TheOdyssey News & Analysis
3 articles
Market Mood
Spider-Man Tops 2023 Box Office in China with $7M from 'The Odyssey'
Spider-Man: Brand New Day has entered the top 10 highest-grossing films in China for 2023, while The Odyssey has earned over $7 million in just two weekends of limited screenings before its official release on August 14. There has been a notable increase in Hollywood films shown in China, with Imax screening 14 films in the first half of 2023, compared to just two the previous year. Despite a 40% decline in China’s box office this year, engagement with recent releases suggests shifting dynamics. This matters for investors as the performance of Hollywood films in China could impact related stocks and film industry revenues.
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The Odyssey Surpasses $140M in IMAX Sales, Extends 70mm Screenings
Universal and IMAX have extended the 70mm screenings of 'The Odyssey' into mid-September due to high demand, with IMAX ticket sales surpassing $140 million worldwide. This accounts for a little over 20% of the film's total global earnings of $652 million. Only 25 screens in the U.S. can play physical film reels of 'The Odyssey', indicating limited availability of this viewing experience. As 'The Odyssey' prepares for increased competition from films like 'Spider-Man: Brand New Day', its current success can be attributed to strong box office performance and advanced ticket bookings, which matters for investors following the film industry trends.
Read More: The Odyssey Surpasses $140M in IMAX Sales, Extends 70mm Screenings
Imax (IMAX) 70 mm Screenings See 81% Higher Ticket Prices
Imax 70 mm screenings of Christopher Nolan's film 'The Odyssey' reported an average ticket price of $27.77, which is 81% higher than the average across formats. During the opening weekend, the typical screen for these presentations generated around $153,000 in box-office revenue. Imax CEO Richard Gelfond stated the high demand is driving fans to travel great distances to view the film in this exclusive format. Limited availability of equipped theaters may restrict Imax's ability to meet the surge in interest, impacting potential future earnings for the company (IMAX).
Read More: Imax (IMAX) 70 mm Screenings See 81% Higher Ticket Prices