Here's why straight-to-streaming blockbusters might never work

New York (CNN Business)“Spider-Man: No Way Home” — the latest movie in the Marvel franchise — crossed $1 billion at the global box office, the film’s studio Sony (SNE) said on Sunday.

The film reached the milestone just 12 days after it was released. Only 2019’s “Avengers: Endgame” and “Avengers: Infinity War” reached that mark in less time, at 5 days and 11 days, respectively.
The film has made $1.05 billion worldwide so far.

“No Way Home” — which stars Tom Holland and Zendaya as Peter Parker and MJ as they battle villains from across the Marvel multiverse — is also the only film of the pandemic era to make $1 billion worldwide.

It is the first film to reach $1 billion since “Star Wars: The Rise of Skywalker,” which was released in December 2019. Sony also said that “No Way Home” is now the top grossing film of the year worldwide.

The film — which was made by Sony and Disney’s Marvel Studios — has had an amazing run at the box office, especially since the world is still in the midst of a pandemic.

“No Way Home” notched a record-breaking opening weekend at the North American box office last weekend when it brought in $260 million. That was the second largest domestic opening of all time. That opening was also the best ever for each of the month of December, the Spider-Man franchise and Sony Pictures.

“What this represents is quite mind-boggling,” Paul Dergarabedian, senior media analyst at Comscore (SCOR), told CNN Business. “These numbers would be very impressive in the pre-pandemic era, but for ‘Spider-Man: No Way Home’ to sprint to a billion dollars in this marketplace is really hard to wrap your mind around.”
“The monumental achievement of ‘No Way Home’ hitting this number cannot be overstated for this industry right now,” he added.
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