Wicked, the cinematic adaptation of the beloved Broadway musical, has reinvigorated interest in musical films, solidifying its status as a cultural phenomenon. Just days after its debut on Premium Video on Demand (PVOD), Wicked amassed an impressive $70 million, marking it as the highest-grossing Broadway musical movie to date. Directed by Jon M. Chu and featuring the powerful performances of Cynthia Erivo and Ariana Grande, the film’s release on December 31 proved to be a strategic move. The film’s initial success is unprecedented, with a staggering $26 million recorded on its first day alone, showcasing the allure of this enchanting tale.
The financial success of Wicked is not merely a stroke of luck. The film surpassed Universal’s previous records for both Day 1 and the inaugural week of PVOD sales. By comparison, the film outperformed Universal’s next biggest opener, Illumination/Nintendo’s Super Mario Bros Movie, by a significant margin on the first day of release. This performance is a testament to both the film’s appeal and the marketing acumen employed by Universal Pictures. Prior to Wicked, Universal’s record for the largest opening week for a theatrical release on PVOD was $44 million, making the $70 million figure not just impressive but transformative for the studio’s future strategies.
Wicked’s release strategy played a critical role in its success. By extending the theatrical window to 40 days before releasing it on PVOD, Universal capitalized on the heightened family viewing trend during the holiday season. Opting for a New Year’s Eve launch cultivated a sense of community and shared experience, making it a must-watch event for families on one of the busiest evenings of the year. This approach was further amplified by a robust marketing strategy that included digital promotions and a flagship presence at the Rose Parade. The decision to delay the PVOD release by a week transformed Wicked from just another film debut into a highly anticipated event.
As Wicked continues to ride its wave of success, there remains an expectation of additional sales and viewership in the coming weeks. With a 2.5-month exclusive window for PVOD, the film has the potential to draw in even more viewers before it transitions to NBCUniversal’s Peacock streaming service. This window allows Universal to maximize revenue while simultaneously generating buzz and anticipation for the film through word-of-mouth and social media. The anticipation surrounding the film’s availability on streaming platforms further suggests that Universal is poised to maintain Wicked’s momentum long after its initial release.
Wicked’s incredible performance on PVOD marks a pivotal moment in the landscape of musical films. Not only does it herald a new standard for box office achievements in this genre, but it also highlights the significance of strategic planning in enhancing a film’s reach and profitability. As audiences continue to embrace the magic of musical storytelling, Wicked stands as a landmark film that has successfully bridged the gap between theater and cinema, promising exciting opportunities for future productions.