Despite immensely positive box office projections and reportedly high pre-sale numbers, Avatar: The Way of Water's financial success in China has been slashed in half due to an outbreak of coronavirus (COVID-19) in several regions across the country.
As reported by Variety, the Avatar sequel earned a total of $57 million by the end of its opening weekend, according to consultancy firm Artisan Gateway. Furthermore, where the ticketing company Maoyan previously estimated a total gross of approximately $357 million prior to the film's release, it has significantly reduced its estimates to $143 million.
Chinese Theaters Struggle Amidst the Pandemic
This is all in spite of the fact that cinemas in China continue to open up, with the latest figures (provided by state media) suggesting over 10,000 theaters are in operation. Moreover, statistics provided by Maoyan indicated the film remains popular among audiences and enjoyed presales of $14 million, with opening day sales of over $100 million.
This follows a lengthy period of strict coronavirus (COVID-19) restrictions, including severe lockdowns, frequent testing and more. The Communist Party-controlled government's "Zero-COVID" policy led to widespread protests in recent weeks, erupting in numerous cities. But while many of the restrictions were lifted, fear of the virus continues to keep consumers from theaters, fueled by reports suggesting a recent, fast-spreading outbreak could see a high death toll this winter.
IMAX CEO Richard Gelfond previously expressed optimism for Avatar: The Way of Water's release in China, which was itself a notable feat, as most Hollywood films in recent years have either been banned or simply never been given a release date. While Gelfond did not divulge exact figures, he stated, "It's one of the highest pre-sale levels we've ever seen. So I'm extremely excited about Avatar getting into China."
Avatar: The Way of Water's Domestic Performance
Despite the setbacks, Avatar: The Way of Water continues to be on an impressive trajectory, with recent estimates suggesting the James Cameron film will hit $1 billion in global box office earnings by New Year's Day, after reaching $800 million by Christmas. It's currently uncertain how the film's issues in China will impact its overall success, especially since it appears to be enjoying a strong domestic performance.
In North America, The Way of Water marked a career-best for Cameron, grossing $435 million worldwide and $134 million domestically. For comparison, The Way of Water's debut surpassed the opening take of its 2009 predecessor, which earned $77 million. A large portion of that was due to 3D ticket sales, totalling 57 percent of Avatar's domestic earnings. These numbers, while substantial, fall short of earlier projects, which placed The Way of Water's opening weekend at $525 million worldwide.
Avatar: The Way of Water is playing in theaters now.
Source: Variety