"Avatar: The Way of Water" clocking in below initial earnings expectations
“Avatar: The Way of Water” dominated the U.S. box office over the weekend, earning $134 million in the U.S. and Canada to make the movie the top grosser ahead of the Christmas holiday weekend.
Why it matters: The weekend earnings are slightly below expectations for the long-awaited sequel from director James Cameron, who previously suggested the film needs to make billions in order to break even.
Details: “Avatar: The Way of Water” opened across 4,202 theaters this weekend, including previews on Thursday night.
- In addition to $53 million earned domestically Friday, the film earned $15.8 million for its first-day sales across 15 different markets, per Deadline.
- The opening night domestic returns rank sixth highest for first-day domestic grossing 2022, Variety reports.
- Worldwide, the movie has grossed $435 million, with $310 million of that tally from overseas showings, Variety reports.
- "The Way of Water" dethroned another Disney film, "Black Panther: Wakanda Forever," which has been the top earner at the box office since its release on Nov. 11. "Wakanda Forever" has earned $418 million in U.S. ticket sales.
The big picture: All signs on Friday and Saturday pointed toward "The Way of Water" clocking in slightly below estimates, which said the film would earn between $150-$170 million over its opening weekend.
- Several Marvel and Hollywood blockbusters in 2022 earned more on their opening night compared to "The Way of Water," including “Doctor Strange in the Multiverse of Madness” ($90.7 million), “Black Panther: Wakanda Forever” ($84.2 million) and “The Batman” ($56.6 million).
- Last year, "Spider-Man: No Way Home" earned $121.5 million on its opening night in December 2021, which was the second-highest-grossing opening day ever. The film ended up earning $260.1 million from its entire opening weekend.
- Following earnings reports from Thursday previews and Friday's opening day box office, Disney revised the sequel's weekend earnings total to fall between $130 and $150 million, Bloomberg reports.
What we're watching: Cameron told GQ that the "Avatar" sequel was so expensive that the movie would need "to be the third or fourth highest-grossing film in history" to break even.
- The fourth highest-grossing movie in history is "Star Wars: The Force Awakens," which earned $2.1 billion at the box office, Axios' Troy Smith reports.
- Cameron said that the future of his franchise will depend on how "The Way of Water" performs.
Yes, but: People are at least enjoying the film. "The Way of Water" currently has a Rotten Tomatoes score of 78% from critics and a 94% from audiences.
More from Axios:
- All eyes on Avatar to save struggling box office
- "Avatar: The Way of Water" reviews could push it to box office gold
Editor's note: This story has been updated with the latest box office earnings.