“Spider-Man: Far From Home” passed a major worldwide box office on Thursday, and the implications of the accomplishment are a lot bigger than most would expect.

“Far From Home” is projected to finish out the day with $1 billion at the worldwide box office, according to Hollywood Reporter, making it the first “Spider-Man” film and the ninth Marvel Studios release to cross that coveted threshold. It is also Sony’s first $1 billion release since “Skyfall” in 2012.

More important, though, are the legal ramifications of this accomplishment. According to the Ankler, the agreement between Sony and Marvel Studios to collaborate on the character stipulated that if this version of the character hadn’t grossed $1 billion by the second solo film, creative control for a third movie would revert back to Sony.

Well, fans of Tom Holland’s MCU exploits can breathe a sigh of relief tonight as Peter Parker remains under Marvel Studios control for the time being. One wonders if any talk of a third solo outing for Holland has been non-existent, even at Marvel’s big Phase 4 reveal conference at SDCC, because the character’s immediate future was unclear until this moment.

While they certainly can’t be mad about continuing to have their biggest franchise in proven hands, Sony might be feeling a little frustrated about the accomplishment. Considering their plans to develop a shared universe of Spider-Man off-shoot characters, including Tom Hardy’s Venom and Jared Leto’s Morbius, not having a Spider-Man to tie it all together must be a disappointment.

With Marvel Studio’s slate confirmed through 2021, it is likely that a third Holland-led “Spider-Man” will release in 2022 or later.

Spider-Man JK Simmons Jonah Jameson The stealth suit in "Spider-Man: Far From Home." Photo: Sony Pictures