Spider-Man: No Way Home is set to become 2021’s first and only billion-dollar film

As of now, Tom Holland’s “Spider-Man: No Way Home” has already broken some of the previous box office records, and is on the race to become the first film of 2021 to pass the $1 Billion mark in ticket sales worldwide. 

Sony reported on Tuesday that, MCU (Marvel Cinematic Universe) topped the box office with a $751.3 million worldwide collection, making it the third highest-grossing movie of this year, in less than a week in the movie theaters. 

Currently, the highest-grossing movie of 2021 is “The Battle of Lake Changjin,” which is a Chinese movie that has managed a total of $904.9 million worldwide collections, according to Comscore data. At No.2 is “Hi, Mom,” another Chinese movie with $900.4 million in worldwide ticket sales as of 2021. 

“I wouldn’t bet on Spider-Man and his potential to climb into the $1 billion box office club,” said Comscore’s senior media analyst, Mr. Paul Dergarabedian.

“Spider-Man: No Way Home” secured $600 million globally over its releasing weekend. It had stronger booking stats at the global box office on Monday and Tuesday. It generated over $150 million at the global box office and its box office ticket sales are increasing day by day. 

Calculations suggest that “Spider-Man: No Way Home” will bring in between 50% and 70% of its beginning haul this upcoming weekend, which would easily make “Spider-Man: No Way Home” exceed the $1 billion mark.

If “Spider-Man: No Way Home” doesn’t reach that figure this weekend, it will probably collect it sometime during the next week. Every year, the eight-day span between Christmas and New Year is one of the most lucrative periods for the film industry. According to Comscore data, this period typically contributes 4.5 percent of total box office receipts for the year.

According to Shawn Robbins, chief analyst of BoxOffice.com, “exceeding $1 billion [in 2021] is a foregone conclusion at this point, barring some severe turn of pandemic events”. “It’s a huge accomplishment, especially considering how few people thought the industry would see a performance of this magnitude anytime soon while the world grapples with Covid variants, vaccine distribution, and a variety of market constraints.”

Comscore’s senior media analyst Mr. Paul Dergarabedian also alerted that a wave in COVID-19 cases and the new variant – omicron worries could harden the film’s ticket sales, especially in the event of a return to cinema shutdowns.

Quebec closed cinemas across the province on Monday, but a comparable step in the United States is unlikely, as there is little enthusiasm for mask requirements and even less for lockdowns.

“That said, this appears to be a film that is immune to all market constraints and exists in its own realm where the laws don’t apply,” Dergarabedian stated.

Last weekend, fans hurried to theatres to see “No Way Home” before potential spoilers were published online. They’re now returning for second and third viewings, which is a frequent occurrence for MCU films.

Jeff Bock, senior analyst at Exhibitor Relations said, “One billion dollars is a milestone that was starting to be taken for granted pre-pandemic”. “Audiences should be delighted, as many believed $1 billion milestones seemed impossible to achieve in this day and age.”

Source: cnbc.com