A scene from “Barbie.”
Courtesy: Warner Bros.
Hollywood took a gamble by relying heavily on blockbuster franchise sequels to revive its summer cinema business. However, it was the unique and creative films like “Barbie” and “Oppenheimer” that drove the industry’s revenue to a 19% increase, reaching $4 billion.
The summer movie season, which starts on the first Friday in May and ends on Labor Day weekend, typically accounts for 40% of annual movie ticket sales. To capture audience attention during the hottest months of the year, studios usually release superhero movies, franchise sequels, and action-packed films.
Unfortunately, the fall season looks bleak. Movie theaters are already facing a shortage of content compared to previous years, and the absence of titles like “Dune: Part Two” will exacerbate the issue. However, there is some hope with Taylor Swift’s Eras Tour concert film set to release in October, which is expected to have a blockbuster opening with analysts predicting $100 million in revenue. Nevertheless, Hollywood is still struggling to recover from the impacts of the Covid-19 pandemic and is facing additional challenges due to labor strikes that limit marketing efforts.
Top summer movies of 2023, domestic
- Warner Bros.’ “Barbie” — $612.3 million
- Sony’s “Spider-Man: Across the Spider-Verse” — $381.2 million
- Disney’s “Guardians of the Galaxy Vol. 3” — $358.9 million
- Universal’s “Oppenheimer” — $310.6 million
- Disney’s “The Little Mermaid” — $298.1 million
Source: Comscore
Summertime gladness
Following pandemic-related shutdowns, Hollywood had fewer titles to offer theaters this summer. The number of wide-released films decreased by almost 24% compared to 2019. However, the 2023 summer box office only saw a 5.9% decline, or a little over $200 million, indicating a recovery from the previous year.
According to Paul Dergarabedian, senior media analyst at Comscore, the most notable aspect of the summer movie season of ’23 was its unpredictability.
Highly anticipated franchise sequels failed to make a significant impact, with Paramount’s “Mission: Impossible — Dead Reckoning Part One,” Warner Bros.’ DC Comics film “The Flash,” Universal’s “Fast X,” and Disney’s “Indiana Jones and the Dial of Destiny” all falling short at the domestic box office, each earning less than $200 million in the U.S. and Canada.
Instead, moviegoers leaned towards original films like “Barbie,” a collaboration between Warner Bros. and Mattel, which generated $612.3 million and accounted for 15% of the total summer box office revenue. Another surprise hit, “Sound of Freedom” from Angel Studios, also contributed to the summer haul with nearly $200 million in ticket sales since its release on July 4.
Fall pall
Timothee Chalamet and Rebecca Ferguson star in Denis Villeneuve’s adaptation of “Dune.”
Warner Bros.
The summer season also revealed a growing demand for premium format showings, indicating the audience’s desire for a unique cinematic experience. Shawn Robbins, chief analyst at BoxOffice.com, emphasized the importance of communal experiences in theaters, citing the success of “Barbie.”
However, ongoing labor strikes have caused a reduction in the release calendar, posing challenges for both theater owners and audiences who are eager to see delayed movies. This trend may continue into the next year as productions remain halted.
The overall box office revenue from January through Labor Day has increased by 25% compared to last year, signaling the revival of the theater industry. However, it is still 13% lower than the levels seen in 2019. The fall movie season is expected to be lackluster, even with the inclusion of Swift’s concert movie.
Disclosure: NBCUniversal is the parent company of Universal Studios and CNBC.
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