Spider-Man: Far From Home is off to a flying start. The movie opened to a record Tuesday in the United States, bringing in $39 million and beating the previous record holder The Amazing Spider-Man 2 which released on May 2012 to $35 million. The Independence Day Holiday in the States coupled with a lack of competition should ensure the movie dominates the weekend and ends up with an easy sub-$100 million extended weekend haul. In fact, the real competition to Far From Home isn’t from theaters but from streaming services as all Stranger Things 3 episodes are out this weekend.

Internationally the movie is doing phenomenal business as well. It opened in China to a strong $98 million opening weekend and has made $110 – $120 million in the territory thus far, depending on which source you look at. For comparison, that’s more than the entire lifetime gross of Spider-Man: Homecoming in China just two years ago. Add to the fact that Far From Home is getting rave reviews and is set to open to a humungous 4,634 screens and this could potentially dethrone the James Bond film Skyfall as Sony Pictures’ highest grossing movie of all time and become the studio’s second film to pass the $1 billion mark.

China has become a hot market for big-budget Hollywood productions. Studios releasing their movies day and date with North American releases has certainly boosted international grosses by a wide margin. Chinese earnings of Hollywood films can typically account for a quarter of the movie’s worldwide grosses. And with franchises and superhero films becoming increasingly popular, that doesn’t look like slowing down anytime soon.

Spider-Man: Far From Home is out in theaters next week. Look forward to our review of the movie, right here on Appocalypse. Meanwhile, check out the spoiler-free first reactions and early reviews from the movie on our website.