Venom Continues Successful Theatrical Run with Record-Breaking Release in China
Sony Pictures’ Venom has landed the studio its largest opening weekend ever in China, with a $111 million gross profit this past weekend.
Venom brought in $34.5 million on the opening day alone, which is the second highest revenue on the opening day of a superhero movie in China. Only Avengers: Infinity War did better on its first day of release. Venom also had the second largest opening weekend of a superhero movie in China, once again behind only Avengers: Infinity War. Infinity War, which opened with $202 million in China earlier this year.
Venom’s impressive opening serves as a bit of a pick-me-up for the Chinese box office. On Oct. 1, National Daywas celebrated, which commemorates the founding of the People’s Republic of China. “Golden Week” then takes place over the course of the next seven days, continuing the celebration as many travel around the country. This week isusually very profitable for the Chinese box office, but was less so this year, as the box office gross only reached $277.62 million, down 27.5 percent from last year. In the past 10 years, this is only the second time negative growth was reported for Golden Week.
Still, China is predicted to soon be the world’s top film market.
“The Chinese film market is going to be the largest film market in short order,” said Charles Rivkin, chairman of the Motion Picture Association of America.
In 2017, global box office sales reached a record $40.6 billion in the United States and Canada, and China played an important role in this growth. Its $7.9 billion in ticket sales in 2017 helped U.S. films reach a seven percent increase in foreign box office gross. American films are having bigger openings in China than at home, and Venom is just one example. In its domestic opening weekend from Oct. 5 to 7, Venom grossed $80 million, breaking the record for highest opening weekend in October; however, the film’s US opening weekend gross is still $30 million less than its opening in China.
Venom’s success raises some doubts about Sony’s decision to not move ahead with The Amazing Spider-Man 3, since Venom is a Spider-Man spinoff. The $111 million weekend revenue in China brings the film to a worldwide total of $646 million. The film was produced on a $100 million budget. If the film reaches $792 million worldwide, it will become the fifth biggest worldwide release of the year.