At least part of this is that the genre lends itself to big budget monstrosities and if big $$$ receipts don't come in the first weekend, everybody is jumping out windows. Accountants and statisticians will tell the company that X% of all receipts come in within 12 hours of the opening and it that doesn't happen, it's panic time. My recollection goes back to recent but pre-plague years in which people lined up around the block at my local movie palace to see the latest Batman or whatever. They counted tickets and declared the movie to be a winner by the next morning.
You have to remember that a lot of these movies are extremely front-loaded, simply because many people want to avoid spoilers - this is particularly true of MCU movies, where there are a lot of things (surprise cameos, etc) that will get spoiled very easily in these days of social media.
A big part of the thrill of watching SMNWH on opening day was that you were among the first to know that it featured all 3 of the Spider dudes.
I the past few years, the same kind of movie, same theater, has 25% of the seats filled on opening night and no line except for beers. It might be a better proposition to run the theater as a bar.
As stated previously, there has been a long-term shift in moviegoer habits that cuts across all moves and genres. The total box-office is NOWHERE near the same levels as before 2020, and a lot of people got used to waiting for most movies to stream.
One of the obvious conclusions you might make about this is that budgets are just unrealistically huge for a time of meager ticket sales. A million dollar movie that makes 20 million is a success, but a 200 million dollar movie that makes 100 million has people jumping out of windows. A lot of people who finance these things just see it as an investment. Art is irrelevant. It seems to be time for a reckoning about the cost/profit equation in movies.
The production cycle for major big-budget movies is usually of at least 4-5 years. Many of the movies that came out after theaters reopened had been given a green light before the pandemic, and in that business environment it made A LOT of to spend big on the major IP movies because the majority of them easily ended up making near $1b or higher.
As I said earlier, there were about 10 movies in 2019 that made $1b or more. The business will environment is obviously very different now, you only see 1 or 2 movies a year make that kind of money.
And already Hollywood is gambling that a lot of the movies coming out in 2025 and later will be big moneymakers... I see some big budgets for movies now shooting.
Since Disney benefits a lot more than other studios from all the merchandising that accompanies their big IP movies (SW, MCU, Pixar, Disney remakes), they are in an even stronger position than their competitors to release movies that barely break even on theatrical release and
still make huge profits from those properties.