The coronavirus pandemic continues to make public gatherings untenable, and studios continue to find alternate ways to release their big budget films. Some studios have had more luck than others though, and recent reports indicate that MGM has been doing particularly well. The most recent reports indicate that Bill and Ted Face the Music, which was released for premium VOD services, has raked in an impressive number of sales and has turned a profit for MGM.
Overall the third Bill and Ted film is estimated to have cost around $25 million, and has begun to turn a profit for all involved. By releasing on premium VOD services and to as many theaters as possible, the film has, to date, pulled in about $32 million. MGM in particular is pulling in a tidy profit. The company did not actually finance the film, instead striking a deal to distribute for a percentage of the profits. When everything's calculated, MGM will see about 80% of the film's VOD profits, around $25 million, on top of the million or so they earned from renting the film out to theaters.
While most companies keep quiet about their VOD returns, it does seem that the distributers for Bill and Ted Face the Music are doing alright for themselves. Less clear is the returns for those who originally financed the film and whether or not either party is happy with the investment. It is certainly possible to have a smash success on VOD, something which seemed unthinkable in the pre-Coronavirus film market, but was proven by Trolls: World Tour after it earned nearly $100 million on VOD. It is difficult to say for certain however, as premium VOD services do not have any sort of centralized stat tracking systems in place, which makes it difficult to collate and report on the exact numbers.
Of course, most studios would still prefer to return to the days of open theaters and exclusive releases. The box office is slowly recovering, but is still nowhere near the level it was pre-shutdown. For the time being, studios will have to make do with unconventional release formats, and can hopefully continue to find success bringing their projects to audiences worldwide.
Source: Deadline