At CinemaCon, Peter Levinsohn, Chairman of Global Distribution at NBCUniversal Entertainment & Studios, laid out the numbers. Wicked earned roughly 100 million dollars in premium video-on-demand revenue following a 40-day theatrical window. That is in addition to 424.5 million dollars at the North American box office, bringing global revenue to over 747 million dollars on a 150 million dollar production budget. According to Levinsohn, this performance proves Universal’s windowing model is not just working, it is helping the studio fund more films across its pipeline.
Speaking during a panel that included Regal Cineworld CEO Eduardo Acuna, Top Gun: Maverick director Joseph Kosinski, and Neon CEO Tom Quinn, Levinsohn reiterated Universal’s stance. “Theatrical is the foundation. It is the underpinning of every single thing we do,” he said. “It is where the brand is created, and it is the proxy for the value of all of the ancillary windows. But we need to be with consumers, and the consumer is not going to go to see every single movie in the theater.”
Levinsohn explained that NBCUniversal has spent the last few years refining its windowing strategy, especially when it comes to quickly transitioning titles from theaters to premium VOD. That timeline has improved the bottom line, particularly for small to mid-budget films. He also highlighted that the studio remains conservative when it comes to moving films to streaming, which he described as far more disruptive to the ecosystem compared to transactional digital releases.
Still, not everyone agreed. Acuna argued that audiences no longer distinguish between transactional, subscription, or ad-supported streaming platforms. In their minds, he said, the movie is simply coming home soon and for free. That perception, he warned, is training people to wait instead of buying a ticket, which ultimately puts more pressure on the box office. Theater chains, he said, have the data to support that claim.
Levinsohn pushed back. NBCU’s internal research shows that films released earlier on PVOD follow a similar box office decay curve as those held longer in theaters. He also disagreed with the idea that consumers are being conditioned to skip theatrical entirely. “We do not see any evidence of that,” he said. He added that the greater threat is not windowing but the growing number of ways people can spend their limited free time.
From the independent film perspective, Quinn stressed the value of long theatrical runs. He cited Anora, which benefited from a 70-day theatrical window before winning top honors at Cannes and the Oscars. “I think the idea of putting that movie out for 30 days, 17 days, 45 days, I do not think it would have been the hit it was,” he said. He also flagged the growing challenge of getting indie trailers in front of moviegoers, something increasingly dominated by studio fare. Without early exposure during key theatrical weekends, indie titles lose crucial visibility.
Kosinski focused on the power of theatrical as a storytelling medium. For him, the debate is less about distribution logistics and more about audience experience. “It is the formative memories I have as a kid,” he said, recalling watching Raiders of the Lost Ark and Back to the Future. “It is my job to make a movie that the audience knows they have to see on the big screen. I cannot control the other stuff, but I can make sure that when audiences see it is coming, they say, ‘I have to see that in a theater.'”
Levinsohn’s bottom line is that Universal’s release strategy is working and driving profitability. The additional flexibility has allowed the studio to greenlight more films across genres and budgets. But the CinemaCon panel made clear that the theatrical-first philosophy is still a point of contention, especially as the industry continues to redefine what success looks like in a post-pandemic marketplace.
