8/1/2023 0 Comments Box officeThe latter in particular showing that even in December 2021, as Omicron edged infection rates up, $2bn worth of tickets could be sold worldwide, making it the sixth biggest film of all time worldwide. As the world started to reopen there were enough signs along the way that, despite some predicting long-lasting gloom, audiences were eager to return to the multiplex, with hits such as Godzilla vs Kong, F9: The Fast Saga, A Quiet Place Part II and Spider-man: No Way Home. “We were already on a trajectory to a future where all content would be streamed, and the Covid-19 pandemic accelerated this significant shift by several years.”ĭuring the darkest days of the last almost three years, studios postponed releases, sold others to streamers and further pushed the premium video on demand option (PVOD), which allowed audiences to pay extra to rent films that would have otherwise unspooled at cinemas. “There has been a systemic shift in how audiences want to view content today,” said Dallas Lawrence, senior vice-president at Samba TV, a company that gathers audience analytics. The success of Wakanda Forever and Top Gun: Maverick before it (making just under $1.5bn since this summer) invited the opposite coverage, excitable declarations that the “box office is back!” but perspective and a deeper read has shown that the industry remains in a difficult spot, one that’s both down to recent circumstance and one that’s also of its own making. “I don’t think anyone can complain that there isn’t an incredible mix of movies out there but this marketplace has been so confounding in terms of trying to get a handle on it and crack the code as to why certain movies are doing well and why others aren’t.” He referred to this Thanksgiving as “an attention getter for an industry that’s still reeling from the impact of production delays and release calendar changes”.Ī survey earlier this year found that 41% of consumers rarely go to see movies in the cinema any more and 18% don’t go at all. “It’s been tough drawing audiences to the multiplex,” said Paul Dergarabedian, a senior analyst at Comscore. Universal’s prestige Weinstein investigation drama She Said, Billy Eichner’s landmark gay romcom Bros, the acclaimed Cate Blanchett-led drama Tár, David O Russell’s starry caper Amsterdam, period whodunnit See How They Run, George Miller’s garish fantasy Three Thousand Years of Longing and even Dwayne Johnson’s DC outing Black Adam all underperformed on different levels. Trade headlines about the concerning state of the box office have been brewing now for weeks. And expansions of Luca Guadagnino’s Bones and All and Steven Spielberg’s The Fabelmans both struggled to make an impact, with $3.6m and $3.1m respectively. Sony’s airborne action drama Devotion sputtered out at just $9m, failing to capitalize on the summer success of Top Gun: Maverick (its budget is a reported $90m). The Disney fantasy Strange World tanked with just $18.6m, a start so rocky that analysts are suggesting the film will lose over $100m for the studio (previous Thanksgivings have seen them open Coco to $72m and Frozen 2 to $130m). This Thanksgiving period might have seen Wakanda Forever top the box office with a healthy $64m over the five days but overall, it was the worst holiday showing since 1994 (pandemic years notwithstanding). It was rousing news for all within the industry after a precarious fall season that saw more misses than hits but its banner success still masks a far more worrying bigger picture.
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