CPXGF - 'Indiana Jones' hunts for $65M in signpost for big-movie summer

2023-06-30 16:27:26 ET

After the film industry saw a pair of box-office letdowns earlier in June, Disney ( NYSE: DIS ) is taking another stab at a summer hit by tapping a little Indy cred.

Indiana Jones and the Dial of Destiny -- the fifth film in the legendary action series starring now-80-year-old Harrison Ford -- opened wide on Friday, and its weekend performance will be seen as a potential bellwether for this summer at the movies.

That's particularly true after the disappointing performance so far from a couple of splashy June entries. The Flash ( NASDAQ: WBD ) was touted by no less than Warner Bros. Discovery CEO David Zaslav as the next step in the evolution of the company's DC film brand, but it opened to a lackluster $55M and then saw a precipitous second-week drop in grosses of 72.5%, to add just $15.1M in its second weekend.

Two weeks ago also saw the opening of Pixar's newest animated film Elemental ( DIS ), which bowed to a disappointing $29.6M and landed at $18.4M in its follow-up weekend.

The new Indiana Jones ( DIS ) scored $7.2M in Thursday previews, and most expect it to push $65M for the three-day weekend leading up to the U.S. Independence Day holiday. Significantly less than that would add bricks to a narrative of a flat few months ahead, when summer moviegoers are still awaiting the arrival of Mission: Impossible -- Dead Reckoning ( PARA ) ( PARAA ); Barbie ( WBD ); Oppenheimer ( CMCSA ); Gran Turismo ( SONY ); and Blue Beetle ( WBD ).

Also opening this weekend alongside Indy is Ruby Gillman, Teenage Kraken ( CMCSA ), an animated family film from DreamWorks Animation, which may have trouble reaching double-digit millions on the same weekend as the bigger hit.

Cinema tickers: AMC Entertainment ( NYSE: AMC ); Cineworld ( OTCPK:CNNWQ ); Cinemark ( NYSE: CNK ); ( IMAX ); Marcus ( MCS ); Reading International ( RDI ); Cineplex ( CGX:CA ); National CineMedia ( NCMI ).

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