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Tenet Needs To Gross $500 Million At Box Office To Break Even
Tenet box office grosses are in, and, as the film nears $150 million globally, prognosticators say it needs to pull in upwards of $500 million to break even. The Christopher Nolan tentpole hit theaters this weekend in the US and China after being rolled out internationally the week before. Releasing the film was seen as a colossal gamble on Warner Bros. part, as it was the first major release to hit theaters after they were shut down worldwide because of the coronavirus pandemic. While it didn't take long for the film to cross the $100 million threshold, relieving some who were worried about the future of moviegoing, the film still has a long road ahead of it, one that the studio is prepared to weather.
Tenet, starring John David Washington, Robert Pattinson, and Elizabeth Debicki, had a rocky road to theaters and has been seen by many as the very film that is going to save moviegoing. With all this pressure placed upon it, expectations were high going into the weekend. The amount of money Tenet could have made in an average summer will never be known, but Warner Bros. is confident that early box office numbers are indicators the film will have legs. Due to the lack of other wide releases in the coming weeks, the studio is hoping the film has longevity, grossing over time what it would usually make in its first few weeks.
According to THR, Tenet will open to $20 million in the US this weekend; a number many would be worried about under normal circumstances. It is the lowest opening weekend take for a Nolan film since The Prestige in 2006, but in this case, it may be a sign that more people are willing to return to the movies than initially thought. The film also grossed $30 million in China and an additional $78.3 million in other international markets, but for the film to make back its budget, it has a long way to go. Before marketing costs, the production budget alone is estimated to be $200 million, typical for a Nolan film, but a cumbersome benchmark in a world where theaters can't fill all of their seats.
Most analysts agree that it won't have much trouble crossing the $500 million mark, the number it needs to turn a profit. Just how much it will make beyond that is up in the air. Tenet has inspired many conversations, not only about the state of moviegoing but also about its intricate plot, a typical Nolan puzzle-box of a film. Usually, this would warrant repeat viewings for Nolan fans eager to unlock the film's secrets. However, in a world where going to the movies can prove to be unsafe, how willing people will be to see the film multiple times is yet to be determined. Still, Warner Bros. is hoping the film's secrets will draw people back to theaters. With the next high profile film not coming out until October when the studio releases Wonder Woman: 1984, the studio has some time before Tenet will see any direct competition.
Tenet's initial box office grosses should ease some worries about the future of the industry. The initial gross has exceeded expectations, and some theaters have decided to reopen specifically because of the film's release. While they aren't at full capacity, many showings have been as full as they can be, indicating a desire on moviegoer's part to see big spectacle films on the big screen. With Disney opting to release the long-delayed Mulan on its streaming service this weekend, the future of blockbuster cinema may still be up in the air. Tenet seems to be leading the charge for exhibitors worldwide. Whether or not it wins the war remains to be seen.
