John David Washington and Robert Pattinson star in Tenet, an upcoming spy film directed by Christopher Nolan.
The domestic audience is just not ready to return to the cinemas.
While Warner Bros. & # 39; "Tenet" has managed to collect more than $ 200 million worldwide. People in the US don't flock to theaters.
During its second weekend in the US and Canada, Tenet posted ticket sales of $ 6.7 million, a 29% decrease from the previous week. Initially, Warner Bros. released a figure of $ 20 million for the movie's opening weekend, but revealed that that figure actually included August 31 preview shows. So "Tenet" only sold tickets worth 9.4 million US dollars when it opened domestically.
"It just means what I've always believed," said Jeff Bock, senior analyst at Exhibitor Relations. "Audiences are not ready to come back. And unfortunately, cinemas will struggle to survive domestically."
In pre-Covid times, a 40% to 60% drop in ticket sales from the opening weekend to the second weekend wouldn't be uncommon. These days, most of the movies have seen much smaller differences between the weekends.
Of course, only around 70% of the cinemas in the US are open, and those that are closed in large metropolitan areas like New York City and Los Angeles, where ticket prices are much higher. There are also audience restrictions that limit the number of people who can attend each show.
Over the weekend, Tenet raised an additional $ 37.3 million in overseas markets, bringing its international balance sheet to $ 177.5 million. In total, the film made domestic ticket sales of $ 29.5 million. That brings "Tenet" to around 207 million US dollars, slightly more than the production budget of 200 million US dollars.
Of course, Warner Bros. also spent money on marketing, so Tenet has not yet become completely profitable.
"The fact that 'Tenet' has become a $ 200 million blockbuster in the context of an extraordinarily challenging market during a pandemic shows the appeal of a brand new big-budget movie, from a notable director to potential moviegoers around the world, "said Paul Dergarabedian, senior media analyst at Comscore.