Blockbuster film cut a magical character (7)

I believe the answer is:

titania

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'magical character' is the definition.
Although both the answer and definition are singular nouns, I can't understand how one could define the other.

'blockbuster film cut a' is the wordplay.
'blockbuster' becomes 'titan' (I can't explain this - if you can you should give a lot more credence to this answer).
'film' becomes 'It'.
'cut' means to remove the last letter.
'it' with its final letter taken off is 'i'.
'titan'+'i'+'a'='TITANIA'

Can you help me to learn more?

(Other definitions for titania that I've seen before include "Fairy queen (AMND)" , "Bottom attracts me" , "Bottom fan" , "Queen of the fairies - Uranus satellite" , "Queen of fairyland" .)

I've seen this clue in The Guardian.

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