The problem is, the Avengers didn't just bring $1.5 billion at the box office, but made much more than that in merchandising sales for toys, clothes, posters, books, video games, etc. and bolstered each character for future separate films. We're talking $5-$10 billion or more if you include all the related films. The movie is just a commercial (that people pay to see) for all the Marvel products. It's great the specialty films do well, but that box office is all there is, unless it's based on a popular book, in which case there's book sales. There won't be sequels, video games, toys, licensing, or any additional revenue from a specialty film. That $40 million is the iceberg, not the tip. The only people greenlighting specialty films are the people who have money and really just want to make good movies, or they are giving directors and actors a gift (because a specialty film is nothing more than a generous $12 million gift for making the studio billions of dollars). They really don't care if the movies make money or not, but they know these movies must exist because the talent will go to Europe or go indie of all they ever get to do at the studio is play superheroes. There is an audience for specialty films, but it's the most fickle market out there. People who don't go to the movies every week; who read reviews and choose movies based on quality, not marketing; who read books that aren't about vampires; who pay the $150/month cable bill and are therefore reluctant to spend even more money on movies; and who find real life more interesting that what Hollywood puts on the movie screen. The studios would waste a lot of money trying to make movies for this market. Battleship may have tanked at the box office (although IDMB says it made $100 million worldwide - more than the specialty films), but it's just the tip of an iceberg that will keep making money for decades. They're not losing money on the duds.