When Steven Soderbergh expressed frustration over the commercial failure of his well-reviewed Black Bag back in March, his comments crystallized one aspect of film-industry anxiety in the post-pandemic years.

The spy thriller’s box office disappointment seemed almost to confirm that star-driven mid-budget movies for discerning grown-ups are no longer a viable Hollywood business. Soderbergh suggested that shrinkage of the theatrical market for films like Black Bag would further cement the monopoly of massive franchise entries promising maximum spectacle, if little else of substance.

But even those blockbusters are no longer the surefire profit generators they once were. For every financial hit like Jurassic World: Rebirth or Superman , there’s a costly under-performer like Capt

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