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Last Updated : Sep 16, 2020 09:34 AM IST | Source: Moneycontrol.com

COVID-19 impact: Here's why makers of Tenet have their hopes pinned on reopening of Indian theatres

The film, which has so far minted $200 million in revenues from theatres globally, is showing no signs of growth in the European markets and has seen low business in the US where its collections stood at around $30 million.

While the opening weekend for Tenet saw a strong response from 42 international markets where the film had released on August 26 and had garnered an overall collection of $52 million in the first three days, the film  has, so far, minted only $200 million.

According to Karan Taurani, Vice President, Elara Capital, Tenet's box office business was expected to be in the range of $450 million to $500 million.

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"The movie was made at a cost of  $200 million and would require a collection of $400 million to break even at the box office," Taurani said.

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While it has been only two weeks since the film was released in theatres across the world, collections from some of the international markets have gone down in the third weekend due to a drop in footfall. Experts say that it is mostly movie buffs who have taken the risk to go to the theatres.

In this context, Tenet's release in Indian theatres gains significance as this would give the film another chance to shore up its revenues, which will in turn boost producers' confidence to release new content.

Hence, Taurani pointed out, producers of Tenet are asking for a higher share of box office collections, in the range of 50 percent to 51 percent, for all weeks from Indian multiplexes, as against the average 43 percent share that they had earlier asked for.

Usually, the producers' revenue share is around 50 percent in the first week of a film's release in theatres, around 40 percent and 37 percent respectively in the second and third weeks, followed by 30 percent from the fourth week onward.

While the makers of Tenet have their hopes pinned on Indian theatres, cinemas in India are showing no signs of reopening, which could be detrimental for Tenet.

The film is showing no signs of growth in the European markets and its home market, the US, too has seen low business where Tenet's collections stood at around $30 million.

Taurani added that if theatres do not reopen in India soon, then Tenet may explore a direct OTT release in the country.

This will be a big blow to new content waiting to be released in theatres.

"None of the larger films (Akshay Kumar's Sooryavanshi and Ranveer Singh's 83) will release first unless they see a strong run of a medium budget film or a large Hollywood film in cinemas after they reopen. The release of The James Bond film is slated during Diwali globally and if that film tastes success in Indian theatres, it would add some respite," said Taurani.
First Published on Sep 15, 2020 08:33 pm
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