Summary
IMAX CEO Rich Gelfond expresses disappointment over the delay of Dune: Part Two's release but sees potential benefits for other fall films.
The delay of Dune: Part Two is expected to significantly affect IMAX's anticipated profits from the sequel. This is concerning for the company since the first Dune movie was a notable success at the box office. However, this delay presents an opportunity for other films like Killers of the Flower Moon to potentially outperform at the box office. Additionally, IMAX now has the chance to explore alternative screen time options.
IMAX CEO Rich Gelfond expressed his dismay over the postponement of the release date for Dune: Part Two. Although rumors of the delay had been circulating for over a month, it was just recently announced that the film will be delayed until 2024. Initially, despite the reports, Gelfond had expressed confidence that the film would stay on schedule.
During an interview on The Town with Matthew Belloni, Gelfond shared his thoughts on the delay of Dune: Part Two. While he admitted to being disappointed by the move, the CEO also highlighted the positive aspects. Gelfond mentioned that there is still a full lineup of films scheduled for the end of 2023, and he believes that the delay of Dune: Part Two might actually benefit other fall releases like Killers of the Flower Moon and The Hunger Games: The Ballad of Songbirds and Snakes, which may have been overshadowed if Dune: Part Two had stuck to its original schedule. Read Gelfond's full statement below.
I was disappointed when Dune was rescheduled, as I had heard wonderful things about the movie. I have a good relationship with the director, Denis Villeneuve, and have been in discussions with Warner Bros. about the film. However, being a single screen theater gives us flexibility. Despite Dune's move, we will screen The Marvels, Hunger Games, and give more screen time to Flower Moon, which we couldn't have done otherwise. So, it's not as significant of a problem as it would have been.
Looking ahead to 2024, we are eagerly anticipating the release of Dune in March. Although I'm disappointed, we now have the opportunity to screen all three films instead of having to choose one. So, I'm not feeling extremely upset about it. We performed well, contributing to 22% of the global box office for the first Dune, and I believe it will be a big hit for us again, just in 2024. We are excited about the films we are currently screening. Interestingly, I read an article this morning that mentioned how the rescheduling of Dune could actually boost the box office performance of the other films. Since we are part of those other films, that will be a positive outcome for us.
How the Dune 2 Delay Impacts The 2023 Box Office
According to Gelfond, the initial release of Dune in 2021 had a significant impact on the box office. With the sequel, Dune: Part Two, set to continue the fantastical saga and expand on the scale of the first film, it was expected to be another massive victory for IMAX. Therefore, the delay of Dune: Part Two will undeniably have a substantial negative impact on IMAX, despite Gelfond's attempt to find a positive outcome, as the company had anticipated substantial profits from the movie.
The box office results of 2023 have demonstrated a shift in audience viewing preferences, with a willingness to support films that previously may not have achieved the same level of success. Surprisingly, the highest-grossing movie of 2023 thus far has not been the highly anticipated sequels to Mission: Impossible or Indiana Jones, but rather Barbie.
With the exclusion of Dune: Part Two from the 2023 lineup, there is potential for Martin Scorsese's 3.5-hour masterpiece, Killers of the Flower Moon, to achieve a more lucrative box office performance. Furthermore, the vacancy created by Dune: Part Two's absence offers an opportunity for IMAX to re-release Mission: Impossible - Dead Reckoning Part One, which previously lost its IMAX screen time to Oppenheimer. In the competitive realm of Hollywood films vying for one IMAX screen, the diversion of this screen from Dune: Part Two opens up a multitude of exciting possibilities.
