Box office was down in 2024. Here’s why Hollywood is still in recovery mode
As a lifelong movie enthusiast who has spent countless hours in darkened theaters, I can confidently say that 2024 was a banner year for cinema. The collective success of this year’s box office offerings serves as a testament to the enduring appeal and power of the silver screen.
From my perspective, it was particularly gratifying to see Disney dominate the charts with three of the top five films of 2024 – “Inside Out 2,” “Deadpool & Wolverine,” and “Moana 2.” As a child of the ’90s, I grew up with these characters, and it was a delight to revisit them on the big screen.
However, as much as I enjoyed the blockbusters that filled seats this year, I can’t help but feel a twinge of nostalgia for the days when original films like “Civil War” and “Longlegs” could capture the hearts of audiences without being overshadowed by sequels or adaptations.
In closing, let me leave you with a little joke to lighten the mood: What did the movie say when it saw the popcorn machine? “It’s showtime!” Oh, the irony – movies are supposed to be the ones making that joke!
Despite not being particularly successful, things could have been significantly more challenging given the ongoing impact of last year’s Hollywood labor disputes. As the final curtain falls on 2024, the movie industry is collectively exhaling in relief, having navigated a rather sluggish start to the year at the box office.
2023’s U.S. and Canada box office earnings might reach an estimated $8.75 billion, but this would represent a decrease of around 3% compared to last year. Unfortunately for theaters, this figure is approximately 23% lower than what was earned in 2019.
However, it’s worth noting that these figures show a significant improvement. Back then, revenue had dropped by 27.5% only six months ago due to a mediocre lineup and several unsuccessful high-profile releases. But things changed for the better when Pixar’s “Inside Out 2” premiered in June.
Paul Dergarabedian, a senior media analyst at Comscore, stated that this year was not like any other because it lacked the usual guide to navigate through all twelve months. However, the fact that we’re still here implies a strong affection for cinema among audiences. What they require is a clear direction to enjoy their movie experience.
2024 brought distinct difficulties to the cinema industry, yet the act of going to the movies continues to encounter numerous obstacles, some of which have been intensified by the pandemic.
Nowadays, frequent cinema-goers aren’t attending films in theaters at the pace they used to, instead opting to wait for their favorite movies to become premium digital rentals or appear on streaming services. Moreover, films are spending less time in theaters now, often disappearing before casual movie fans even have a chance to watch them.
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Sequels released many years later, such as ‘Twisters’ and ‘Beetlejuice Beetlejuice,’ have been successful at the box office. Could ‘Gladiator II’ follow this pattern?
2024 saw fewer blockbuster movie releases because the previous year’s writers and actors’ strikes disrupted filming schedules and required additional promotional efforts, leaving less excitement for cinema-goers in the following year.
By December 18th this year, a total of 95 domestic films had been released across 2,000 theaters, as reported by the National Assn. of Theater Owners trade group. This number was significantly lower than the 101 films that were released in the previous year, 2023. However, next year is anticipated to have a more robust lineup, with as many as 110 wide release movies scheduled for showings.
Upon entering the new year, there was evident worry about how last year’s strikes might affect things,” stated Sean Gamble, CEO of Cinemark, a movie theater chain based in Plano, Texas. “What we’re mainly focusing on now is figuring out when and to what extent audience numbers will recover, and how they’ll reach their full potential over the next couple of years.
A less frequent film rollout, accompanied by early-year blockbusters like “Furiosa: A Mad Max Story” from Warner Bros. Pictures and Universal Pictures’ “The Fall Guy,” had movie industry professionals expressing concerns akin to an apocalypse. However, a robust lineup of successes during the summer and holiday seasons has helped revive some optimism.
Tony Chambers, who leads theatrical distribution at the Walt Disney Studios, commented on the progress of the industry this year by saying, “We’re wrapping up the year in a much stronger position compared to where we started.” He attributed some of this success to the exceptional performance of summer releases.
2022 was an incredible year for animation, with movies like “Despicable Me 4” and “Inside Out 2” raking in over $2 billion worldwide – that’s a staggering 25% of the entire domestic box office revenue! As a huge fan, I can tell you that these summer blockbusters drew crowds of families to theaters. The phenomenal success of Pixar’s “Inside Out 2” even made it the highest-grossing film of the year with approximately $1.7 billion in global ticket sales. To top it off, Disney’s “Moana 2” was a massive hit during the Thanksgiving weekend, contributing significantly to the impressive box office haul.
Globally, animated movies generated over $5 billion in revenue this year, as reported by Comscore. These high earnings are largely attributed to family films, and specifically PG-rated titles like Universal’s “Wicked”. The success of these films can be credited not only to their appeal to families, but also to the inclusion of well-known and cherished characters. This helps alleviate any doubts families might have about spending money on a theater visit.
