Trade Tutor: Spider-man: No Way Home breaks records and pandemic myths

Spider-Man: No Way Home released on 16th December and was expected to do well. The trailer was very well received and the fans were super excited. The trade gurus were predicting great business and they were pitching the film to be in the vicinity of Avengers: Infinity War. When I heard of these lofty expectations I didn’t think it was possible. As the release date came closer I could sense that something special was about to hit the box office.  None of this analysis was done taking into consideration the pandemic. The Omicron wave that started in South Africa was spreading like wildfire and it pretty much exploded across the globe as Spider-Man released. Its major markets US and Europe were badly hit and many restrictions were imposed in these markets.
Despite the not so conducive market conditions, the film went onto break many records. Let’s begin with US Markets.

2nd Biggest Domestic Opening Weekend All time $260mn despite 1,50,000+ daily cases across the United States.

It outgrossed Tom Holland’s previous two Spider-Man films combined. It has made more money than Homecoming+ Far From Home put together.

Overtaken all Marvel films and sits nicely behind Avengers: Endgame

It has currently made $748mn and is in 4th position all time. Only $11.5mn behind Avatar and in all eventuality will replace it to make the podium finish.

It dislodged 2002’s Spiderman as the highest grossing Spiderman film and that film currently sits at 26th all time position.

Let’s look at some of its achievements globally.

Spider-Man: No Way Home ($120mn) outgrossed Avengers: Endgame ($115mn) in UK despite a severe Omicron Wave.

In Mexico it outdid Avengers : Endgame by selling more tickets

In France it will edge past Endgame and in Germany it will fall short by $9-10mn. These markets were the worst hit by the Omicron wave.

South Korea grossed $62.5mn against Endgame’s $105mn

Even in India the film has managed to be the top grossers of the year and as far as Marvel films are concerned it rubs shoulders with Avengers.

Globally, the film sits at $1.775bn global gross and that is 6th all time Blockbuster. The film has achieved this feat without a China release. Endgame grossed $629mn and even by modest projection, No Way Home would have easily grossed $400-450mn in China if it had released. That would have taken its global total to $2.2bn overtaking Titanic and making it effectively the 3rd Highest grossing film of all time.

These are the films achievements at the ticket counters and they came at a time when the box office needed this adrenaline shot.

Let’s look at the myths Spiderman busted globally.

Myth 1: Movie theatres are dead!

 No Way Home proved globally that movie theatres will occupy the top spot in the movie business as always. It also proved that no matter how many subscribers OTT platforms get but they will have to wait for the theatrical window to get over to play stream these Blockbusters. It has made producers realize that the best place to premiere a movie is on the big screen. As it not only helps in proper monetization but also the impact it creates in the real world adds so much value to the film. Movie theatres are alive and kicking.

Myth 2: People don’t come to theatres during the pandemic!

The biggest myth Spider man busted was that people don’t come out to watch movies during a pandemic. If theatres are open and the content is worthy then rest assured fans will come in droves. Spiderman drew all kinds of audiences to emerge a global blockbuster completely bunking the myth that audiences shy away from theatres.

Myth 3: OTT will replace movie theatres!

This myth has been finally been put to rest forever and even OTT platforms have realized that they need theatres to grow.
Spider Man: No Way Home’s outstanding global performance has completed the resurrection of the Box office. The theatrical business that had been languishing across the globe is buzzing with activity. Spider man proved that worthy Hero.

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