PDT 4/6/2021 12:43 PM
The impressive US$48.1 million in domestic bows and arrows signifies that people’s demand for movies has been suppressed, but studio insiders warn against taking daily movies as routine.
The debut of Legend and Warner Bros. ” Godzilla vs. Kong On the same day that HBO Max was released on March 31, the day the large budget pictures were released in theaters became an afterthought. At that time, the monster showdown soared to 48.1
HBO Max did not disclose ratings data, so it is not clear how MonsterVerse tentacles will attract subscribers to the $15 monthly service. However, the consensus among industry insiders is that due to fear of damaging the film’s box office opportunities, simultaneous releases will not become the industry norm for the big tent after the pandemic.There are unique circumstances around Godzilla. A competitor’s studio executive said: “This is a person in the market.” “What this shows to me is that people are eager to leave the house and go to the cinema.”
Wall Street came to the same conclusion. “One year from now, I would be surprised if anyone did this. You can’t draw any real conclusions from it. Godzilla vs. Kong About HBO Max. These are not real conditions. “B. Eric Wold, an analyst at Riley Securities, said.
Others agree. “I still believe that in order to maximize revenue, you still need a dedicated theater window. Eric Handler, an analyst at MKM Partners, said the window may be shortened, but you still need to start from there. “What we have won is a victory in the theater industry. In a bad environment, this is a good victory. “
For Legendary Pictures, the plan was a success. For Legendary Pictures, so far, the film’s global box office revenue has exceeded 285 million US dollars. Legendary CEO Joshua Grode said: “I think large movies like this should tell everyone that if we distribute movies reasonably, then we have an appetite for sharing experience in theaters.” It’s not for the faint-hearted to show the film in the US market.
The film is also popular with giant screen exhibitor Imax. So far, it has a domestic box office of 4.5 million US dollars and a Chinese box office of 18 million US dollars.
There is no doubt that the effect of this pandemic has narrowed the sacred theater window to just 17 days (31 days for large-scale blockbusters), compared to 74 days in the past few years. However, most studios evaded the latest strategy out of fear of cannibalizing box office revenue and angering talent and filmmakers. WarnerMedia and Warner Bros. came under fire when they announced in December that they would screen all 2021 films simultaneously in open cinemas and HBO Max for one month.
Then, Warner Bros. went back and said that this was just a pandemic era policy, and that it would stick to an exclusive theater window of its films from 2022, including 45 days of larger titles. “I still believe that in order to maximize revenue, you need a dedicated theater window. The window may be shortened, but you need to start from there.” Handler said.
A source said Godzilla vs. Kong It is about to reach break-even economically, which is a huge feat in the pandemic era. But Hollywood veterans warned that MonsterVerse’s function has the advantage of facing zero competition in other movies. A top exhibitor pointed out: “These are still pandemic rules.”
A version of this story appeared in the “Hollywood Reporter” magazine on April 7. Click here to subscribe.