Wicked
‘s total VOD revenue is revealed at CinemaCon. Directed by Jon M. Chu and based on the Broadway play of the same name, the first of two Wicked movies hit theaters last November, bringing to life the unlikely friendship between Elphaba (Cynthia Erivo) and Glinda (Ariana Grande). Wicked reviews were generally glowing from critics, and the film was a box office success, grossing $747 million worldwide. The film, which serves as a prequel to The Wizard of Oz, subsequently became available on VOD on December 31, quickly becoming a huge hit.
During an industry panel at CinemaCon this week in Las Vegas, per ᴅᴇᴀᴅline, NBCUniversal Entertainment & Studios Chairman, Global Distribution, Peter Levinsohn reveals that Wicked has generated around $100 million for Universal on PVOD (premium video on demand). VOD revenue is generally not made public, but Wicked‘s was revealed as part of an ongoing debate over exclusive theatrical windows, with Levinsohn using the figure to highlight the importance of VOD to a film’s overall performance:
“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 reveals that Universal has dialed in its theatrical windowing in recent years, “which has made us more profitable, particularly among the small to mid-range films … [which] has allowed us to make more movies.” He then stresses that, while NBCU moves films more quickly to VOD, moving them to streaming is “substantially more disruptive.”
It’s worth noting that Regal Cineworld CEO Eduardo Acuna took issue with this, arguing that shorter exclusive theatrical windows are training consumers to wait for movies to go to VOD, thus hurting box office grosses.
ᴅᴇᴀᴅline reported earlier this year that Wicked made $70 million during its first week on PVOD, with $26 million earned in its first day. This set new first-day and first-week records for Universal.
What This Means For Wicked
The Sequel Is On Sure Footing
Combining box office grosses with PVOD revenue puts Wicked somewhere in the ballpark of $847 million worldwide. To be clear, this isn’t the total amount of money the film has made for Universal, with generally around half of the box office going to theaters and with marketing costs needed to be factored in, but the Wizard of Oz prequel was evidently a mᴀssive success for the studio. At an estimated budget of $145 million, the film’s performance bodes very well for the release of Wicked: For Good this coming November.
This strong financial performance accompanies an excellent reception among audiences and critics. On Rotten Tomatoes, the film enjoys an 88% critics’ score and a stunning 95% score from general audiences, with praise aimed at the powerful lead performances from Erivo and Grande and Chu’s charming depiction of the Land of Oz. In her Wicked review for ScreenRant, Rachel Labonte awarded the film a 9 out of 10, writing:
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.
Our Take On Wicked’s VOD Success
This Info Paints A Fuller Picture Of A Movie’s Performance
Box office is the main way in which a movie’s success is tracked and reported on, but the latest reveal about Wicked‘s VOD revenue is proof that box office doesn’t always paint a full picture. It’s possible, for example, that a movie could disappoint in theaters before picking up steam on VOD, but, because this information is rarely revealed, the theatrical performance is what defines it. It’s also not hard to see why it’s not generally revealed, however, as it could add insult to injury for movies that underperform in theaters and at home.
Even without $100 million in VOD revenue, however, Wicked was a major success, and it’s clear that there is an appeтιтe for these kinds of stories from audiences. For Good is now poised to be a major performer later this year, but it will be challenging to match its predecessor’s success, even with so many returning Wicked cast members. Though there’s a long while to wait to return to the Land of Oz, audiences are evidently enjoying experiencing Elphaba and Glinda’s journey in Wicked from the comfort of their own homes.
Source: ᴅᴇᴀᴅline
