Universal’s Nolan bet pays off as The Odyssey storms the box office

Christopher Nolan’s “The Odyssey” opened to nearly $265 million worldwide, the strongest debut of the director’s career, according to Variety.

The Imax epic has instantly turned into a marquee win for Universal Pictures and NBCUniversal entertainment and studios chairman Donna Langley, whose courtship of Nolan began after his very public break with longtime studio home Warner Bros.

Variety reported that box office analysts now see a path for “The Odyssey” to reach $1 billion globally. The film has also pushed into the awards conversation, arriving as Amazon MGM’s “Project Hail Mary” had been viewed as a leading popular contender for best picture, according to the trade.

A director who opens movies by name

Nolan has long been counted among the rare filmmakers whose names can sell a theatrical event, alongside directors such as Quentin Tarantino, Ryan Coogler, Greta Gerwig and James Cameron, Variety reported.

Jason E. Squire, professor emeritus at the USC School of Cinematic Arts, told Variety that “The Odyssey” has helped pull audiences back toward theaters after the pandemic battered moviegoing. He described the film as a major creative and commercial success for both Nolan and Universal.

The scale of the wager was not small. Squire noted to Variety that a Nolan film can carry a budget around $250 million, with at least another $100 million for marketing, leaving studios to make a major financial commitment without any guarantee of profit.

How Universal replaced Warner Bros. as Nolan’s home base

Nolan made nine of his 13 films at Warner Bros., according to Variety, but the relationship fractured in 2021 after the studio chose to release its full slate simultaneously in theaters and on HBO Max during the COVID-19 pandemic.

That decision affected “Tenet,” Nolan’s time-bending action film starring John David Washington and Robert Pattinson. Variety reported that Nolan was angered by the move because his brand is closely tied to movies built for theaters.

Langley then beat out Sony Pictures, Paramount and Apple Studios to land “Oppenheimer,” Variety reported. Nolan has not signed an exclusive studio deal and is considered unlikely to do so, but Universal has become his regular base after that win.

The “Oppenheimer” agreement was unusually filmmaker-friendly, according to Variety. It included a long exclusive theatrical run, a written commitment to spend as much on marketing as the film’s $100 million production budget, and first-dollar gross participation for Nolan.

Nolan earned a reported $100 million in fees and back-end compensation from “Oppenheimer,” which later won the best picture Oscar, according to Variety.

Warner Bros. tried to win him back

Warner Bros. did try to repair the relationship after Discovery bought the company. Incoming film chiefs Mike De Luca and Pamela Abdy said in a 2022 Variety cover story that they were hoping to bring Nolan back.

Variety later reported that De Luca and Abdy sent Nolan a seven-figure payment in 2022 for fees he had waived while trying to help “Tenet” become the first film shown in theaters reopening after pandemic closures.

The effort did not bring him back. Warner Bros. later dated “Barbie” for the same July 2023 weekend as Universal’s “Oppenheimer,” a pairing that powered the box office through the “Barbenheimer” phenomenon. Variety reported that the move was viewed by some as antagonizing Nolan.

The Odyssey stayed at Universal

After “Oppenheimer,” Nolan and producing partner Emma Thomas did not shop “The Odyssey” to other studios, according to Variety. Langley went to their Hollywood Hills home, read the script with them, and planning moved ahead for the Matt Damon-led film.

Variety reported that Nolan’s “Odyssey” deal is believed to be more standard than his “Oppenheimer” arrangement, though insiders said he will again receive first-dollar gross. That would allow him to earn millions early in the theatrical run on top of his salary, rather than waiting for the movie to turn a profit.

Representatives for Universal Pictures and Nolan declined to comment to Variety.

This story draws on original reporting from Variety.