The Hobbit: An Unexpected Journey has shattered the record for highest grossing release weekend in December, bringing in an estimated $84.8 million domestically, a figure that trumps even Avatar, the highest-grossing film of all-time, which released a week before Christmas in 2009. Overseas the film earned $138.2 million, giving The Hobbit a total of $223, quickly approaching the $250 spent by Warner Bros. on the film’s production.
Still, pre-release projections supported opening weekend earnings upwards of $120 million for director Peter Jackson’s return to Middle Earth. Members of the industry and media have been critical of the film upon release, with complaints about the multitude of viewing formats offered in theaters, and an overly length run-time. Fans on the other hand have given the film high approval ratings, and have done their part in going out to see the tale of The Hobbit themselves.
Warner Bros. president of domestic distribution Dan Fellman told news outlets that the film is set up for a major box office run, despite statistics suggesting that the bulk of The Hobbit’s earnings will come on the front end.
“We took a chance opening the film up before Christmas, but the window was there for us. There wasn’t another strong movie coming out this weekend,” Fellman said, according to the Los Angeles Times. “My feeling was that if we could have $100 million in the bank before the holiday kicks in, we’d be in great shape. So I don’t have any regrets.”
“We haven’t even made it to the Christmas holidays yet. Kids are still in school this week,” he added.
According to numbers from Fellman and Warner Bros., the decision to release The Hobbit in six different formats has helped its earnings, despite media fears of the contrary. Among IMAX theaters, the high frame rate version of the film earned an average of $44,000 per screen despite being in around only 10 percent of theaters nationwide. IMAX 3D versions of The Hobbit brought in $31,000 per screen, with 3D films making up about 49 percent of the films grosses according to figures from Entertainment Weekly.
The Hobbit will continue its own journey through the box office during the holiday season, but doesn’t seem to be the disappointment that early reviews pegged it as. The film’s earnings will no doubt approach more records as time goes on, but much like Bilbo, Jackson and his Lord of the Rings franchise have been “there and back again.”
