A two-decade-old movie was the second-highest-grossing film in North America this past weekend. Is this a sign of struggle for the movie industry… or an untapped opportunity?
What happened: Star Wars: Episode III – Revenge of the Sith was re-released for its 20th anniversary on April 25, with Zillennial nostalgia helping generate US$25.2 million in ticket sales, placing it behind only the vampire hit Sinners. It netted another $17 million globally.
- Revenge of the Sith wasn’t the only strong showing. The 2005 adaptation of Pride and Prejudice, re-released on April 20, also placed inside the top 10 of the North American box office, proving Jane Austen stans are also a lucrative demographic.
Why it’s happening: Re-releases were once common, but were killed by the advent of affordable home video. However, the practice has re-emerged in recent years as viewers crave seeing old faves on the big screen, and streaming has actually made some Hollywood hits harder to find.
- Last year, anniversary re-releases of the animated film Coraline and Christopher Nolan's blockbuster Interstellar both performed surprisingly well in limited runs.
Why it matters: Despite Netflix’s CEO calling theatre-going “outdated,” people still love going to the movies — as long as the films are worthwhile. To create the kinds of medium-sized hits Hollywood is now reluctant to spend money on, studios may have to start digging into their vaults.—QH