The action revamp, starring Kristen Stewart, Naomi Scott, and Ella Balinska as the crime-fighting trio with Banks as Bosley, only took $28 million at the global box office - compared to $40.1 million that Cameron Diaz, Drew Barrymore, and Lucy Liu's movie adaptation of the classic TV show garnered when it was first released back in 2000,
Reflecting on the poor reception to her film in an interview with Australia's Herald Sun newspaper, Elizabeth suggested it could be down to the lack of men going to watch it at the cinema.
"Look, people have to buy tickets to this movie, too," she said. "This movie has to make money. If this movie doesn't make money it reinforces a stereotype in Hollywood that men don't go see women do action movies."
"So even though those are movies about women, they put them in the context of feeding the larger comic book world, so it's all about, yes, you're watching a Wonder Woman movie but we're setting up three other characters or we're setting up Justice League."
While the actress and director said she was "happy for those characters to have box office success," she added that "we need more women's voices supported with money because that's the power. The power is in the money."
Her remarks didn't go down too well with people on social media however, many of whom slammed her for making such a suggestion.
"Elizabeth Banks does know that women didn't want to see her Charlie's Angels movie either, right?" one tweeted. "I get it, Hollywood and the world really, is frustrating and sexist as heck but she should just face facts. As tough as it is, her movie just didn't look appealing to people."
And another added, "Broke: Elizabeth Banks blaming the poor reception to #CharliesAngles on societal norms. Woke: Charlie's Angels didn't do well because the marketing was s**t and look all around like a cash grab that was trying to bank on an old franchise when ppl are getting tired of reboots."