Paramount Trumps Disney As Sonic the Hedgehog 3 Takes Box Office By Storm In Opening Weekend: Retail Bullish
By Stocktwits Inc | First Published Dec 23, 2024, 2:51 PM ISTPaul Dergarabedian, senior media analyst for Comscore, reportedly said family films like “Inside Out 2,” “Moana 2” and “Sonic 3” have played a major role in reviving the box office this year.
Paramount Global’s ($PARA) latest movie - “Sonic the Hedgehog 3,” had a strong opening weekend, collecting $62 million in ticket sales over the weekend, dethroning Walt Disney Co’s ($DIS) prequel “Mufasa: the Lion King,” according to Box Office Mojo.
The Disney prequel could only gross $35 million, trailing expectations. This is despite the "'Lion King" prequel launching on 4,100 screens compared to 3,716 for “Sonic 3.”
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“Sonic 3,” made for $122 million, is on track to better the combined gross collections of the previous two installments, at $700 million. It is an action-adventure comedy film based on the video game series published by Sega.
The movie has received strong reviews, with an 86% fresh score from Rotten Tomatoes and an “A” score from CinemaScore. It is well-positioned to do well during the busiest moviegoing period of the year.
But Disney may still have the last laugh, as its “Inside Out 2” and “Deadpool & Wolverine” are the biggest-grossing movies of the year, with worldwide ticket sales at $1.70 billion and $1.34 billion, respectively. It’s “Moana 2,” released during the Thanksgiving week, has so far collected $790.17 million globally.
Paul Dergarabedian, senior media analyst for Comscore, reportedly said family films like “Inside Out 2,” “Moana 2” and “Sonic 3” have played a major role in reviving the box office this year. “The box office year was saved by the family audience being drawn to the multiplex,” he reportedly said, adding that animated films accounted for 26.5% of the box office this year.
Paramount has concluded a merger agreement with Skydance Media, founded by Oracle founder Larry Ellison’s son David Ellison. The transaction is expected to close in the first quarter of 2025, contingent on regulatory approvals and other customary closing conditions.
On Stocktwits, retail sentiment toward Paramount remained ‘bullish’ (61/100), although message volume was ‘low.’
On the other hand, sentiment toward Disney is bearish (43/100), deteriorating from ‘neutral’ a day ago, while message volume continues to be ‘low.’
Paramount shares have fallen 26.56% this year compared to a 25% gain for Disney.
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