The movie is a huge flop, it just crashed and burned, there's no way to deny it. It was a very risky project to start with, especially since they were advertising it as a movie musical remake of 8 1/2! Still, the reviews killed it, I don't think there was any hope for it to be a success after it got such terrible reviews. Some movies (ALVIN AND THE CHIPMUNKS, TWILIGHT, et al) are critic proof but a movie musical based on a Fellini movie needed those good reviews.
What worries me about this is how it might affect the future of other movie musicals, especially the ones that the Weinsteins were looking at. I really hope movie musicals keep on being green-lit.
And MAMMA MIA lived on word of mouth alone, especially from its target audience.
"Some people can thrive and bloom living life in a living room, that's perfect for some people of one hundred and five. But I at least gotta try, when I think of all the sights that I gotta see, all the places I gotta play, all the things that I gotta be at"