocalProv News Team and Kate Nagle

RI Spent $1 Million Plus in Paz Movie Box Office Disappointment

The movie "Bleed for This" is based on the life and boxing career of Rhode Island's Vinny Paz (pictured here).
The Vinny Pazienza biopic “Bleed for This” has earned roughly $5 million in domestic theaters, and was just named the seventh biggest “Box Office Loser of 2016” on one year-end list — after Rhode Island gave the movie over $1 million in tax credits to be filmed in Rhode Island. 

According to PrettyFamous, an entertainment data site by Graphiq, since Bleed for This opened on November 18, the U.S. box office gross has been $4,487,860 - and movies that grossed even less included another boxing pic, Robert DeNiro’s “Hands of Stone.”

“Their qualified expenditures in Rhode Island were $4,333,695, which was audited by the Division of Taxation.  25% of that, is $1,083,423,” said Steve Feinberg in the Rhode Island Film Office, of the tax credit that filmmaker Chad Verdi received for filming Bleed for This in Rhode Island.

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“What really matters is after the [awards] season, which is why it was released when it was,” said Feinberg.  “Readers should get little out of that [ranking], unless you know the deal, and that's Chad's business.”

“What matters is, it took a Rhode Island story that was made in Rhode Island, which is great,” said Feinberg. "It’s a winner story, it got a lot of positive publicity. There were ads at the Super Bowl. It made Rhode Island look pretty good, like a place where underdogs can succeed.”

Feinberg has long been a champion of the state’s film tax credit program, which has consistently come under scrutiny. (“Woody Allen Move Reopens RI Film Tax Credit Debate” wrote GoLocal in 2014.)

"It's not controversial," said Feinberg in 2014, of the tax credits. "Dr. [Edward] Mazze did a comprehensive analysis, and showed that for every $1 we give in movie tax credits, it creates $8 in economic activity for the state. That's not controversial."

Extenuating Circumstances

GoLocal talked with Verde about the film, its box office results, and prospects moving forward. 

“It’s a tough sell. It’s R-rated, and boxing,” said Verde, of Bleed For This.  “Hands of Stone had a $20 million budget, and it left the theaters at $5.3 [million].”  

The film tax credit program is often looked at during the budget process.
Verde spoke the number of boxing movies in 2016, combined with being in theaters along with the holiday blockbusters, as factors.

“In one year, you started with South Paw, then you had Hands of Stone and Creed, then Raging Bull Two - which never even made it to the theaters. There was a glut,” said Verde of the number of boxing movies this year. “It is what it is. We went against Harry Potter, and then Star Wars. You release it and let the chips fall where they fall.”

Verde noted that there is no upside - or downside -  to the state, and taxpayers, if the movie does well - or not - in the theaters.

“That’s not part of the equation,” said Verde. “Open Road spent $20M on commercial [for Bleed for This]. Everyone knows what Rhode Island's about. They’re projecting video-on-demand to be between $20 and $40 million. So there's a lot going on. Theatrical is a big challenge. It’s the holy grail.”

“We’re over $5 million on [the website] Mojo domestically, we’ve over $3 million foreign,” said Verde. “I don’t think with a $5 million budget that can be considered a loss. I consider it a success, even if it’s not where I wanted."

Verde said he expect that despite the box office struggles, that Bleed for This will be successful in the upcoming awards season.

“If you look at predictions from LA Times and the Oscar buzz -- this movie will be critically acclaimed,” said Verde. 

SLIDES: 50 Movies Made in RI


50 Movies Made in Rhode Island

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