The Labor Day holiday weekend typically ends the summer blockbuster season. However, in this atypical year of the COVID-19, Tenet [TENET] opens today as the lone summer blockbuster movie of 2020. While Disney decided to send Mulan [MULN] straight to PVOD on Disney+, Warner Bros. and filmmaker Christopher Nolan [CNOLA] committed Tenet to a theatrical release to help exhibitors. With New Jersey and parts of California reopening theaters, approximately 70% of the domestic market is now open, albeit at a reduced capacity. New Mexico, New York and North Carolina are the only states still completely shutdown.
The PG-13 rated sci-fi actioner Tenet opened internationally last weekend, grossing $53.6 million during its first five days. Canada is estimated to have grossed up to $3 million of that, which will be rolled into this week's domestic box office. Canada typically makes up 10% of the combined North American box office, which indicates an opening around $30 million for five days. Tenet held paid previews in U.S. theaters Monday through Wednesday, with the box office also likely to be rolled into either Thursday or spread out over the weekend total through Monday. Reviews for Tenet are positive, though not as highly regarded cumulatively as 2010’s Inception, Nolan's previous time twister. Anticipation and awareness are high, but the question is whether moviegoers will risk their health to visit theaters. Tenet will play on a majority of the screens in 2800 theaters, including all of the lucrative IMAX locations. Tenet could earn $24.0 million from Friday to Sunday, and up to $40 million through Monday with the addition of early Canadian and preview grosses.
With more theaters in new markets, The New Mutants [NMUTN] should have a decent hold at $4.2 million over the 4-day weekend. Unhinged [UNHNG] looks to round out the top three with another $2.0 million over the long weekend.
That’s the whisper from the virtual trading floor.
Tag(s): TENET, MULN, CNOLA, NMUTN, UNHNG