'Indiana Jones' hunts for $65M, in signpost for big-movie summer
After the film industry saw a pair of box-office letdowns earlier in June, Disney (NYSE:DIS) is taking another stab at a summer hit by tapping a little Indy cred.
Indiana Jones and the Dial of Destiny -- the fifth film in the legendary action series starring now-80-year-old Harrison Ford -- opened wide on Friday, and its weekend performance will be seen as a potential bellwether for this summer at the movies.
That's particularly true after the disappointing performance so far from a couple of splashy June entries. The Flash (NASDAQ:WBD) was touted by no less than Warner Bros. Discovery CEO David Zaslav as the next step in the evolution of the company's DC film brand, but it opened to a lackluster $55M and then saw a precipitous second-week drop in grosses of 72.5%, to add just $15.1M in its second weekend.
Two weeks ago also saw the opening of Pixar's newest animated film Elemental (DIS), which bowed to a disappointing $29.6M and landed at $18.4M in its follow-up weekend.
The new Indiana Jones (DIS) scored $7.2M in Thursday previews, and most expect it to push $65M for the three-day weekend leading up to the U.S. Independence Day holiday. Significantly less than that would add bricks to a narrative of a flat few months ahead, when summer moviegoers are still awaiting the arrival of Mission: Impossible -- Dead Reckoning (PARA) (PARAA); Barbie (WBD); Oppenheimer (CMCSA); Gran Turismo (SONY); and Blue Beetle (WBD).
Also opening this weekend alongside Indy is Ruby Gillman, Teenage Kraken (CMCSA), an animated family film from DreamWorks Animation, which may have trouble reaching double-digit millions on the same weekend as the bigger hit.
Cinema tickers: AMC Entertainment (NYSE:AMC); Cineworld (OTCPK:CNNWQ); Cinemark (NYSE:CNK); (IMAX); Marcus (MCS); Reading International (RDI); Cineplex (CGX:CA); National CineMedia (NCMI).