Wicked has made significant waves since its release, with recent developments at CinemaCon shedding light on its impressive financial achievements. Directed by Jon M. Chu, this adaptation of the beloved Broadway musical features the enchanting friendship between Elphaba, portrayed by Cynthia Erivo, and Glinda, played by Ariana Grande. Premiering last November, Wicked not only garnered favorable reviews from critics but also excelled at the box office, raking in a staggering $747 million globally. Following its theatrical run, the film became accessible on Video-on-Demand (VOD) as of December 31, quickly becoming a favorite among viewers.
During a recent panel discussion at CinemaCon in Las Vegas, Peter Levinsohn, NBCUniversal Entertainment & Studios Chairman of Global Distribution, announced that Wicked has generated approximately $100 million in Premium Video on Demand (PVOD) revenue. While VOD figures are typically not disclosed, Levinsohn shared this statistic amid ongoing discussions regarding the importance of exclusive theatrical windows. He emphasized that the film industry’s shift towards VOD is crucial for capturing broader audience interest, stating:
“We are a theatrical first company. Theatrical is the foundation, it’s the underpinning of every single thing we do. It’s where the brand is created, and it is the proxy for value of all of the ancillary windows. [But] we need to be with consumers, and the consumer is not going to go to see every single movie in the theater.”
Levinsohn further elaborated on Universal’s strategic approach by stating that their modifications to theatrical windowing have led to increased profitability, especially for mid-range films. However, he pointed out the challenges associated with transferring films from VOD to streaming platforms, labeling it as “substantially more disruptive.”
Notably, Regal’s CEO, Eduardo Acuna, expressed concern over shorter exclusive theatrical windows, arguing they might condition audiences to delay watching films in theaters, potentially dampening box office revenues.
According to Deadline, Wicked accrued $70 million in its first week of PVOD, marking $26 million on its opening day alone, thus setting records for Universal.
Implications for Wicked’s Future
Positive Prospects for the Sequel
When combining box office figures with PVOD earnings, Wicked has amassed around $847 million worldwide. Although this figure does not account for the total profits for Universal—given that approximately half of box office revenue typically goes to theaters alongside marketing expenses—it is clear that the film has achieved significant success. With a budget of $145 million, Wicked is well-positioned for the upcoming release of its sequel, Wicked: For Good, slated for this November.
The film’s positive reception aligns with its financial performance. On Rotten Tomatoes, it boasts an 88% score from critics and an impressive 95% audience score, thanks to the standout performances from Erivo and Grande as well as Jon M. Chu’s captivating portrayal of the Land of Oz. Rachel Labonte’s review for ScreenRant highlighted the film’s success:
In actuality, Wicked is a near-perfect adaptation of the musical; instead of adding new elements, screenwriters Winnie Holzman (who wrote the original book for the stage) and Dana Fox let the story breathe, taking their time with each scene and song. Wicked begins in the same fashion as the stage musical, albeit with an enticing twist that sets the stage for what’s to come in Part Two.
Insights on Wicked’s VOD Performance
Understanding a Movie’s Overall Performance
While box office figures traditionally serve as the primary metric for gauging a film’s success, the recent revelation regarding Wicked‘s substantial VOD earnings highlights the need to look beyond theatrical performance. This situation illustrates that movies might underperform initially in theaters but find traction and success through VOD releases. However, studios often hesitate to disclose such information, as it might underscore a movie’s shortcomings at the box office.
Even without considering the $100 million in VOD earnings, Wicked was already recognized as a major success, clearly indicating viewers’ appetite for compelling narratives. As excitement builds for For Good, the sequel is anticipated to perform well later this year. Nevertheless, replicating the original’s success will prove challenging, despite the returning cast. As audiences eagerly await their return to the Land of Oz, it is evident that they relish the chance to experience Elphaba and Glinda’s journey, both in cinema and in the comfort of their homes.
Source: Deadline