SF Studios Beats B.O. expectations with A Man Called Otto - CEO steps down

The life-affirming English-language drama by Mark Forster (Finding Neverland, The Kite Runner) based on Fredrik Backman’s best-selling novel, was a major bet for SF Studios which fully financed the $50m film, produced by the group’s SVP International Fredrik Wikström Nicastro, with US partners Rita Wilson, Tom Hanks and Gary Goetzman of Playtone.

Risks were high considering the reluctance of adult audiences around the world to go back to cinemas post-Covid. But financial prospects look promising, after last weekend’s opening figures that beat expectations of many industry people, as reported by the trade publications Variety (see here) and Deadline (see here). Even The New York Times’ underlined ‘Otto’’s crowd-pleasing effects, especially for older audiences in non-major US cities, (see here).

According to SF Studios, as of January 16, A Man Called Otto has grossed over $21 million in the US where it ranked 4^th after its wide release January 13, and globally (including the US), it has posted a combined $35 million gross in territories including in the UK, Spain, Australia, New Zealand and Mexico.

In Sweden, the film opened number 2 after Avatar, the Way of Water with 33,997 admissions. In Finland, since January 6, over 26,000 people have seen Tom Hanks as the grumpy old man who gets an injection of good vibes from his next-door neighbour Marisol played by Mariana Treviño. And in Denmark, admissions since January 12 - including pre-screenings, are nearing 20,000.

Discussing with nordicfilmandtvnews.com the opening results in the Nordics, SF Studios departing CEO Michael Porseryd said: “We are very happy with this result so far in Sweden; in Finland and Denmark, the film is also doing well, and Norway opens on Friday this week.”

Nicastro said: ”I think many people find it difficult to understand that A Man Called Otto is actually a Swedish film production and that it is the biggest Scandinavian film venture ever. It is therefore so incredible that SF Studios from Sweden can make such a success at cinemas in the US.”

The Swedish producer also stressed the very good response from the audience. “We are also so happy for the enormous love we have received from the audience which gave it an A on CinemaScore, 5.0 on PostTrak and an incredible 97% audience score on Rotten Tomatoes. We therefore believe that the film will continue to spread warmth and hope to moviegoers all over the world for a long time to come,” he said.

Asked to comment on his close collaboration with Hollywood star Tom Hanks, his wife Rita Wilson and US studio Sony Pictures, Nicastro said:

“I have been working really close with Rita Wilson, for the last few years, on the production of A Man Called Otto, and we have worked hand in hand with everything in relation to the launch. It's certainly been a great opportunity to learn from all the insights she had from launching global hits like Mamma Mia! and My Big Fat Greek Wedding. On the other hand, the theatrical landscape has changed dramatically the last few years, so luckily, we have had an amazing partner with Sony. They may be the leading Hollywood studio when it comes to navigating the post-Covid theatrical world. I have really been blown away by the passion, energy, and wit that Tom Hanks has given into launching the film. It's been quite extraordinary!”

SF Studios has other English language projects built around well-known Scandinavian IP or talents, parallel to Nordic productions. Among the forthcoming titles is I am Victor to be directed by Baltasar Kormákur, although no production date has yet been set. “Making A Man Called Otto has been an intense journey, so I’m looking forward to focusing on development for now,” said Wikström Nicastro who works closely with SF Studios’ London-based VP of Development Kate Myers.

Regarding upcoming Swedish productions, Porseryd is looking forward to a strong 2023, with potential audience-pullers such as the documentary The King (Kungen) about Swedish monarch Carl XVI Gustaf (February 24 release), the female-driven disaster movie The Abyss (Avgrunden) by Richard Holm starring Tuva Novotny, Peter Franzen (September 15, 2023) and The Final Race by Edward af Sillén, remake of the Norwegian hit Børning.

Meanwhile Porseryd is stepping down from his position as CEO at SF Studios, a job he has held for the last six years. The decision was made jointly by the Swedish senior executive and SF Studios’ board of directors, as the group is gearing up for ‘a new phase in its strategy’, as explained by Jan Bernhardsson, chairman of the board.

“I want to thank Michael Porseryd who, during his six years as CEO of SF Studios, has led the transformation of the business from a distribution-focused company to also strengthen its production business. The change has been successful and recently peaked with the premiere of A Man Called Otto, the English version of the Swedish En Man som heter Ove [A Man Called Ove]. SF Studios is now entering a new phase where the company will take the next step on its strategy. The goal is for the operations to grow even further”, said Bernhardsson.

While a new CEO is being recruited, Erik Haegerstrand, CEO of SF Studios’ owners Bonnier Group, will act as chairman of the board, to enable Bernhardsson to fulfil his duties as acting CEO, starting January 19. Bernhardsson has previously been EVP of AMC Europe, COO of ODEON Cinemas Group, Group President and CEO of Nordic Cinema Group and SF Bio AB.