Tenet has passed a milestone internationally, bringing in over $200 million at the box office. The latest mind-bending thriller from director Christopher Nolan, Tenet stars John David Washington as an unnamed C.I.A. agent and member of the fictional Tenet organization. He comes into conflict with foes who can manipulate time itself, and must prevent World War III alongside colleague Neil (Robert Pattinson), and Kat (Elizabeth Debicki) a Russian socialite who can see into the future.
The film is one of many that has been negatively impacted by the COVID-19 pandemic, which pulled the rug out from under its blockbuster aspirations. Originally set to be released in July, Tenet was delayed four times, finally debuting internationally on August 26 and domestically on September 3. In a strange twist of fate, Tenet is still set to be the biggest opening since cinemas started operating again in the U.S. In an effort to capitalize on projected interest in the film, AMC opened 70% of its theaters in preparation, signaling the importance of this release as a testing ground for the future of theater exhibition. Indeed, Tenet's meager $10 million opening weekend in North America is the most successful debut since March, but it hardly justifies the decision not to simultaneously release the film digitally.
The Wrap reports Tenet has grossed over $200 million at the international box office. The Chinese market accounts for 25% of this revenue at $50 million. Meanwhile, paltry returns in the U.S. are tapering off at $30 million, currently. It seems that it is not domestically, but internationally that Tenet will have to make its mark. Warner Bros. and Sony have come under fire from industry peers for neglecting to release daily numbers as the industry watches this release with bated breath. The distributors insist that the film's performance should be reckoned with the bizarre circumstances of the pandemic.
The question remains, for Tenet, whether even $200 million will be enough. The short answer, it seems, is no - the film cost Warner Bros. $200 million to produce even before advertising, and so it's likely these numbers aren't cause for celebration at the studio. Analysts agree that Tenet needs to make $500 million just to break even, a lofty goal as Tenet rounds out its third weekend internationally.
There are a number of legitimate explanations as to why Tenet has underperformed, not the least of which, domestically, is the lack of theater openings in New York and Los Angeles. Whether or not Tenet can be labeled a box office failure is certainly a matter of debate. The film has the unfortunate duty of serving as the vanguard for theater distribution of American blockbusters. Profit-minded executives in Hollywood will have to seriously reconsider the nature of distribution and the viability of multi-million dollar projects when it's so difficult to get people in seats to watch them. It is a watershed moment for the industry. All the while hanging over Tenet is the burning question for the average American moviegoer: is it safe to go to the movies?
Source: The Wrap
