[Spider-Man just crushed the all-time opening record](https://www.cnbc.com/2026/08/03/spider-man-brand-new-day-debut-360m-highest-domestic-opening-ever.html) with $360M domestically. Sounds bullish for media. But here's what nobody's watching: production budgets for tentpole franchises have tripled since 2015. Sony's getting $360M in opening weekend gross, but theatrical splits are 55/45 to theaters. That's $198M to Sony, minus $250M+ in production and $100M+ in P&A.

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