"Wicked" Wows: Universal's $550M Gamble Pays Off

Universal Studios took the film industry by surprise when they announced their plan to do a two-part film series on the Broadway blockbuster "Wicked." Although stage-to-screen adaptations have been less than successful in the past, the decision to divide the story into two films was one Universal decided to take on, investing a whopping $550 million on production and marketing for the two installments.

The wager has seemingly paid off. The reels smashed records, collecting an impressive $758 million worldwide for the first movie – a feat previously unmatched by any Broadway adaptation, and roped in an additional $70 million on premium video-on-demand in its opening week, plus snagged 10 Oscar nods.

Sequel "Wicked: For Good," starring Cynthia Erivo as Elphaba and Ariana Grande as Glinda, established even better opening numbers than its precursor, scoring a glittering $147 million domestically and $223 million worldwide. In contrast, the debut movie garnered $112.5 million domestically and $164 million around the globe during the opening weekend. Sean Gamble, CEO of Cinemark, called the energy for the movie's opening weekend "tremendous" and said it cut across “all categories of cinema-goers: young and old, women and men.”

For nearly two decades, Universal struggled to craft the expansive story of “Wicked” into a single film. Finally, director Jon M. Chu announced the two-part plan as a creative necessity. Fidelity to the intricate, pre-, and post-"Wizard of Oz" narrative was crucial to them, and the challenge was to not compromise its essence. Chu asserted that they needed a "bigger canvas." Even though it was a risk, they plunged into making not just one, but two “Wicked” movies.

Fans and critics had varied opinions on the two separate films since the second act of the original Broadway production was considerably darker and more fragmented than Act One. Additionally, most of the beloved songs resided in the first half. Despite that, audiences flocked to see the second installment, with CinemaScore's audience rating mirror-matching the "A" grade the first outing received.

Analysts like Fandango's director of movie analytics, Shawn Robbins, lauded the decision to split the narrative, praising the first flick's massive fan turnout as an excellent marketing strategy for the second. Hollywood's recent past witnessed failed attempts at stage-to-screen adaptations. Spielberg's 2021 "West Side Story," Chu's "In the Heights," 2021's "Dear Evan Hansen," and 2023's "The Color Purple" all failed to achieve success, despite their popularity on stage. Splitting successful movies into multiple parts hasn’t always been a success formula. Nevertheless, Universal took a chance and it paid off.

Their challenge was not just to produce a commercial success, but also to keep the hype alive over two years without exhausting their audience. This was achieved through a myriad of promotions reaching beyond traditional channels (like an NBC special and brand partnerships) and keeping the music and visuals fresh. Universal's domestic distribution chief, Jim Orr, gave credit to their marketing department for making "Wicked" "something you had to see."

Evidently, Universal's gamble on the two-part "Wicked" series has yielded more than anticipated success - both financially and critically, reaffirming that taking risks, when done right, can sometimes result in defying gravity.