The latest adaptation of the Robin Hood story did not live up to the hype and failed to steal the top spot or even any spot at the box office. Lionsgate's "Robin Hood" earned only $22 million while working with a budget of $100 million. While Hollywood continues to push out sequels to hit franchises, it continues to push out films adapted from popular folklore including "Frankenstein," "Dracula" and once again "Robin Hood." Screen Rant says studios tend to turn to folklore because they don't have to pay license the store rights, and everyone is familiar with the property.

The folklore English story tells the story of a thief that robs from the rich and gives to the poor while fighting the corrupt Sheriff of Nottingham and falling for his true love, Marian. The story has been adapted dozens of times for both the small screen and silver screen. The classic character has been used since the 1938's "The Adventures of Robin Hood" and then Disney's animated adaptation.

'Robin Hood' performed the worst of all films this year

The Wrap has reported that "Robin Hood" had the worst debut for any film this year with a budget of $90 million or higher. It's also another flop on top of many for Lionsgate, including the sci-fi film "Kin," and the spy comedy "The Spy Who Dumped Me." As of today, the studio has only grossed $358 million domestically, down more than half from last year.

The last major bomb was in 2017, with "King Arthur: Legend of the Sword," which failed to make back its massive $175 million budget.

This year has seen many flops, but some have been able to post global grosses that exceeded their budgets including, "The Predator," which earned $160 million globally, and "Solo: A Star Wars Story" which became the first Star Wars film to earn less than $400 million.

Lionsgate hoping for a better performance in 2019

Even the holiday flop "Nutcracker and the Four Realms," did not do as bad as the folklore legend film with a $20 million domestic opening. "Robin Hood" needed the holiday weekend to earn $10 million. It flopped even worse than overseas with $8.7 million from 33 countries. "Robin Hood" only secured $1.7 million in the U.K.

Lionsgate is attempting to right the ship next year with a 2019 lineup that includes the final film in the "Madea" series, "A Madea Family Funeral," a reboot of "Hellboy" and the third chapter of Keanu Reeves hit action series "John Wick." Poor reviews added to the fate, leading to a dismal disaster at the box office. The film earned a dismal 11 percent on Rotten Tomatoes.