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Disney's Beauty and the Beast Scales New Highs at Box Office
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The Walt Disney Company’s (DIS - Free Report) live-action remake “Beauty and the Beast” has made a great start in domestic market, with an impressive $170 million collection in the opening weekend.
“Beauty and the Beast” not only surpassed the analyst expectations but also outdid Disney’s own estimates. Analyst had expected the movie to generate in the range of $130 million to $150 million in the opening weekend. While Disney had earlier forecasted the movie to garner $120 million in the opening weekend but raised the estimates to as much as $150 million on Mar 17.
The movie turned out to be the best weekend box office opener so far this year, as well as the seventh best in the history of the Hollywood and the highest for a PG-rated movie. The movie also set a new March record surpassing the Warner Bros.’ “Batman v. Superman: Dawn of Justice,” domestic collections of $166 million.
Internationally, the company minted $180 million in the opening weekend, with encouraging starts in China, UK, Korea and Mexico. The movie raked in $44.8 million in China and $22.8 million in UK. Made at a budget of approximately $160 million, the company has already collected $350 million globally.
Disney’s strategy of making old animated movies into live-action remakes are paying off well. The company’s earlier live-action remakes like “The Jungle Book”, “Cinderella”, “Maleficent” and “Alice in Wonderland” had garnered $967 million, $544 million, $759 million and more than $1 billion, respectively, worldwide. We believe Disney’s live-action remakes will continue to taste success beyond “Beauty and the Beast” as the company is working on remakes of “Dumbo" as well as “Mulan”.
Disney’s shares have gained more than 20% in the past six months, which is almost in line with the Zacks categorized Media Conglomerates industry primarily due to robust performance of movie business. Stellar box-office performance of Rogue One: A Star Wars Story helped the company set a new Hollywood record. Disney’s Studios touched $7 billion mark at the global box office in 2016, surpassing a collection of $6.89 billion in the previous year.
We note that fiscal 2016 has been a magnificent year for the company’s movie business. Four of its releases, namely, Star Wars: The Force Awakens, Captain America: Civil War, Finding Dory and Zootopia surpassed the $1 billion mark, each.
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
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Disney's Beauty and the Beast Scales New Highs at Box Office
The Walt Disney Company’s (DIS - Free Report) live-action remake “Beauty and the Beast” has made a great start in domestic market, with an impressive $170 million collection in the opening weekend.
“Beauty and the Beast” not only surpassed the analyst expectations but also outdid Disney’s own estimates. Analyst had expected the movie to generate in the range of $130 million to $150 million in the opening weekend. While Disney had earlier forecasted the movie to garner $120 million in the opening weekend but raised the estimates to as much as $150 million on Mar 17.
The movie turned out to be the best weekend box office opener so far this year, as well as the seventh best in the history of the Hollywood and the highest for a PG-rated movie. The movie also set a new March record surpassing the Warner Bros.’ “Batman v. Superman: Dawn of Justice,” domestic collections of $166 million.
Internationally, the company minted $180 million in the opening weekend, with encouraging starts in China, UK, Korea and Mexico. The movie raked in $44.8 million in China and $22.8 million in UK. Made at a budget of approximately $160 million, the company has already collected $350 million globally.
Disney’s strategy of making old animated movies into live-action remakes are paying off well. The company’s earlier live-action remakes like “The Jungle Book”, “Cinderella”, “Maleficent” and “Alice in Wonderland” had garnered $967 million, $544 million, $759 million and more than $1 billion, respectively, worldwide. We believe Disney’s live-action remakes will continue to taste success beyond “Beauty and the Beast” as the company is working on remakes of “Dumbo" as well as “Mulan”.
Disney’s shares have gained more than 20% in the past six months, which is almost in line with the Zacks categorized Media Conglomerates industry primarily due to robust performance of movie business. Stellar box-office performance of Rogue One: A Star Wars Story helped the company set a new Hollywood record. Disney’s Studios touched $7 billion mark at the global box office in 2016, surpassing a collection of $6.89 billion in the previous year.
We note that fiscal 2016 has been a magnificent year for the company’s movie business. Four of its releases, namely, Star Wars: The Force Awakens, Captain America: Civil War, Finding Dory and Zootopia surpassed the $1 billion mark, each.
Disney, which shares space with Twenty-First Century Fox, Inc. (FOXA - Free Report) , Time Warner Inc. and Comcast Corporation (CMCSA - Free Report) , carries a Zacks Rank #3 (Hold) at the moment. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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