Pirates of the Caribbean: On Stranger Tides turned to treasure for Disney as it sailed to a total box office of over $104 million in its first five days of domestic release. The booty continued to amass, as the overseas market took in over $286 million during the same period. With a production cost of $250 million it will be the international box office that turns the tide for the Pirates (and Disney). The strength and importance of the overseas movie market to Hollywood can not be emphasized enough and comes at a most opportune time as the U.S. box office continues to wane.
The international box office is up 9% YTD vs. 2010 with strong showings from Russia, China, Germany and England. Conversely, the domestic box office is down 12% in dollar terms and 6% in ticket sales.
U.S. ticket sales are now forecasted to reach 1.12 billion for the year or 108 million under 2010's level. While box office revenues are expected to reach $8.9 billion vs. last year's total of $10.4 billion.
Hopefully, The Hangover/Part II (Warners) and Kung Fu Panda II (Paramount) which open this weekend will catch the same winds as the Pirates and sail on to lofty box office grosses. I think Hangover will gross very well but I have my doubts about the Panda.
Best and Happy Movie Going
Jim Lavorato
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