MI7 and Barbenheimer's three way box office tussle

In the face of formidable box office competition, Paramount's 'Mission: Impossible — Dead Reckoning Part One' has achieved a significant milestone by surpassing its astronomical production budget at the global box office. 

The movie, which has been in theatres for under two weeks, has added a little extra for good measure despite a challenging release and the loss of large-format venues during its second weekend.

However, the journey to becoming a hit is still long for 'Dead Reckoning Part One.' Over the weekend, it faced a steep drop in domestic theatres as it contended with the power-packed debuts of Greta Gerwig's 'Barbie' and Christopher Nolan's 'Oppenheimer,' which claimed the first and second spots with impressive opening weekends of $155 million and $80 million, respectively. 

In contrast, Dead Reckoning settled for third place, garnering $19.5 million in its second weekend, bringing its running domestic total to $118 million, a figure that falls short of expectations given its reported budget of $290 million.

Despite its domestic performance, the movie is holding its ground in overseas markets, where it has amassed a running total of $252 million, contributing to a global box office gross of $370 million. 

Notably, during its extended five-day debut last week, Dead Reckoning opened to approximately $230 million, which was perceived as slightly underwhelming given the high production cost.

The film's star power, with Tom Cruise leading the cast, and its favourable reviews should have theoretically ensured better performance. 

Cruise's movies often exhibit strong legs, sustaining well beyond their initial release, unlike more front-loaded blockbusters seen in recent times. Nonetheless, the second weekend proved crucial, and the 65% drop in domestic theatres raised concerns about the movie's lasting appeal.

In contrast, the cultural phenomenon surrounding 'Barbenheimer,' the term used to describe the concurrent success of Barbie and Oppenheimer, played a significant role in boosting the overall box office. 

Barbie, featuring Margot Robbie as the iconic doll, exceeded expectations, grossing $162 million in its opening weekend, making it the year's biggest debut and the largest ever for a film directed by a woman. Its international earnings added a staggering $182 million to bring its global total to an impressive $337 million.

Oppenheimer, Christopher Nolan's epic biopic about the 'father of the atomic bomb,' also outperformed forecasts with an $82.4 million opening weekend and an international box office contribution of $93.7 million. The film's unique three-hour runtime, heavy on dialogue and light on action, makes its successful start even more remarkable, especially for an R-rated biographical drama.

The collective success of Barbie and Oppenheimer drove the biggest weekend at the box office since the pandemic began, generating over $300 million industry-wide. 
Sequels led the top three weekends of all time in massive franchises, such as 'Avengers: Endgame,' 'Avengers: Infinity War,' and 'Star Wars: The Force Awakens.'

Industry analysts initially projected a $100 million to $110 million start for Barbie and a $50 million debut for Oppenheimer. Nevertheless, both films exceeded these expectations, a noteworthy feat for non-franchise films in the competitive summer season.

While Barbie thrived on standard screens, it notably lacked a significant presence on premium large format (PLF) screens, which tend to generate higher ticket prices. 
This was due to 'Oppenheimer,' which was filmed using IMAX cameras, monopolising the industry's PLF footprint. PLFs accounted for a substantial 47% of Oppenheimer's domestic earnings, with IMAX alone contributing $35 million to the film's global ticket sales.

Paramount's 'Mission: Impossible — Dead Reckoning Part One' may have achieved an important financial milestone, but its journey to blockbuster status is far from over. As the 'Barbenheimer' craze continues to grip audiences worldwide, the box office's collective performance signals a promising revival for the film industry post-pandemic.