Wicked has proven to be a cultural powerhouse in both theater and film, and its transition to Premium Video On Demand (PVOD) has solidified its status as a dominant force in the entertainment industry. Released on December 31, the film adaptation directed by Jon M. Chu and featuring standout performances from Cynthia Erivo and Ariana Grande has performed astoundingly well in its first week, generating a phenomenal $70 million in revenue. This historic achievement marks Wicked as the highest-grossing Broadway musical movie to date, showcasing its enduring appeal.
On its debut day, Wicked raked in an impressive $26 million through Premium Electronic Sell-Through (EST) and PVOD sales alone. This remarkable sum not only illustrates its immediate success but also places it at the forefront of all theatrical releases by Universal Pictures, breaking previous records. In comparison, Universal’s next largest opening day figure belonged to the much-anticipated Super Mario Bros Movie, underscoring the significant market impact of Wicked’s launch.
Prior to Wicked’s record-setting week, Universal had seen a successful release with initial sales of $44 million on PVOD for other notable titles. This established benchmark for theatrical releases has now been overwhelmingly surpassed, with Wicked’s performance doubling that figure. The film, having enjoyed a focused 40-day exclusive theatrical window, was strategically released for the holiday season, providing families with a festive option for entertainment.
The decision to schedule Wicked’s PVOD release on New Year’s Eve was a strategic choice by Universal. By extending its release window, the film garnered enhanced visibility and word-of-mouth promotion, which played a pivotal role in its commercial triumph. With a robust marketing campaign encompassing social media, digital platforms, and traditional TV promotions, including a float in the Rose Parade, Universal effectively tapped into the excitement surrounding the holiday season.
With 2 and a half months remaining in its exclusive premium home entertainment window, Universal anticipates further sales growth, fuelled by the film’s rising popularity. The transition to streaming services, eventually landing on Peacock, is set to attract an even wider audience post-PVOD exclusivity. As Wicked maintains its momentum, fans are eagerly awaiting the chance to dive deeper into the elaborate world of Oz—and with that anticipation comes the potential for continued financial success.
Wicked’s monumental success on PVOD is a testament to the enduring allure of musical adaptations in modern cinema. As the film navigates the evolving landscape of home entertainment, it sets a new standard for theatrical releases transitioning to digital formats. The combined effect of strategic timing, compelling performances, and effective marketing has cemented Wicked’s place as a defining moment in the landscape of film adaptations of beloved Broadway musicals. The future seems bright for both Wicked and the genre as a whole.