The release of the sci-fi thriller, “Tenet”, has so far grossed $146 million at the global box office. That includes the US and Canadian premier this weekend, which grossed $20.2 million. Every day is a drastic change, but with a pandemic still raging, experts say “Tenet” has worked well.
Some say it could even be a sign that Hollywood is bouncing back.
Arun Sharma, a marketing professor at the University of Miami, said there were two lessons to be learned from the past two months in movie premieres. First: some movies are simply best streamed only. “If it’s a kids’ movie, the data is very clear: Casting is a good idea,” Sharma said. That’s why Disney Plus just released their live-action “Mulan” on their platform for $30.
But Sharma said there isn’t much data on how adult films fare with a streaming premiere.
Which brings us to the second lesson: if it’s not a kids’ movie, push back the release date. Because even if “Tenet” did well, most movies won’t be those star-studded, highly-anticipated juggernauts helmed by acclaimed directors. And plenty of movies that are all that and more have been pushed back even further, from “Wonder Woman 1984” to “Top Gun: Maverick.” (That’s right, Top Gun fans, you’ve waited over 30 years for a sequel, you can wait for one more, until 2021.)
Frank Patterson, president of Pinewood Atlanta Studios, where the Marvel movies are filmed, is cautiously optimistic. At the moment, production is only resuming at around 30% capacity in its studios. But he says the industry is constantly overcoming challenges. The actors give up. Deals die. “Our pivot skills are legendary in the film industry.”
There is optimism. “Tenet” cost $200 million to make and has so far grossed nearly $150 million worldwide — almost breaking even.
And these days in Hollywood, it’s a good look for opening weekend.
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