Hollywood has been enjoying a comfortable few months of success at the box office, raking in nearly $1 billion in June. Nearly empty movie theaters for two years and razor-thin margins have provided relief from pandemic-induced anxiety. But given the ongoing pandemic fallout, is this success sustainable?
The first weekend of July saw the opening Minions: The Rise of Gru, its surprise data on Thursday pushed June’s domestic total to $996.8 million. Most of this year’s films have taken audiences to theaters across the country. That’s still a bit low compared to June 2019’s $1.114 billion in total revenue, but executives hope it’s a sign of normalcy. However, there is a small gap in the number of vacancies in the coming months, which could significantly lower the final figure for the full year.
Every decade, Hollywood asks the same question: Can movie theaters survive in the long term? Streaming services have come a long way in recent years, with the pandemic showing that audiences are keen to consume a lot of content at home, prompting major studios to open up in the mix. The movie will be released in theaters and on their studio’s streaming platforms shortly after, even at the same time. While some see it as a good survival practice in these unusual days, others, like Tom Cruise, steadfastly refuse to let their films stream after such a short time.
In fact, Cruise proved himself right Top Gun: Maverick, which opened on Memorial Day weekend, and is still growing its revenue, bringing the film’s total to more than $1.11 billion. But not every movie achieves that, and small movies can be hurt by big ones. Still, what Cruise is trying to convey is that the experience of watching a movie is nothing like watching a movie at home—the former is an experience that should be preserved. This box-office recovery has plenty of festivities, but also a cautionary tale for the future.
Indeed, the next few months in Hollywood will be a little quieter than the first two. Top Gun: MaverickGreat opening before Doctor Strange in the Multiverse of Madnesshas grossed more than $950 million at the global box office. Jurassic world domination It also exceeded expectations, surpassing the $800 million mark globally. That said, it’s not without its disappointments.Disney and Pixar light years Just over two weeks after its release in theaters, the global box office barely reached $190 million, an underwhelming performance.
The global box office is still recovering from the pandemic. In China, revenue fell by about 38% due to repeated lockdowns and restrictions. The numbers are still far from pre-pandemic totals and attendance, but significantly better than expected.July will see the opening Thor: Love and Thunder, No and DC Super Pet Leagueare expected to perform well, but there is still a gap between blockbuster films until October black adam and november Black Panther: Wakanda Forever. December will see major release Avatar: The Way of Wateralso Puss in Boots: The Last Wish, Shazam!Wrath of the Gods with Damien Chazelle Babylon.
Current domestic revenue is up nearly 250% from the same period in 2021, but down 32% from 2019. That year, North America recorded $11.4 billion in revenue, and analysts hope to hit at least 70% of that figure this year, estimating $7.5 billion to $8 billion, with Thanksgiving and Christmas expected to regain momentum in the current summer numbers. Considering how dismal 2021 has been, this year will undoubtedly be better.