Welcome back to Box Office Breakdown, the weekly segment where I analyze the top ten highest grossing films of the past weekend. As theatres continue to reopen and prepare for an onslaught of new theatrical releases, we will be analyzing the state of the box office, as well as VOD and streaming.
While COVID rages on and there are still many areas where theatres have yet to open, the Box Office seems to be slowly returning to normal as we are finally starting to see major releases hit theatres and produce significant results. However, some studios are continuing to release their films via VOD until we have reached the end of the pandemic. This past weekend has been historic for the film industry, as it represented a clash between the traditional theatrical release model and the Direct-to-VOD release model, which has been posing a significant threat since the beginning of the pandemic. Tenet finally hit theatres domestically and expanded to more markets worldwide, while Disney tried a brand new release strategy with Mulan, which is exclusively available to rent on Disney+, with an additional fee.
Tenet rejuvenated the Box Office last weekend, as it was reported that it earned over $50M internationally, which is extremely impressive considering the circumstances. Many Box Office enthusiasts were curious to see how Tenet would fare domestically, as the U.S. is struggling to cope with COVID-19 and many theatres in certain states have yet to open. The film earned $20.2M domestically after screening in 2,810 theatres, which is roughly in line with expectations, although the number would have been much higher if the circumstances were different. The film continues to dominate internationally and has almost earned $150M worldwide, making it likely that the film will earn back its hefty $200M budget.
It is unclear how Mulan is faring on Disney+, as streaming services do not typically release financial statistics. However, family films have been thriving on VOD and Disney is running a strong marketing campaign. Although, there was a significant backlash regarding the pricing, so it is entirely possible that Disney’s strategy has backfired. Depending on Mulan’s success, Disney may be utilizing this strategy for their next few upcoming releases. The film was released theatrically in a small number of markets overseas and has earned $5.9M. It is set to expand to more international markets next weekend, including China, Russia and South Africa.
In terms of streaming, Charlie Kaufman’s highly anticipated adaptation of the acclaimed psychological horror novel I’m Thinking of Ending Things was released on Netflix this past weekend. The film received very strong reviews from critics, with many claiming that it is the best film of the year so far. While it isn’t currently in Netflix’s Top 10 Charts, it has strong word of mouth and likely has high streaming numbers.
Here are the top 8 highest grossing films domestically from the past weekend (Typically we report on the top 10, but this week there were only 8 films on the Box Office Charts:
8) My Brothers’ Crossing (Week 1: $19K)
7) Words on Bathroom Walls (Week 3: $282K)
6) The Personal History of David Copperfield (Week 2: $335K)
5) The SpongeBob Movie: Sponge on the Run (Week 4: $345K)
4) Bill & Ted Face the Music (Week 2: 657K)
3) Unhinged (Week 4: $1.8M)
2) The New Mutants (Week 2: $2.9M)
1) Tenet (Week 1: $20.2M)
In the coming weeks, we will continue to analyze the state of VOD releases and will provide updates regarding upcoming films.
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