Tuesday, December 06, 2005

Easy Money (Updated!)

Hugh Hewitt is betting that The Lion, the Witch, and the Wardrobe will beat King Kong both in total box office and--amazingly--on the weekend when Kong opens. I'd take that bet.

Narnia opens this Friday and Kong opens next Wednesday. They'll both have monster screen counts--I expect them each to be around 3,200 screens. But I'll be shocked--totally and completely blown away--if it's even close next weekend. The word of mouth on Narnia is fair to good, Kong is getting nothing but raves. The only thing Narnia has going for it in the context of Hugh's theoretical wager is that since it's shorter, it will probably get one more showing per day than the 3+ hour Kong. (I forget what the exact tipping point is, but I believe that once a movie crosses the 170 minute line, it loses a booking.)

Still, even if Narnia performs every bit as well as Disney hopes, next weekend it will face at least a 40% decline (and probably closer to 50%) from its opening weekend. So, just for the sake of argument: If Kong were to debut to $50 million, which is a pretty conservative estimate, even taking into account its disadvantage in play dates, Narnia would have to open to $70 million this weekend to even have a shot at beating it next weekend. If Kong opened to $60 million and Narnia declined a bit more steeply, it would have to open to $87 million even to be in the vicinity of Kong.

Two Notes: First, I'm not commenting at all on the artistic worthiness of either of these movies. I haven't seen them; I hope they're both great. I'm just trying to put the economics and the math into perspective.

Second, Hugh links to this Drudge story with various breathless expectations about Kong breaking the modern Titanic record. "Yes, I think this will do TITANIC numbers. It is going to be a huge movie," says one "Hollywood insider."

Don't believe him! For starters, Titanic's opening numbers were very good, but not great; they don't make the top 100 biggest opening weekends. How much do you think Titanic opened to?

Answer: $28 million. That's right. What made Titanic such a monster hit wasn't its opening--it was the film's crazy-small rate of decline. Titanic never did more than $36 million in a single weekend, but it did very big numbers for 18 weeks in a row--18 weeks!

The bigger point is that nobody can predict a Titanic-sized hit. Look at the list of All-Time Biggest Blockbusters and you don't find many movies that look like sure-fire, super-duper monster hits. The Sound of Music? E.T.? The Exorcist? 101 Dalmatians? The Graduate?

While you can predict with some degree of certainty opening weekends, you can never predict the type cultural moment that creates the insanely small week-to-week erosion rates that produce the most commercially successful movies. Some day a movie will break Titanic's domestic record, but when that day comes, it will be a surprise.

Final note: Hugh Hewitt's a great guy with a discerning movie palate, but he can occasionally allow his rooting interests in a film to distort his box office expectations.

Update, Wed. 7:25 a.m.: Please don't get the idea that I'm rooting against Narnia--I'm not. I hope it's good and if it is, I hope it makes a ton of money. Because when good movies do good business, we all win.

But commenters who are insisting that Narnia is going to open huge simply because "everyone" will see it don't understand how the industry works. Opening weekends follow the broad contours of seasonal movie attendence patterns, which is to say that, from year to year, the box office numbers for each month remain strikingly similar.

Remember that we've gone backwards and decided that in order to have even the slimmest of hopes of beating Kong next weekend, Narnia has to open somewhere between $70 million and $87 million this weekend. Look at the list of biggest December openings. Only one movie opening in December has ever fit into this range, and that was Return of the King, which squeaked by with $72 million in its first weekend. Only one other December movie, The Two Towers, opened above $60 million. Do you think Narnia is going to open bigger than either of these movies, which had the added benefits of being sequels? (Sequels earn a higher percentage of their overall gross on opening weekends than non-sequels do.) I don't.

We'll wait for the Amazing Gitesh Pandya to make his expert prediction later this week, but right now the Hollywood Stock Exchange, which has an uncanny gift for getting these things right, is predicting a $58.9 million opening for Narnia. That sounds pretty plausible to me.


Bill Walsh said...

I think you're right. Narina will do the awesome business that any kids' movie that doesn't obviously, painfully suck does, and then some. Kong, if the reviews are any guide, is going to have everyone over the age of about 12 or so who's seen a movie in the last five years out to see it. I think that puts it over the top.

