'Wicked' Sequel's $150M Debut Casts Bullish Spell on Cinemas
Strongest opening for a Broadway adaptation boosts exhibitor stocks and signals a potential rebound in theatrical attendance ahead of the crucial holiday season.
The cinema industry received a much-needed dose of magic this weekend as Universal Pictures' “Wicked: For Good” soared to a $150 million domestic debut, providing a powerful jolt of optimism for a sector battered by a sparse film slate and shifting consumer habits.
The second installment of director Jon M. Chu’s ambitious two-part adaptation of the beloved Broadway musical exceeded the upper end of analyst expectations, marking the best-ever opening for a stage-to-screen musical. The film, which sees Cynthia Erivo and Ariana Grande reprise their roles, also grossed an estimated $95 million internationally, bringing its global opening weekend total to a spellbinding $245 million.
This stellar performance offers significant relief for theater operators who have endured a challenging 2025. The lingering effects of the 2023 Hollywood labor strikes resulted in production delays that created a thinner-than-usual release schedule, leaving cinemas desperate for a blockbuster hit. The industry has struggled to find consistent momentum, with only a handful of tentpole films driving the majority of revenue and raising persistent questions about the future of theatrical exhibition in an era dominated by streaming.
Investors reacted with enthusiasm in pre-market trading Monday. Shares of major exhibitor Cinemark (NYSE: CNK) were indicated to open up 6%, while industry giant AMC Entertainment (NYSE: AMC) saw its shares jump nearly 8%. Imax Corp. (NYSE: IMAX), which featured the film in its premium large-format screens, was poised for a 7% gain at the opening bell.
“This is the tentpole hit the industry has been desperate for,” said one media analyst. “'Wicked' proves that with the right event-level film, one that creates a genuine cultural moment, audiences will still flock to theaters in massive numbers. It’s not about theatrical versus streaming; it’s about having a compelling reason to leave the house.”
The success of “Wicked: For Good” validates Universal's risky but ultimately rewarding strategy to split the story into two parts. The first film, released last year, built a massive global audience and ended on a dramatic cliffhanger with the iconic song “Defying Gravity,” creating enormous anticipation for the finale.
Exhibitors are now looking to this blockbuster to kickstart a strong holiday season, which is seen as a critical period to make up for the year's earlier box office deficits. The strong performance of 'Wicked' could create a halo effect, drawing more patrons back to cinemas and boosting attendance for other upcoming holiday releases. For an industry that has faced its own series of trials, the triumph of a green witch in the Land of Oz is the good news it has been waiting for.