If someone pitched to you the idea of reviving an eight-year-old franchise, how keen would you be? While anyone could be forgiven passing on the “deal”, that’s exactly what DreamWorks/Universal has managed to successfully do with their Kung Fu Panda franchise, propelling the latest installment to a $58M opening that will be gratefully received by the current box office. Our entertainment lawyer in the know, Brandon Blake of Blake & Wang P.A. spills the news.
A Timely Revival
Normally, 8 years in production purgatory would be a franchise killer, not a key to new success. However, in a box office where cinemagoers are tiring of the same-old superhero options, reviving something that feels new, while still having the safety of familiarity, may have been DreamWorks’ smartest move to date.
The movie managed to close its opening weekend at a solid $58M, $8M higher than it was tracking. This is one of the biggest Universal openings of recent years, even, squeaking ahead of 2019’s How to Train Your Dragon: The Hidden World.
Strong Hold
On top of a strong second-weekend hold of $46.2M, a -44% hold, for Dune: Part Two, the 2024 box office finally has some spring in its step. The marketplace closed at $138.1M, 15% higher than the same weekend in 2023— the first time we’ve seen an up weekend this year.
Of course, two films cannot create a successful box office. While Ghostbusters: Frozen Empire is managing to generate some hype, by April there is a drop-off in releases again that could prove toxic to the recovering box office.
Much of Kung-Fu Panda 4’s success can be laid at the door of artful marketing and tie-ins from Universal itself, up to and including some Super Bowl hype. Paired with being “fresh” and novel, the film has managed to generate significant interest among theatergoers. Let’s hope there are a few more releases to boost that coming soon, too.
Film and Television 