‘Titanic’ Headed For Another Landmark

“Titanic,” which became notorious for being the most expensive movie ever made, is sailing steadily toward another financial landmark: the biggest-grossing movie of all time.

Even if it fails to maintain its record-breaking box-office run, in which it has grossed more than $25 million every week since it was released Dec. 19, it is poised to pass the $400 million racked up by 1982’s “E.T.: The Extra-Terrestrial” by the time Academy Awards are handed out March 23. “Titanic” has already surpassed $250 million.

Should “Titanic” win multiple Oscars, it has “at least a 50-50” shot at surpassing the $460 million accumulated by “Star Wars” in three separate theatrical releases, according to industry analyst Philip Borack.

“‘Titanic’ has to be considered the front-runner for best picture, and if it wins, that exposes it to an even larger audience,” says Borack.

“It’s still early to be making those kind of predictions,” said Wayne Lewellen, head of domestic distribution for Paramount Pictures, which released “Titanic” in North America. “But it’s clear now this film is a true phenomenon. Today’s marketplace doesn’t sustain movies the way it did even five years ago, and the shelf life of movies is getting shorter and shorter. ‘Titanic’ is obviously a large exception to that rule.”

Most blockbusters, said Lewellen, tend to open big, then drop quickly, as audiences discover new films and interest decreases. But last weekend’s grosses for “Titanic” were actually 5 percent higher than those of its opening weekend, even excluding the Dr. Martin Luther King Jr. holiday.