“Tenet” took in $146m worldwide. So …. is that great? Or terrible?
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The sci-fi thriller movie release, “Tenet” has so far taken in a decent $146 million at the box office worldwide. That’s including this weekend’s U.S. and Canada premier, which raked in $20.2 million. On any given day that’s chump change, but with a pandemic still raging, experts say “Tenet” did OK.
Some say, it might even be a sign that Hollywood is on the rebound.
Arun Sharma, professor of marketing at the University of Miami, said there are two lessons from the last couple of months in movie premieres. First: some movies are just better off premiering on streaming only. “If it’s a children’s movie, the data is very clear: launching it is a good idea,” Sharma said. Which is why Disney Plus just released it’s live-action “Mulan” on it’s platform for $30.
But Sharma said there’s not a lot of data on how movies for grownups do with a streaming premiere.
Which leads to lesson number two: if it’s not a kids film, push the release date back. Because while “Tenet” did fine, most movies aren’t going to be these star-studded, highly anticipated juggernauts, led by acclaimed directors. And plenty of films that are all that and then some, have still been pushed back, from “Wonder Woman 1984” to “Top Gun: Maverick.” (That’s right, Top Gun fans, you waited over 30 years for a sequel, you can wait one more, until 2021.)
Frank Patterson, president of Pinewood Atlanta Studios, where Marvel movies are filmed, is cautiously optimistic. Right now production is only resumed at around 30% capacity at his studios. But he says the industry constantly weathers challenges. Actors drop out. Deals die. “Our pivot skills are legendary in the movie business.”
There’s optimism out there. “Tenet” cost $200 million to make, and has so far grossed close to $150 million worldwide — almost breaking even.
And these days in Hollywood, that’s a good look for opening weekend.
COVID-19 Economy FAQs
Millions of Americans are unemployed, but businesses say they are having trouble hiring. Why?
This economic crisis is unusual compared to traditional recessions, according to Daniel Zhao, senior economist with Glassdoor. “Many workers are still sitting out of the labor force because of health concerns or child care needs, and that makes it tough to find workers regardless of what you’re doing with wages or benefits,” Zhao said. “An extra dollar an hour isn’t going to make a cashier with preexisting conditions feel that it’s safe to return to work.” This can be seen in the restaurant industry: Some workers have quit or are reluctant to apply because of COVID-19 concerns, low pay, meager benefits and the stress that comes with a fast-paced, demanding job. Restaurants have been willing to offer signing bonuses and temporary wage increases. One McDonald’s is even paying people $50 just to interview.
Could waiving patents increase the global supply of COVID-19 vaccines?
India and South Africa have introduced a proposal to temporarily suspend patents on COVID-19 vaccines. Backers of the plan say it would increase the supply of vaccines around the world by allowing more countries to produce them. Skeptics say it’s not that simple. There’s now enough supply in the U.S that any adult who wants a shot should be able to get one soon. That reality is years away for most other countries. More than 100 countries have backed the proposal to temporarily waive COVID-19 vaccine patents. The U.S isn’t one of them, but the White House has said it’s considering the idea.
Can businesses deny you entry if you don’t have a vaccine passport?
As more Americans get vaccinated against COVID-19 and the economy begins reopening, some businesses are requiring proof of vaccination to enter their premises. The concept of a vaccine passport has raised ethical questions about data privacy and potential discrimination against the unvaccinated. However, legal experts say businesses have the right to deny entrance to those who can’t show proof.
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