This summer’s movie season is on track to record the lowest box office revenue in decades, with experts predicting a drop of nearly $1 billion from last year’s $4.1 billion in box office revenue due to a lack of blockbusters. There is.
The dire $3 billion outlook is fueled by last year’s Hollywood worker strikes that halted production and delayed the release of new films. Disney won’t release any Marvel movies until July, marking the first time since 2009 that a superhero series won’t hit the big screen in May.
Before the coronavirus pandemic, the summer movie season, which runs from the first weekend in May through Labor Day, typically brought in more than $4 billion.
Last year, the success of “Barbie” and “Oppenheimer” brought in $4.1 billion in revenue during the primary period, typically accounting for 40% of total annual revenue.
However, the first major film released in May of this year, Universal’s The Fall Guy, did not perform well at the box office during its opening weekend. The action film, starring Ryan Gosling and Emily Blunt, brought in a meager $28 million at the box office.
Experts said the weak opening doesn’t bode well for other non-Marvel movies scheduled for release in the coming weeks.
said Paul Dergarabedian, senior media analyst at comScore. told CNBC This summer’s box office revenue could be $800 million less than last year.
Dergarabedian said: “Even though year-over-year revenue declines are inevitable, Summer 2024 should be judged by the quality and value of the moviegoing experience, not by the amount of box office money in the cupboard.” said.
The last time season ticket sales fell to $3 billion was in 2000, according to ComScore data.
Other movies scheduled for this month include Disney’s “Planet of the Apes,” which opens Friday. Ryan Reynolds’ children’s comedy “IF” will be released on May 17th, while “Furiosa: The Mad Max Saga” and “The Garfield Movie” will both be released on May 24th.
Meanwhile, Marvel fans will have to wait until late July for Deadpool & Wolverine to be released.
The movie, starring Ryan Reynolds and Hugh Jackman, is Marvel’s first R-rated film, which could hinder its box office success.
On Tuesday, Disney CEO Bob Iger said the company would produce no more than three Marvel movies a year due to a focus on “quality” in response to criticism that the company makes too many mediocre superhero movies. Disney+ has announced that it will only have two shows.
Producer Jerry Bruckheimer, who plans to release the fourth installment of “Bad Boys” on June 7, agreed.
“People just want to be entertained,” Bruckheimer said. “It’s really up to us to make the right movies that they want to go see.”
Due to the economic downturn caused by the Hollywood strike, highly anticipated films such as “Mission: Impossible 8,” “Captain America: A Brave New World,” and “Thunderbolts” have been postponed to next year.
