Panther dominated the box office

January is a historically slow month at the box office. Aside from awards season movies getting a wider release, there aren't usually too many big movies to attract a significant crowd. Of course, this can open up opportunities for smaller players to win from time to time. Den of Thieves 2: Panther, for example, is the first new hit of 2025, as the sequel topped the charts last weekend. Turns out Gerard Butler's Big Nick and O'Shea Jackson Jr.'s Donnie still have juice.

The sequel, written and directed by Christian Gudegast, grossed $15.5 million domestically, essentially matching the $15.2 million opening of the original Den of Thieves. That's a pretty impressive retention rate considering the first film hit theaters in 2018, a full seven years ago. It was also a very different time for the industry, before the pandemic. So it's nice to see that a mid-budget film like this can still draw a crowd. Good thing Den of Thieves didn't become a TV show insteadwhich it almost did.

It's also a much-needed win for Lionsgate, as the studio has been in pretty rough shape this year. 2024 was Lionsgate's worst year ever at the box officewith the likes of The Crow, Never Let Go, The Killers Game and Borderlands (among others) bombing in theaters. To say this win was welcome for the studio would be a dramatic understatement.

So what exactly happened here? What made Den of Thieves 2 triumph over the likes of Mufasa: The Lion King and Sonic the Hedgehog 3? We'll take a look at the biggest reasons why this sequel was a box office winner. Let's dive into it.

As already mentioned, there was an unusually large gap between the first “Den of Thieves” and “Panther”. There are various reasons for this, such as the STX collapsethe studio that distributed the first film. Let's not forget the pandemic that rocked Hollywood in 2020, from which the industry is still recovering in many ways. In any case, the difference between the parts in this case could have been good for the sequel.

“Den of Thieves” was a hit in its time, grossing $80.5 million worldwide. More importantly, it has remained successful thanks to regular streaming and VOD rotation (not to mention Walmart's discount DVD bin). For this purpose “Den of Thieves” recently climbed to the top of the Max charts before the sequel's theatrical release. The thing is, the audience for the original film has only grown in the years since it opened in theaters. That definitely worked in Lionsgate's favor here, and could benefit the studio even more in the future, assuming it wants to do more such heists.

All due respect, Den of Thieves 2 isn't exactly a critical darling. It currently has a 57% approval rating on Rotten Tomatoesand critics are largely confused about the film. That means the audience digs it, which is far more important. It has a 79% audience rating, which equates to a solid B+ CinemaScore. For a not-so-short R-rated heist movie without any A-list movie stars, it's pretty good. It was also enough to give this necessary name among potential ticket buyers.

The sequel sees Big Nick (Butler) on the hunt in Europe, getting closer to Donnie (Jackson) after the events of the first film. Donnie is now immersed in the world of diamond thieves and the infamous Panther Mafia. When an unlikely alliance forms, they plan a massive heist of the world's largest diamond exchange. /Films Chris Evangelista rated “Den of Thieves 2” 7 out of 10calling it a “triumph of soul rock”. Viewers seem to agree so far.

As mentioned above, January is not usually a big month for theaters. From time to time you will receive an outright blockbuster like “Bad Boys for Life” becoming a huge hitbut this is the exception rather than the rule. In this case, Den of Thieves 2's path to the crown at the domestic box office was pretty clear because, frankly, there was nothing standing in its way.

Mufasa and Sonic 3 have already been in theaters for four weeks and have collected the lion's share of the money they're going to make. Also, the films “Wicked” and “Moana 2” are shown in theaters for two months. Even Christmas hits like “Nosferatu” and “Babygirl” already have three weekends in the books. Not to mention, Den of Thieves 2 is the only major release right now aimed squarely at the event crowd, meaning few audience members were ready for such a movie. It was the right movie at the right time, plain and simple.

Even though this movie doesn't have any huge stars, we should respect Butler's name a little bit. He's no Tom Cruise or Will Smith by any means, but he's a solid box office bet in the right project. He definitely helped make the first Den of Thieves a hit, no doubt about it. Butler was also one of his biggest hits, including “300” and “How to Train Your Dragon.” In recent years, he has been a mid-budget maven; even his somewhat modest hit “Greenland” is now getting a sequel.

Simply put, the man is the star in the real movie. Obviously, no one hits 1,000, and Butler isn't immune to misfires like when he starred in 2023's Kandahar. (which was quite a box office flop). Other than that, though, Butler has proven time and time again that he still has juice and can help turn something into a theatrical hit. In this case, he may have helped create a new, ongoing franchise for Lionsgate, a studio trying to make the most of its opportunities. (See also: “Saw”, “The Hunger Games”, “Twilight”.) It knows how to squeeze every drop of property it can get. Butler may just help the studio squeeze a little extra out of this one.

The big thing here is that “Den of Thieves 2” is right in Lionsgate's wheelhouse. As the studio has done many times in the past, it has now turned a mid-budget film into a hit and quite possibly a franchise. Den of Thieves 3 is already well made and if “Den of Thieves 2” does well overseas, it will almost certainly get made. This is what Lionsgate does best. On the other hand, when it strays from this kind of film, things tend to go badly.

Between “John Wick”, “Knives Out” and several other success stories, Lionsgate has proven that it can be the king of mid-budget movies in today's Hollywood. The success of this sequel only adds to that fire. However, when a studio makes big-budget stuff like “Power Rangers,” “Moonfall,” “Robin Hood” or “Borderlands,” things tend to go wrong. This is a sandbox that Lionsgate should be playing in as it has proven time and time again that it knows how to sell these movies to the public. This was a case of the right studio with the right IP.

“Den of Thieves 2: Panther” is in theaters now.