‘Godzilla vs. Kong’ could be the biggest hit of the pandemic
That would be a pretty lackluster result in regular times but it’s enough to make the movie a potential monster hit, with one of the the biggest box office openings of the pandemic.
And with the pace of vaccinations ramping up, more big films returning to studios’ schedules and in-person attendance at movie theaters growing, the film could be a harbinger of better times for the beleaguered theater industry.
“‘Godzilla vs. Kong’ is important both financially and symbolically for a movie theater industry that has been shaken to its core by the pandemic,” Paul Degarabedian, senior media analyst at Comscore, told CNN Business. “This weekend’s debut provides a real-time opportunity to gauge consumer enthusiasm for a film that truly warrants a big-screen experience, while also being available at home just a click and a subscription away.”
“Godzilla vs. Kong” vs. the pandemic
For Warner Bros., “Godzilla vs. Kong” already looks like a success.
The film opened last week in China, the top movie market in the world, and had a powerful debut there earning roughly $70 million.
And that was before the pandemic.
The film’s strong start in China can be seen as great news for theater owners in the US, who have struggled to find audiences to fill seats for more than a year.
Films like “Tenet,” “The Croods: A New Age” and “Tom & Jerry” were notable releases over the last year, but have brought in mixed results at a box office disrupted by the pandemic.
“Godzilla vs. Kong” is arriving just as the tide seems to be turning for movie attendance. “Hollywood needs more popcorn flicks in theaters if it wants to cultivate a revival,” according to Jeff Bock, senior analyst at entertainment research firm Exhibitor Relations.
“The return-to-form is a Catch-22 for the industry, as none of the big-budget releases thus far have met studio expectations in terms of overall grosses,” Bock said. “To resonate with general audiences, the film industry needs blockbuster content. Pure and simple.”
“The monstrous opening [in China] last weekend certainly helped engage prospective audiences and helped continue to build buzz in North America where theaters have been open but struggling,” Bock added. “With another large opening weekend, it will be a clear signal to studios that audiences not only feel safe returning to theaters but will support blockbuster-sized offerings this summer.”
“A positive beacon for the industry”
And this summer, even more so than most summers, is essential to Hollywood.
It’s still way too early to tell what the future will look like for an industry that just had one of its worst years ever. But if “Godzilla vs. Kong” can follow up its strong debut in China with a solid theatrical roll out in the US, it may prove to Hollywood that there’s some roar left at the cineplex.
“The summer movie season, for obvious reasons, was virtually non-existent in 2020, and though the summer of 2021 may get off to a late start there is cause for optimism,” Degarabedian said. He noted, however, that vaccinations are key to the restoration of both consumer and studio confidence.
“This summer movie season may turn out to be a positive beacon for the industry heading into the fall/holiday season, 2022 and even beyond,” he said.
Mark Kleinman is city editor, breaking major business stories and analysing what they mean for the financial sector.
He has revealed some of the biggest stories in the city in the past decade, with a string of exclusives about major takeover deals.
Before joining Sky, he was City Editor of The Sunday Telegraph.
Mark was awarded the London Press Club Business Journalist of the Year in 2011.
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