Disney’s live-action rendition of ‘Lilo & Stitch’ and Tom Cruise’s latest entry in the ‘Mission: Impossible’ series set a new standard for Memorial Day weekend box office results, with both films achieving unprecedented attendance figures across various demographics.
‘Lilo & Stitch’ exceeded all forecasts and achieved a record-breaking four-day domestic opening of $192.7 million, and an astonishing global total of $361.3 million.
Meanwhile, ‘Mission: Impossible – The Final Reckoning’ secured a franchise-best $79 million domestically and $191 million worldwide, marking a significant increase from initial estimates.
This year’s Memorial Day decisions were highlighted by a three-day weekend gross of $145.5 million for ‘Lilo,’ alongside $64 million for ‘Final Reckoning.’
On Memorial Day alone, ‘Lilo & Stitch’ generated an impressive $37 million.
This year’s Memorial Day weekend dethroned the previous revenue benchmark of $306 million set in 2013, when ‘Fast & Furious 6’ grossed $117 million and ‘The Hangover Part III’ followed closely with $50 million.
In terms of the competition, this year featured the best showing for two films released during the holiday season.
Back in 2007, ‘Pirates of the Caribbean: At World’s End’ debuted with $140 million and ‘Shrek the Third’ earned $67 million.
While the clash of ‘Lilo & Stitch’ and ‘Mission: Impossible’ may not have reached the cultural status of the earlier ‘Barbenheimer’ phenomenon, it nonetheless created a significant impact in the box-office landscape.
Pre-release predictions suggested ‘Lilo & Stitch’ would outperform its male-driven rival, but few anticipated such astounding numbers; the live-action iteration has replaced Cruise’s ‘Top Gun: Maverick’ (which opened to $160 million) as the biggest Memorial Day opener ever, unadjusted for inflation.
Interestingly, Cruise’s past success with ‘Minority Report’ tightly competed with the original animated ‘Lilo & Stitch’ during their release in June 2002, with ‘Minority Report’ narrowly claiming victory at that time.
Domestically, ‘Lilo & Stitch’ now ranks as the second-largest grossing film for any four-day holiday weekend, trailing only behind the $242 million opening of ‘Black Panther.’
It also stands as the third-biggest debut for a Disney live-action title, following ‘Beauty and the Beast’ and the top-grossing ‘The Lion King,’ neither adjusted for inflation.
With its success, Disney has surpassed the $2 billion mark in global ticket sales, making it the first studio to achieve this milestone in 2023.
Just weeks prior, ‘Lilo & Stitch’ was forecasted to open at $120 million; forecasts improved to $165 million by Thursday and ultimately surpassed even those projections.
The increased enthusiasm for the film can be attributed to both Gen Z and Millennials, aged 13 to 28 and 29 to 44, respectively, with the younger segment showing a notable interest.
Among ticket buyers, 56 percent were non-parents and children, a figure significantly higher than typical attendance patterns, according to PostTrak.
The film garnered substantial interest particularly among teenage girls and younger women who were fans of the original movie and associated media.
Box office analysts attributed this nostalgia factor to its pull, much like what was experienced for Disney’s live-action ‘Aladdin,’ which grossed $1.1 billion globally.
Rideback produced both ‘Lilo’ and the 2019 remake of ‘Aladdin.’
Moreover, ‘Lilo & Stitch’ showcased its broad appeal to a diverse audience, with Latinos, the predominant moviegoers in the U.S., accounting for 33 percent of ticket sales.
The film also recorded the largest opening for a live-action Disney interpretation in Latin America.
Both films were bolstered by favorable reviews from critics and strong audience reactions, with ‘Lilo & Stitch’ earning five out of five stars from moviegoers surveyed by PostTrak, and a Rotten Tomatoes critics score of 70 percent, alongside an A CinemaScore from audiences.
Conversely, ‘Final Reckoning’ benefited from its exclusive Imax presence, surpassing the prior underwhelming $54.7 million five-day opening of ‘Dead Reckoning.’
It dethroned the $61.2 million three-day premiere of ‘Fallout,’ establishing a new record for the franchise.
Historically, ‘Mission: Impossible’ films have opened modestly, primarily attracting dedicated fans, notably older adults, with those over the age of 55 constituting 54 percent of the audience this weekend, while the crucial 18 to 24 demographic made up 18 percent, according to PostTrak.
Directed by Cruise’s close collaborator Christopher McQuarrie, ‘Final Reckoning’ has earned a Rotten Tomatoes score of 80 percent, achieving an A- CinemaScore.
Imax theaters contributed a franchise-record $30.1 million to the weekend’s totals, as McQuarrie utilized Imax cameras greatly during production.
In Cruise’s own words via social media, he expressed, ‘This weekend was one for the history books! Congratulations to every filmmaker, every artist, every crew member and every single person who works at the studios.’
Cruise has emerged as an advocate for theatrical experiences since the pandemic and aimed to promote equally the success of other films.
He extended thanks to Paramount and Skydance, despite their ongoing challenges regarding Paramount Global’s potential acquisition hindered by controversies associated with the Trump administration’s CBS News coverage.
Paramount’s domestic distribution chief Chris Aronson remarked, ‘Mission accomplished. This is a remarkable result for the eighth title in a franchise that’s 30 years in the making.’
Yet, the financial viability of ‘Final Reckoning’ could be challenged given its hefty $400 million net budget prior to marketing expenses, categorizing it among the most expensive films produced.
Insiders at Paramount do note, however, that each release boosts the overall value of the franchise, including an uptick in home entertainment sales and rentals of earlier installments.
In contrast, ‘Lilo & Stitch’ was crafted with a comparatively modest budget of $100 million.
Internationally, ‘Lilo & Stitch’ outperformed ‘M:I,’ generating an impressive $178.6 million compared to the latter’s $127 million opening—these figures account for the overseas take through Sunday, not factoring in holiday influence.
In Mexico, ‘Lilo’ led with $27 million, followed by $17 million from the U.K., $12.2 million from Brazil, and $9.5 million from China.
While its performance in Southeast Asia was subdued, ‘Mission: Impossible’ fared better in that region.
On the other hand, ‘Final Reckoning’ is encountering a softer reception in Latin America.
The international rollout for ‘Final Reckoning’ began in several major foreign markets, although primarily through previews last weekend, yielding a total of $204.5 million by Monday.
The leading international markets include South Korea, which accumulated $12.7 million; Japan with $11 million, which includes previews; the U.K. at $10.7 million; and India which recorded $9 million along with previews.
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