Box Office: ‘Elvis’ Targets $30 Million Debut, ‘The Black Phone’ Aims for $15 Million

variety.com:

Rebecca Rubin Film and Media ReporterDirector Baz Luhrmann’s musical biopic “Elvis” dazzled at Cannes Film Festival, earning a 12-minute standing ovation.

Will audiences respond with the same, sustained enthusiasm?According to early estimates, the Warner Bros. film is aiming to collect $30 million in its domestic box office debut over the weekend.

That’s a solid start for a drama catering to adult audiences. But given the film’s $85 million production budget, which does not include the many millions spent on promoting the movie, “Elvis” will have to keep singing in theaters throughout the summer to justify its price tag.Despite two buzzy new releases — “Elvis,” as well as Universal and Blumhouse’s creepy thriller “The Black Phone” — there’s a chance “Top Gun: Maverick” overtakes them both and returns to No.

1 on box office charts in its fifth weekend of release. Should that come true, it would be a remarkable accomplishment at this point in “Maverick’s” theatrical run.