SHOWBIZ STOCK WATCH: Despite Mike Myers's Underperforming 'The Love Guru,' Paramount Likely Surpasses $1 Billion in Domestic Sales in Record Time!
by Steve Mason
Last weekend, Paramount Pictures International confirmed that it blew past the $1 billion mark in international sales for 2008, reaching that benchmark six weeks faster than in 2007. Now, based on this weekend's estimates (June 20-22), it appears that Paramount has surpassed $1 billion in domestic ticket sales as well.
Despite the failure of Mike Myers's The Love Guru, which managed only an estimated $14 million this weekend, DreamWorks's Kung Fu Panda added a likely $21.7 million, Indiana Jones and the Kingdom of the Crystal Skull generated about $8.4 million and Iron Man picked up another $4 million. That should be just enough to push the Melrose Avenue gang past the billion dollar mark.
Last year was a remarkable year for Paramount Pictures. Fueled by lucrative titles, many from the pipeline of DreamWorks, the studio reached $1 billion in domestic box office for the 2007 on July 9, earlier than any distributor had ever surpassed that threshold. That amazing run was led by Shrek the Third, Transformers, Blades of Glory, Norbit, Disturbia and Dreamgirls, which were all products of the Spielberg-Katzenberg-Geffen triumvirate.
Kung Fu Panda will assure Paramount of its third consecutive $200 million grossing film, a record in itself, and now the studio has likely reached $1 billion domestic 17 days earlier than in 2007.
Last year, Paramount led all Hollywood studios with $1.49 billion in domestic box office, but their second half was riddled with underperforming titles like Stardust ($38.6 million), Hot Rod ($13.9 million), The Heartbreak Kid ($36.7 million), Things We Lost in the Fire ($3.2 million) and Beowulf ($82.2 million).
Still set for release in 2008 for Paramount are the much buzzed-about Tropic Thunder in August, Disturbia director D.J. Caruso's reteaming with Shia LeBeouf in Eagle Eye in September, DreamWorks's Madagascar: Escape 2 Africa in November and David Fincher's The Curious Case of Benjamin Button, starring Brad Pitt and Cate Blanchett, in December. With a lineup like that, Paramount has a virtual stranglehold on the market share title for a second consecutive year.
of the three hits they have... isn't iron man a marvel movie just being released by paramount... same with kung fu? how does that work? are they just getting a distribution fee? if so then it's a nice number but a bit deceptive. wondering how much profit they see... especially with indiana jones... i would think the top three dudes are getting big %'s.
Posted by: tom | June 23, 2008 at 01:57 PM
Iron Man and Indy were both "cheap" to make compared to the 250+ million budget movies we had last year, and yet they made just as much money. So my guess is Paramount made a LOT of money. No doubt about it, with almost 700 million worldwide, Indy 4 is an enormous hit .....but what else could you expect from that trio, Spielberg-Lucas-Ford. Congratulations for Paramount!
Posted by: Alex | June 24, 2008 at 01:28 AM