'Star Wars Episode 7' News Update: Film Could Make $1.2 Billion

Disney is already predicting that the new "Star Wars Episode 7" will be a huge box office success even though the film has not even been shot and is still two years away.

According to Variety, analysts are already predicting that new installment could make up to $1.2 billion worldwide when it is released. Additionally analysts stated that Disney's stock was up 84 percent even though "The Lone Ranger" bombed at the box office and made the company lose over $190 million.

Credit Suisse's Michael Senno expects Disney to generate around $733 million in profits from the seventh installment. Additionally he expects "the film to make $1.2 billion worldwide in theater, and more from consumer products and other revenue." He continued by stating "the "Star Wars" franchise should drive strong profit growth and mitigate risk at the studio with fewer risky high budget films."

The predictions could very well be true considering how the past installments did at the box office when they were released. In 2005 "Star Wars Episode III: Revenge of the Sith" made $380.2 million domestically and $848 million worldwide. In that year ticket prices averaged $6.41 as opposed to today's $7.94 average. Additionally "Episode III" was not released in 3D. Today 3D ticket prices have helped propel many of today's blockbusters such as "The Avengers" and "Avatar" to score huge opening weekends and record-breaking numbers.

"Star Wars Episode 7" is currently in pre-production and will be directed by J.J Abrams. Kathleen Kennedy will produce a script by Michael Arndt. Carrie Fisher, Harrison Ford and Mark Hamill are rumored to return to the franchise.

Disney will distribute the film in the summer of 2105