This weekend, Disney broke all records with its limited release 3-D movie "Hannah Montana & Miley Cyrus: Best of Both Worlds Concert (3-D)."
And the film's huge profit margin proves that CEO Bob Iger's strategy--building brands to exploit across the company's many platforms--really works.
Just like the "High School Musical" phenomenon, it all starts on the Disney Channel, where Hannah Montana is a popular show about a teen pop star. This weekend a 3-D concert film starring the starlet debuted on just 683 theaters, but managed to bring in $31.1 million dollars, the fewest number of theaters to ever open at number one.
It had the highest per-screen average of any wide release in history--$42,500--beating the likes of "Spider Man 3." And the biggest opening gross over Super Bowl weekend ever.
Disney was very strategic: the movie debut's follows on the heels of a live tour, and the concert film is set to run for just two weeks, though exhibitors are bound to ask to request longer runs. And the fact that it only plays on 3D means that you HAVE to go to a theater, you can't get the same experience from a DVD a few months later at home. AND, 3D theaters charge more--the average ticket is $16 compared to the nationwide average ticket price of under $7 for a 2D ticket.