“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
With a slow vaccine rollout so far, how has the government changed its approach?
On Tuesday, Jan. 12, Health and Human Services Secretary Alex Azar announced changes to how the federal government is distributing vaccine doses. The CDC has expanded coronavirus vaccine eligibility to everyone 65 and older, along with people with conditions that might raise their risks of complications from COVID-19. The new approach also looks to reward those states that are the most efficient by giving them more doses, but critics say that won’t address underlying problems some states are having with vaccine rollout.
What kind of help can small businesses get right now?
A new round of Paycheck Protection Program loans recently became available for pandemic-ravaged businesses. These loans don’t have to be paid back if rules are met. Right now, loans are open for first-time applicants. And the application has to go through community banking organizations — no big banks, for now, at least. This rollout is designed to help business owners who couldn’t get a PPP loan before.
What does the hiring situation in the U.S. look like as we enter the new year?
New data on job openings and postings provide a glimpse of what to expect in the job market in the coming weeks and months. This time of year typically sees a spike in hiring and job-search activity, says Jill Chapman with Insperity, a recruiting services firm. But that kind of optimistic planning for the future isn’t really the vibe these days. Job postings have been lagging on the job search site Indeed. Listings were down about 11% in December compared to a year earlier.