Disney Enjoys Tidal Wave Of Memorial Day Receipts Thanks To Little Mermaid's Box Office Splash

Author: Benzinga Staff | May 29, 2023 03:00pm

Audiences flooded movie theaters throughout Memorial Day weekend in support of "The Little Mermaid" from Walt Disney Co. (NYSE:DIS).

What Happened: The movie, a CGI-laced live-action remake of the 1988 animated classic, earned an impressive $117.5 million over the course of the four-day holiday, according to Variety.

Here's how other films performed:

“Fast X," from Universal Corp (NYSE:UVV), earned $28.7 million. Its worldwide gross is about $500 million (the third highest-grossing movie of 2023).
“Guardians of the Galaxy Vol. 3,” also from Disney, took third place with $26.1 million for the four-day holiday, Variety reported. Its global box office currently hovers at around $305.6 million.
Universal’s “The Super Mario Bros. Movie” grossed an additional $8.3 million.
“The Machine," an action comedy from Sony Group Corp (NYSE:SONY), debuted with $6 million.
“About My Father,” starring Sebastian Maniscalco and Robert De Niro, scooped up $5.4 million.

"The Little Mermaid" boasts the fifth-largest Memorial Day debut. Paramount Global's (NASDAQ:PARA)(NASDAQ:PARAA) “Top Gun: Maverick” debuted ahead of Memorial Day weekend in 2022 and broke the holiday record at the time with a four-day total of $160.5 million in ticket sales.

Rounding out the top four Memorial Day weekend hits: "Pirates of the Caribbean: At World's End," "Indiana Jones and the Kingdom of the Crystal Skull," and "X-Men: The Last Stand."

Why It Matters: Movie theaters and studios typically rely on Memorial Day weekend for returns. Also, in an era where audience turnout is dubious, "Little Mermaid's" performance shows that Disney's bet on live-action remakes of its original cartoon hits is paying off.

The original "Little Mermaid" film was released to theaters on Nov. 17, 1989. It was a hit, raking in more than $235 million worldwide ever since.

Next up is Disney's remake of "The Aristocats," directed by Ahmir “Questlove” Thompson.

Per Bloomberg, AMC Entertainment Holdings Inc (NYSE:AMC) and IMAX Corp. (NYSE:IMAX) have rallied an average of 31% so far in 2023.

Cinemark Holdings Inc. (NYSE:CNK) is up 91% year to date, bolstered by the box-office returns of "The Super Mario Bros. Movie," which has so far earned $1.2 billion.

Now Read: Cinemark's Summer Releases Are Coming, Analyst Predicts Balance In Risk & Return

Image: Shutterstock

Posted In: AMC CNK DIS IMAX PARA PARAA SONY UVV