Universal to release “Halloween Kills” in theaters and on Peacock

Unlike its previous theatrical release strategy, Universal revealed Thursday that it will be making its “Halloween Kills” debut in theaters and on Peacock on October 15.

The studio, which made a deal to release films for at least 17 days in theaters before bringing titles to the home market, is looking to make its latest horror film a real event and draw consumers to its service. streaming.

“Halloween Kills,” produced by Universal, Miramax and Blumhouse, was originally slated for theatrical release only. It takes place right after ‘Halloween’ of 2018, which saw Laurie Strode (Jamie Lee Curtis), her daughter, and granddaughter leave masked killer Michael Myers caged and burning in Laurie’s basement.

It is not known if Universal has made a deal with the movie chains to change the film’s release strategy. The company was criticized in early 2020 for switching to a date-and-date release plan for “Trolls: World Tour”. At the time, this kind of release was unprecedented in the industry and led Universal to negotiate with theaters to show its films on the big screen for at least three weeks before offering them on streaming or on demand.

Universal’s move also comes amid renewed confidence in the domestic box office after Disney’s “Shang-Chi and the Legend of the Ten Rings” smashed opening weekend estimates and set a record for the season. Labor Day weekend box office. The success of the latest Marvel movie led Sony to bring the release of “Venom: Let There Be Carnage” forward by two weeks.

A pattern has emerged among recent film releases that suggests that when a film hits streaming platforms and theaters at the same time, box office ticket sales are cannibalized. However, Universal might not be too worried about this, as horror movies tend to run on small budgets and easily recoup the cost of production at the box office.

“Halloween” of 2018 had an announced budget of $ 10-15 million. It grossed over $ 250 million worldwide.

Assuming “Halloween Kills” has a similar budget, even with a simultaneous release, it could turn into a profit on its opening weekend. After all, “Halloween” grossed nearly $ 80 million when it opened four years ago. Of course, with the pandemic going on, “Halloween Kills” is unlikely to hit that number.

Currently, “Black Widow” holds the highest opening weekend record for a film released during the pandemic at $ 80 million. “Shang-Chi” is the second highest with around $ 75 million in ticket sales during its first three days in theaters.

By forgoing some box office sales, Universal is hoping to attract audiences to Peacock. Notably, October 2020 was Peacock’s all-time most-watched month for horror and fantasy series and films. By placing “Halloween Kills” on its service, Universal could attract significant registrations.

Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is the distributor of “Halloween Kills”.