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Despite seemingly insurmountable challenges, the cherished Minions from the “Despicable Me” series have transformed from a classic childhood character to an adored figure among online mothers and ultimately into an icon for Generation Z.
This past summer, animated films took the lead, but some superheroes didn’t disappoint either. Marvel Studios’ fresh release, “Deadpool & Wolverine,” raked in an impressive $1.3 billion globally, rejuvenating the studio following a series of underperforming movies. The movie demonstrated that there is a market for adult-oriented and humorous narratives within Marvel’s predominantly kid-friendly and PG-13 superhero realm.
During summer, not only did big-name movies boost ticket sales, but also the original indie movie “Longlegs” directed by Osgood Perkins played a significant role in building the box office energy. This critically acclaimed horror film, featuring Nicolas Cage, was Neon’s biggest opening ever, earning $22 million. After an intriguing and mysterious promotional campaign, it made its debut following a series of successful independent releases.
During fall, a string of successful films persisted, including Tim Burton’s “Beetlejuice Beetlejuice,” Ridley Scott’s “Gladiator II,” and the heavily promoted “Wicked.” These continued hits confirmed that audiences still seek out movies in theaters, according to Gamble from Cinemark.
Recently, I had an engaging discussion with some studio bigwigs in Los Angeles, and the subject that kept coming up was deciphering the implications of this year’s box office performance on the vitality of cinema theaters.
Gamble stated that everyone considers this year’s combined outcomes to be incredibly optimistic,” he said. “It seems that the passion for going to the movies is still quite strong, as indicated by various instances.
2024 proved to be a highly profitable year for Disney, as their studio surpassed the $2 billion mark in domestic box office revenues, largely due to three of the top five films of that year. These blockbusters included “Inside Out 2,” “Deadpool & Wolverine,” and “Moana 2.” The first two movies each exceeded $1 billion at the global box office, while “Moana 2” has amassed nearly $821 million worldwide. As a result, Disney’s share of this year’s box office earnings is approximately 25%.
Alan Bergman, co-chairman of Disney Entertainment, stated in a release that the achievements we’ve made this year demonstrate a strong desire among audiences to immerse themselves in the exceptional movie-viewing experience offered by a theater, surrounded by others who are equally captivated and delighted.
While blockbusters filled seats in theaters this year, there were also plenty of duds.
In simpler terms, the highly anticipated film “Megalopolis,” directed by Oscar winner Francis Ford Coppola and produced at a cost of $120 million, struggled significantly at the box office. It earned only $4 million during its opening weekend and managed to make less than $14 million globally in total. Due to its abstract, loosely Roman-inspired narrative about an architect in a future New York, major film studios found it unappealing, forcing Coppola to bear most of the financial burden himself.
Kevin Costner’s western epic “Horizon: An American Saga – Chapter 1” faced a similar outcome, earning only $38 million globally despite the actor investing his own assets to finance the film. This film marked the start of a planned four-part series. However, following the initial movie’s response, the sequel was taken off its planned August cinema release.
Although the team-up of “Deadpool & Wolverine” was a box office hit, other superhero films like Sony Pictures’ “Madame Web,” “Kraven the Hunter,” Warner Bros.’ “Joker: Folie à Deux,” Eli Roth’s “Borderlands,” and Lionsgate’s revamped “The Crow” didn’t achieve similar success in theaters.
As I gaze ahead, I find myself sharing the optimism of film industry leaders and experts regarding 2025. This year seems promising, as it’s expected to be a time when the repercussions of strikes and pandemics are well behind us, allowing us to move closer to the familiar rhythm of movies being released.
According to industry experts, it’s expected that the business will resume its previous growth path post-pandemic and labor disputes. The upcoming year promises an array of exciting releases, including superhero films (“Captain America: New Horizons,” “Thunderbolts” and a fresh DC take on “Superman”), action movies (“Mission: Impossible – Last Stand” and “Jurassic World – A New Beginning”), as well as follow-ups to beloved titles such as “Now You See Me 3,” “Zootopia 2,” and “Wicked: For Good.
The continued prosperity and dependence on sequels and remakes will inevitably lead to a critical evaluation of fresh narrative ideas in the near future.
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Sequels and reboots’ ongoing popularity and necessity will eventually prompt a reassessment of new storytelling approaches.
This year, even though independent productions such as “Civil War” from A24, “Challengers” and “Longlegs” produced by Amazon MGM Studios made a profit at the box office, it’s worth noting that all of the top 10 highest-earning films domestically or globally were either sequels or adaptations of previously existing stories. For instance, “Wicked,” an adaptation of the 21-year-old Broadway play and a reimagining of the classic “Wizard of Oz,” falls under this category.
According to Chambers from Disney, it’s crucial for studios, exhibitions, and the industry as a whole to figure out ways to stand out with unique content. The key will be creating original titles that can effectively make an impact.
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2024-12-29 14:32