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Walt Disney Co (NYSE: DIS)’s latest installment of the Star Wars series, “Rogue One,” is off to a disappointing start in international markets. In a new report, Drexel Hamilton analyst Tony Wible runs through “Rogue One’s” box office numbers from around the globe.
The good news for Disney and its shareholders is that “Rogue One’s” domestic box office numbers have been in line with lofty expectations. In the movie’s first 24 days, it generated $477 million. Based on “The Force Awakens,” that pace puts “Rogue One” in line for roughly $550 million in total domestic box office.
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Global Vs. Domestic Box Office
The bad news for Disney is that “Rogue One” has not been well-received internationally. The average Disney movie draws 60 percent of the global box office from foreign markets, but “Rogue One” is only drawing 48 percent. In the 44 markets Drexel Hamilton tracks, “Rogue One’s” $131 million international opening weekend is down roughly 36 percent compared to “The Force Awakens.”
Unfortunately for Disney, some of the largest declines have been in key international markets such as China (-60 percent), the U.K. (-57 percent) and Germany (-55 percent).
“The shortfall in international markets is less material than the implication that the IP may not be as popular in key international markets,” Wible explained.
Drexel Hamilton maintains a Hold rating and a $107 price target for Disney stock.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.