Will the Amazing Spider Man Reboot IMAX?

Jul 6, 2012
J. Webster
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Do you think Tobey Maguire will see The Amazing Spider Man Reboot? Signs would point towards no, but Sony probably doesn’t care. It’s kind of like a band hearing their song covered for the first time. Could Maguire actually go and see the movie and appreciate the role he had even more…

The Amazing Spider Man is a reboot of the trilogy, which starred Maguire. The last trilogy saw releases in 2002, 2004, and 2007. While Maguire is busy working on his new movie The Great Gatsby, which itself is a remake, millions of people are going to their local theaters to see Andrew Garfield play the legendary web slinger. Estimates have the reboot earning $100 to $150 million in the United States this week.

The original trilogy actually saw its overall box office revenue decline throughout the series in the United States. Fans of the comic book series called the movies cheesy and likely stopped spending their money on movie tickets by the time the third movie hit theaters. Listed below is box office data obtained from Box Office Mojo.

  US Open ($mil) Total US ($mil) Foreign ($mil) Total Box Office ($mil)
Spider Man $115 $404 $418 $822
Spider Man 2 $88 $374 $410 $784
Spider Man 3 $151 $337 $554 $891

Sony is hoping for a strong boost to the reboot over this long extended holiday week. Movies traditionally come out on Wednesdays or Fridays. Sony decided to premiere The Amazing Spider Man today on Tuesday, which actually saw midnight showings last night at the beginning of the week. The long extended six day opening week end could be good for the series starring lesser known actor Andrew Garfield. Sony’s early open could also capitalize on the limited number of days in theaters before The Dark Knight Rises takes over.

The new movie took in $51.1 million in international markets. In South Korea, the movie had a stronger open than blockbuster The Avengers. It also appears Sony made a smart casting call with Indian actor Irrfan Khan. The movie’s $6 million open in India was the biggest American made movie box office open of all time. Most of the box office figures come from Asian markets. The movie is not set to open in European countries for a couple of weeks, and will see increased competition with the Summer Olympics in London.

The new movie is also likely to get a boost from IMAX theaters and in return could provide a boost to shares of IMAX stock (symbol IMAX). The company, which owns and licenses its large screen technology has one of its biggest and most prominent lineups in 2012. The Amazing Spider Man and The Dark Knight follow up on success from The Hunger Games and The Avengers this summer. IMAX and Sony (SNE) stock have both already been impacted by the coming of the Spider Man reboot, but could see a drastic share increase or decrease come Monday.

With success from The Amazing Spider Man and The Dark Knight Rises, shares of IMAX could be headed for a short squeeze. Currently, over 14% of total IMAX shares are trading short. IMAX has missed earnings estimates three of the last four quarters. The other quarter saw the company match estimates. For the current quarter, estimates call for earnings per share of $0.27. In last year’s June quarter, the company reported $0.07 and missed targeted $0.20. If IMAX can beat estimates and break some records with the blockbuster slate it has this summer, short sellers could rush to cover their position.

Reboots and remakes are a growing part of American cinema. The biggest reason is there is a built in audience of people who have seen the original. Curiosity likely drives millions of people to the cinema. In fact the biggest movie of the summer will no doubt be The Dark Knight Rises, which of course is a reboot.

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