Sony prepares big show to hype "Spider-Man 3"

LOS ANGELES (Reuters) - The "Spider-Man" movies already are among of the biggest box office hits ever and, with "Spider-Man 3" opening in May, Sony Corp.'s Columbia Pictures is pulling out all the stops to make sure the films stay on top.

With a production cost of slightly more than $250 million and with tens of millions more pumped into marketing, the movie about a comic book superhero who uses spider-like powers to catch crooks, represents a huge financial risk. But offsetting risk is the movies' wide popularity.

"Spider-Man" in 2002 and "Spider-Man 2" in 2004 averaged more than $800 million at global box offices and millions more in DVD and other sales. The films boosted profits at Sony and aided Marvel Entertainment Inc., owner of rights to the comic book character, and video game maker Activision Inc..

"This really is our home-grown hero. The whole company gets behind it and embraces it," said Jeff Blake, vice chairman of Sony Pictures Entertainment, the division that runs Columbia.

For many months, fans have seen theater advertising, Web promotions, billboards and other ads with the red-and-blue suited Spider-man (Maguire), his nemesis The New Goblin (James Franco) and love interest, Mary Jane Watson (Kirsten Dunst).

But the web of Spider-Man hype gets wider on April 16 with the first of a series of premieres starting in Tokyo. The movie's makers then head to London on April 23 and Rome, Berlin, Madrid, Moscow, Stockholm and New York on April 30 for "Spider-Man Week in NYC." The movie debuts globally on May 4.

Blake did not comment on costs or expected ticket sales, but based on the first two movies, box office watchers think "Spider-Man 3" might match or even exceed the previous two.

SPIDEY'S MONEY WEB

"The environment could not be better in terms of how we are leading up to the summer box office," said Paul Dergarabedian, president box office tracker Media By Numbers. "We're ahead of last year in attendance (5 percent) and revenues (6 percent)."

Dergarabedian said "Spider-Man 3's" U.S. and Canadian debut weekend box office could topple the first "Spider-Man's" $115 million given pent-up demand for the film and because the first weekend of May is one of the top weekends of the movie year.

But whether "Spider-Man 3" can beat the $822 million total global haul of the first film, or "Spider-Man 2's" $783 million is a big question because sequels often fail to top originals.

Moreover, two weeks after the U.S. release of "Spider-Man 3" comes another major sequel, "Shrek the Third," and one week later is another, "Pirates of The Caribbean: At World's End."

Industry experts are wondering if the three will draw from each other's audience because all are derived from major hits.

If cannibalization occurs, it could spell trouble for Sony, whose film group saw profits slump in fiscal 2006. Financial analysts are counting on "Spider-Man 3" to turn it around.

"We should expect things to continue improving next year. "Spider-Man" is one of the strongest titles they will release," said Carlos Dimas, analyst for HSBC Securities in Tokyo.

Dimas sees the film division posting an operating profit of 41 billion yen ($345 million) in fiscal 2007, up from 27 billion yen ($227 million) in fiscal 2006. The group posted an operating profit of 64 billion yen ($538 million) in fiscal 2005, which included the release of "Spider-Man 2."

Similarly, companies with products linked to "Spider-Man 3," -- Marvel, Activision, toy maker Hasbro Inc. and game maker JAKKS Pacific Inc. -- are expected to see increased sales due to the movie's widespread promotion.

$1 = 118.99 yen

(Additional reporting by Nathan Layne in Tokyo)

Reuters/Nielsen