Why is "Bruno" tanking? Too gay, too homophobic, or just not funny?

Bruno, the movie that everyone has an opinion about, is tanking at the box office. It made a mere $8 million at the box office this past weekend — an almost-unheard-of 73% drop from the weekend before.

"The Friday-Saturday data show that Bruno was not even the top live-action comedy about a non-American who has sex with a man," wrote Richard Corliss in Time. "It finished behind The Proposal, which has been in theaters three weeks longer."

Ever since the movie opened on July 10th with a very healthy one-day take of $14.4 million, the film's box office news has gone from bad to worse. From Friday to Saturday that first weekend, the film's take plummeted 40%, a number that shocked Hollywood, because it seemed to be the result of the newly named "Twitter Effect" — the phenomenon of people seeing a movie on Friday night and Twittering negative reviews that affect a movie's box office take as soon as the next day. 

Bruno won its opening weekend with a $30.4 million take — but that was a far cry from the $50 million that studio insiders had been predicting after its strong Friday opening.

The movie has now grossed a total of almost $50 million in the U.S., and $76 million internationally. Universal Studios spent $42 million on Bruno and another $48 million or so marketing it.  

By contrast, Borat, Cultural Learnings for America for Make Glorious Benefit of Kazakhstan, Sacha Baron Cohen's 2006 movie, opened at less than $27 million, earned more than that its second weekend, and went on to make more than $128 million in the U.S., and more than $260 million internationally. It had a budget of $18 million.

I thought the movie was often tasteless, but I didn't think it was particularly homophobic — although I didn't think it was particularly great either. 

What's your explanation as to why the movie is bombing? Too gay for a mainstream American audiences? Too gay for the young male audience which usually buys tickets for this sort of raunchy humor? Too homophobic (or at least too retrograde) for gay-centric urban ones? Was the movie just not funny enough? Did the studio spoil it by hyping it to death, not to mention releasing all the funniest clips beforehand? Was it all of the above — or something else entirely?