And not just because, as big Dino said back in '76, Beeg-a monkey die, everybody cry!

Anonymous said...

Hewitt has one thing going for him you overlook Jonathan-kids. I'm talking tykes-6-12. They can get into Narnia, and will watch it again and again. They never stop. An adult will go to a movie two times max. This does not apply to those under the age of 18. Moreover, Hollywood only makes so much kid fair. Thus the pickings are slim any given weekend. The Default will be the Lion. 'Twas babies killed the Beast."


Anonymous said...

I'm thinking that Narina will have the legs and in the long run make more. The little ones will see it.

My 5th grader's class is going to it. Mind you, they aren't going to see it on opening week but the class will be seeing it. I can't see any classes going to King Kong.

John J. Jakubczyk said...
This comment has been removed by a blog administrator.
John J. Jakubczyk said...

Narnia has the makings of a classic and it will sweep the country in waves. First there are those who know the story, then those who have heard about it, and then all those who go with their firends again in order to show them the movie.
As for the children, they will be enthralled and the word will go out throughout kid-land that this movie is cool.
Everyone over the age of 12 will see both and Narnia will wake up the imagination in them. Watch the books fly off the bookstore shelves in the next few months.

David said...

I think that Narnia is not going to be a big success. I think people are Lord of the Rings-ed out and that another saga, particularly one with obvious religious overtones, is not going to do as well as Hugh Hewitt thinks. Plus, if you read the reviews of the movie vs. KK, it's clear that KK is the winner. The best I've heard about Narnia is that it's "pretty good." Pretty good movies that are similar to very good movies that only recently came out do not and will not do as well as a highly reviewed blockbluster.

Anonymous said...

Mustn't forget the appeal to conservative Christians. The media's been pushing that aspect pretty hard it seems, and I personally wouldn't be surprised if it gave a considerable boost to Narnia's numbers over the long run. Comparisons to the Passion would probably be overstating things though.

That said, Kong will be massive.

Timothy said...

Of course, LWW is a sequel, of sorts, to LOTR, so it's got that going for it. In some ways, it's a combination of The Passion, Lord of the Rings and Harry Potter, and has the opportunity to pick up people from all three audiences, including those who don't fall into any other category. Thus, it has an opportunity to do better than all of them.

Add into that the fact that there has been a great deal of under-the-radar hype through Evangelical organizations, a la the Passion, and the money is significantly less "easy."

Anonymous said...

In comparison to LoTR, Passion, and the latest few Potter films, though, the Narnia universe feels very sanitized, which may count against it when it comes to capturing the older age demographics. That's obviously just a personal aesthetic judgement (and based solely on my viewings of the trailer, to boot), but I can't help but wonder if anyone else shares that sentiment.

Still, there's no doubt in my mind that Narnia will have a stranglehold on the pre-teen demographic. It just remains to be seen who it will appeal to apart from the pre-teens and evangelicals, and if the evangelicals will come out in force for a film that's recieved significantly less controversy than Passion.

TopCat said...

I think you overlook one fact that might help Kong beat Titanic, it's coming after one of the worst droughts of decent films in history. I thought Star Wars was overcompensated for the same reason and the desire for a good flick is even stronger now.

Anonymous said...

Here's what I think: Narnia will clean up in repeat business, but Kong is just too long. Few will want to sit through a 3-hour movie more than once.

Slublog said...

Opening weekend? Kong will probably win. It's an event movie by a guy with a very good track record.

The biggest strike against Kong I can see is that a lot of movie-loving women don't seem interested in it - it's a guy movie event. If it starts out being pegged as a 'guy movie,' it's going to make much less than expected.

Anonymous said...

It appears that Mr. Hewitt is going to be getting some hot elven action:

That would make Hugh Aragorn, son of Arathorne, and heir to the throne of Isildur, right?


CreditFun said...

The funniest thing is that Narnia is a far more intellectual movie than Kong. And don't tell me it's a movie for little kids. King Kong is a movie for grown-up kids that don't know what a good movie is.