Universal’s highly anticipated film Wicked has proven to be a massive success both on the big screen and through video-on-demand (VOD), setting new records for the studio’s home entertainment sales. The musical, based on the popular Broadway show, generated a staggering $26 million on its first day and $70 million in its first week of digital release in the United States and Canada.
Released on December 31, 2024, Wicked was made available for purchase at $30 or for rent at $20, with both the original and sing-along versions of the film. Universal’s release strategy has proven highly successful, with the musical delivering the studio’s largest first-day and first-week VOD sales for any theatrical release. To put this achievement in context, Universal’s second-highest VOD launch was 2023’s The Super Mario Bros. Movie, which earned $44 million in its first week.
The financial success of Wicked is expected to continue its upward trajectory. Universal has confirmed that the film will remain exclusive to home entertainment platforms for more than two months before it becomes available on Peacock, NBCUniversal’s streaming service. Additionally, the film’s sequel, Wicked: For Good, will hit theaters in November 2025, promising further financial gains for the Oz franchise.
Since its theatrical debut on November 22, 2024, Wicked has earned $682 million worldwide at the box office. While Hollywood studios often shy away from disclosing post-theatrical revenue figures, Universal has been transparent in revealing the film’s strong performance in both box office sales and VOD rentals.
The success of Wicked illustrates the growing importance of premium video-on-demand (PVOD) as a revenue stream. Despite its digital availability, the film continued to perform well in cinemas, adding $10 million to its domestic earnings in its eighth weekend. Executives at Universal have emphasized that PVOD complements, rather than replaces, theatrical releases. For studios, digital platforms are particularly attractive, as they allow media companies to retain a much larger share of revenue—around 80%—compared to the 50% typically garnered from box office returns. In the case of Wicked, Universal kept approximately 65% of box office ticket sales.
Universal’s aggressive experimentation with the theatrical window has set the studio apart from its competitors. In March 2020, during the early days of the COVID-19 pandemic, Universal broke industry norms by releasing Trolls World Tour simultaneously in theaters and on digital platforms. This strategy proved successful, with the film generating roughly $100 million in digital rentals. Since then, Universal has fine-tuned its release strategy, reducing the typical window for smaller films and major blockbusters alike, a pivot that has generated over $1.5 billion in PVOD sales to date.
Directed by Jon M. Chu, Wicked stars Ariana Grande as Galinda (later known as Glinda the Good), Cynthia Erivo as Elphaba (the Wicked Witch of the West), alongside a star-studded cast including Jeff Goldblum, Michelle Yeoh, and Jonathan Bailey. The film is set before, during, and after the events of The Wizard of Oz, telling the story of the two witches’ origins before Dorothy’s arrival in Oz. With Wicked becoming the sixth-highest-grossing film of 2024 and the highest-grossing Broadway adaptation of all time, Universal’s investment in the musical has paid off, with more earnings expected from both the upcoming sequel and its digital distribution.
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