The film industry is a high-risk, high-reward industry where million-dollar budgets can either yield incredible profits or lead to unmitigated disaster. And when a film fails to meet expectations, it is known as a "flop". Over the years, the film industry has seen many flops, but they have also witnessed the evolution of flops - from being terrible to tremendous.

The term "flop" has been around since the 1920s but the criteria for what constitutes a flop has changed over time. In the early years, a film was considered a flop if it failed to make a profit at the box-office. However, as the industry evolved, other factors such as reviews, critical reception and cultural impact became important determinants of a film's success.

The evolution of flops can be traced back to the 1960s when films like Cleopatra and Hello Dolly failed to meet expectations at the box office. These films were made with huge budgets, but their lack of success forced studios to rethink their strategies. It was then that studios started relying on market research and audience testing to gauge the potential success of a film. This new approach helped to reduce the number of flops as studio executives were more informed about the audience's preferences.

However, the 1980s saw a new breed of flops that were different from their predecessors. These were films that were made with huge budgets and had famous actors and directors attached, but they still failed to resonate with audiences. One such example was the film Ishtar, which starred Warren Beatty and Dustin Hoffman. The film was made with a budget of $50 million but only managed to earn $14 million at the box office. The failure of Ishtar, along with other big-budget flops like Heaven's Gate, led to the downfall of the auteur theory - the idea that a director is the sole creative force behind a film's success.

However, the 1990s saw a resurgence of flops that were different from the ones seen before. These were films that were made with smaller budgets and experimental concepts, but failed to connect with audiences. These films were also known as "cult flops" or "underground flops" as they were often loved by a small group of fans, but failed to generate mainstream success. This was seen with films like The Big Lebowski and Fight Club, which have now become cult classics.

The early 2000s witnessed a new trend of flops known as "blockbuster busts". These were films that were made with astronomical budgets and boasted an ensemble cast, but failed to perform at the box office. One such example was the film Stealth, which was made with a budget of $138 million but only managed to gross $76 million worldwide. The failure of these films forced studios to re-evaluate their approach to filmmaking and move towards more low-risk, high reward projects.

Today, the definition of a flop has evolved even further. In the digital age, a film's success is no longer determined solely by box office numbers, but also by critical reception, social media buzz and cultural impact. Films that are criticized for being racially insensitive or for their representation of certain groups are now also considered flops.

In conclusion, flops have evolved from being determined solely by box office numbers, to include factors such as critical reception, cultural impact and audience preference. Each decade has witnessed a new breed of flops, from big-budget disasters to cult classics, which have revolutionized the film industry. While flops may be viewed as something negative, they have also played a crucial role in shaping the industry and have contributed to the evolution of filmmaking.