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According to figures revealed by Universal, “Wicked” earned US$26 million on its first day of VOD availability in the US and Canada. In one week, this figure climbed to US$70 million.
This is a new record for a Universal film, even surpassing the US$44 million earned by “The Super Mario Bros. Movie” in its first week on VOD in 2023.
The success of “Wicked” on VOD is due in part to the movie’s distribution model. Available for purchase for US$30 and rental for US$20, the film attracted a large audience on Dec 31, while it was still playing in theatres.
Universal has succeeded in maximising its revenues thanks to this hybrid strategy. Studios reportedly retain around 80% of revenues generated by digital platforms, compared to 50% of box-office returns. According to Variety, Universal retained around 65% of ticket sales for “Wicked” in theaters.
A new strategy involving theaters and streaming
Universal has been a pioneer in experimenting with streaming releases of its movies. In March 2020, the studio broke convention by releasing “Trolls World Tour” simultaneously in theatres and on VOD, raking in around US$100 million in just a few weeks.
Since then, Universal has adopted a strategy of 17 days of theatrical exclusivity for smaller films and five weekends for blockbusters, before making them available on VOD.
To date, this approach has generated more than US$1.5 billion in VOD sales, according to Variety.
“Wicked” has already grossed more than US$680 million at the global box office since its theatrical release in November. The film, directed by Jon M Chu and starring Ariana Grande, Cynthia Erivo, Jeff Goldblum, Michelle Yeoh and Jonathan Bailey, recounts the origins of the characters from “The Wizard of Oz.” It became the sixth-biggest hit of 2024 worldwide and achieved the best launch for a Broadway adaptation in box-office history.
With two more months of exclusivity on VOD platforms before its arrival on NBCUniversal’s streaming service, Peacock, “Wicked” promises to continue enchanting audiences.
And there’s more to come, since the movie’s sequel, “Wicked: For Good,” which continues the story recounted in the musical, is slated for release in theaters on Nov 21.
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