In a groundbreaking achievement for the film industry, the musical adaptation of Wicked has made an astronomical debut on Premium Video On Demand (PVOD), generating a remarkable $70 million within its first week of release. Released by Universal Pictures on December 31, 2023, the film has redefined expectations for home entertainment by achieving unparalleled financial success almost immediately after its release. Under the direction of Jon M. Chu and featuring powerhouse performances by Cynthia Erivo and Ariana Grande, Wicked’s transition from stage to screen has proven to be not only artistically impressive but financially lucrative as well.
On its launch day alone, Wicked managed to secure an extraordinary $26 million in Premium Electronic Sell-Through (EST) and PVOD sales, establishing itself as the highest-grossing opening day for any Universal theatrical release with a premium offering. This staggering figure not only surpasses pre-existing records but sets a new standard in the realm of theatrical home releases. Prior to Wicked’s release, the figures for the Super Mario Bros. Movie appeared robust but were eclipsed by Wicked’s groundbreaking numbers, indicating a shift in consumer interest and engagement with theatrical films shifting to home viewing.
Universal’s decision to debut Wicked as a New Year’s Eve event capitalized on the allure of family-friendly entertainment during the holiday season. The strategic timing was critical in generating a buzz around the film that turned into substantial sales. By opting to wait an additional week for the PVOD release, the studio was able to harness social media, digital platforms, and traditional television promotions to create excitement. The presence of Wicked at the Rose Parade reinforced the message of its festive appeal and showcased the film to wide audiences, further enhancing its visibility.
With a 40-day theatrical window preceding its PVOD debut, Wicked is poised for continued success over the next couple of months. This extended period offers viewers ample time to become aware of the musical’s available format for purchase, leading to further revenue opportunities for Universal. As the film remains exclusive to premium platforms before eventually landing on NBCUniversal’s streaming service, Peacock, expectations remain high for sustained sales momentum. The anticipation surrounding Wicked’s availability on streaming platforms is expected to catalyze further interest, enhancing its ability to capture audiences who may have missed the initial release.
Wicked’s marvellous performance both at the box office and within the home entertainment sector signifies a monumental shift in viewing habits and marketing strategies in the film industry. It reflects not only the immense popularity of the source material but also the effectiveness of carefully timed promotional efforts and strategic release planning. As Wicked sets new benchmarks on PVOD, it paves the way for future musical film adaptations and serves as a case study for navigating the evolving landscape of entertainment consumption.