Aquaman and the Lost Kingdom "is headed for one of the lowest starts in the history of the DC Cinematic Universe," writes the Hollywood Reporter, "with a projected four-day Christmas weekend gross of $40 million, including $28 million for the three days."

"The sequel cost $205 million," notes Variety, "and ranks among the worst debuts of the year for a superhero movie."
It's softer than November's misfire The Marvels ($47 million), which ended its run as the lowest-grossing installment in the history of Disney's Marvel Cinematic Universe. The Marvels was shocking because it was the rare MCU movie to tumble out of the gate.

By contrast, Aquaman and the Lost Kingdom is shaping up to be the fourth of four DC movies this year to crumble at the box office. Already in 2023, The Flash ($55 million debut), Shazam! Fury of the Gods ($30 million debut) and Blue Beetle ($25 million debut) majorly flopped in theaters.

December releases are known to start slower but enjoy staying power through the new year. That was the case with 2018's Aquaman, which opened unspectacularly to $67 million and powered to $335 million in North America (and $1.15 billion globally). However, "Aquaman 2" faces choppier waters. Beyond the minimal buzz and terrible reviews, The Lost Kingdom is the final installment before DC's new bosses, James Gunn and Peter Safran, reset the sprawling superhero universe without heroes like Jason Momoa's Arthur Curry to save the day.
A movie consultant tells Variety that superhero films should perform better in 2024 with the release of Joker 2, Venom 3 and Deadpool 3.

As for Aquaman, the Hollywood Reporter writes that "The hope now is that moviegoing will pick up in earnest once presents are unwrapped on Monday. (Hollywood studios never like it when Dec. 25 falls on a Monday since it messes with the weekend.)"

The Verge argues that, for better or worse, Aquaman 2 is the quintessential product of the DC Extended Universe:
In Aquaman and The Lost Kingdom, you can plainly see just how much attention Warner Bros. has been paying to the public's response to its own unwieldy franchise of comic book adaptations and to the direction that its competitors like Disney / Marvel have been taking their projects lately. But in the wake of the entire DCEU being shuttered and set aside in favor of a hard reboot, you can also see The Lost Kingdom as a monument to everything that was great (which was not a lot) and terrible about this particular superhero movie experiment.