The Walt Disney Co. (DIS) may have another $1 billion plus blockbuster hit on its hands as it gears up to premier “Guardians of the Galaxy Vol. 2” in North American movie theaters this weekend, kicking off the summer blockbuster season.
Citing analysts at BoxOfficePro.com, Bloomberg reported the second Guardians movie is expected to bring in $400 million in U.S. and Canada box office sales with nearly $160 million expected this weekend alone. That’s higher than the $140 million Disney predicted the film will draw in domestic box office sales. On a global basis, Bloomberg said box office sales should come in better than the $773 million the original film, which was released in August 2014, earned.
‘Beauty’ and the Box Office
If Disney is able to bring in around $1 billion in box office, it would be considered a huge achievement, but for Disney that feat is becoming more commonplace as it ended last year as the top box office earning studio and is still enjoying great success from the March release of the live action remake of “Beauty and the Beast.” Even with a budget estimated at $160 million, “Beauty and the Beast” is a smash hit. In its second week in theaters, the film reaped an estimated $88 million, putting its total domestic gross at the time at nearly $317 million. It’s been even more popular abroad, where it raked in just over $373 million in the same time frame. The success of the movie has prompted some Wall Street analysts to raise their ratings on the stock. “Guardians Vol. 2” isn’t the only sequel that Disney is releasing this summer. “Pirates of the Caribbean: Dead Men Tell No Tales” and “Cars 3” are also coming out during the summer months.
Disney’s dominance in the film industry isn’t going to end this year either. Late last month, Disney announced its upcoming slate of movies for this year and through 2020 that will likely provide more reasons for the stock to climb. In announcing the lineup, Disney confirmed rumors of a “Frozen” sequel that will hit movie screens on Nov. 27, 2019, according to media reports. But it’s not only a new entry in the “Frozen” franchise that will get moviegoers excited: Disney announced that “Star Wars: Episode IX” will make its way to theaters in May 2019. In 2020, Disney has confirmed it will roll out a yet-to-be-titled Indiana Jones sequel and “Gigantic,” an animated film based on “Jack and the Beanstalk.” (See also: Loop Capital: No More Room for Disney to Climb.)