James Cameron’s sci-fi epic earns $260m on release

AMES Cameron’s long-awaited science-fiction epic, Avatar, earned $US230 million ($260m) in its first weekend of release globally and is expected to surpass the $US600m needed to turn a profit.

Expectations for Cameron’s first film since Titanic are particularly high, given the 1997 movie became the highest-grossing in cinema history, taking $57m in Australia and $US1.8 billion globally.

Avatar’s North American launch was tempered by blizzards across the continent, although it earned a healthy $US73m at the weekend.

While not quite the record-breaking launch of The Dark Knight, which earned $US150m in its first weekend last year, the result for Avatar is very strong considering the timing of the release in the middle of Christmas preparations and the fact it is a new film not tied to a well-known film or book series.

Titanic also had a relatively underwhelming launch in the US in 1997, earning only 5 per cent of its eventual US box office with a $US28m opening weekend, before earning $US600m there.Dollar comparisons with Titanic are largely irrelevant, though, given the inflation in ticket prices in 10 years and the fact Avatar will benefit greatly from the premium ticket-pricing it will attract with 3D screenings.

Even so, global exhibitors are confident Avatar will have a similarly long and profitable life.

It needs one, considering the film’s production budget is estimated at more than $US300m with its studio, Twentieth Century Fox (owned by News Corporation, publisher of The Australian), spending an additional $US150m on marketing the movie.

Local distributor Twentieth Century Fox is budgeting on it earning $40m, which would put Avatar in the top 10 highest-grossing films here.

Its Australian launch was better, relatively, than its US launch. Seven dollars in every 10 spent at the Australian box office over the weekend went to the 3D spectacular, starring Perth’s Sam Worthington. It pulled in $11,962,308, a very strong, result considering it is a futuristic tale and its characters are unknown.