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Greta Gerwig’s film Barbie and Christopher Nolan’s film Oppenheimer, which was released in July, have been breaking several box office records. Both films fueled summer movie ticket sales this year at the US box office. But will the streak continue? Scroll down to know more.
Allegedly, starting from the initial Friday in May and extending until Labor Day weekend, the summer movie season typically contributes around 40% of the year’s total movie ticket sales in the US market. During these sweltering months, studios frequently populate the release calendar with superhero blockbusters, franchise sequels, and action-packed films to captivate audiences. Nevertheless, the outlook for the fall season appears dim.
According to a CNBC report, movie theatres are currently facing a shortage of content compared to previous years. The absence of anticipated titles like “Dune: Part Two” is expected to worsen this challenge. There’s some positive news for the industry, though, as Taylor Swift’s “Eras Tour” concert film is scheduled for release in October. It’s anticipated to have a strong debut, with many box office analysts projecting an opening of $100 million. However, it’s recognized that Swift alone won’t be able to fully offset the content deficit.
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After experiencing pandemic-related shutdowns, Hollywood currently has a reduced number of titles available for theatrical release. Several costly franchise instalments, intended to tap into audience nostalgia, did not perform as expected. Movies like Paramount’s “Mission: Impossible — Dead Reckoning Part One,” Warner Bros.’ DC Comics tentpole “The Flash,” Universal’s “Fast X,” and Disney’s “Indiana Jones and the Dial of Destiny” all underperformed at the North American box office. According to the report, each of these films generated less than $200 million in the U.S. and Canada.
Instead, moviegoers showed a preference for original storytelling, gravitating toward films like the whimsically vibrant Barbie and the dark and intense Oppenheimer. Greta Gerwig‘s film managed to amass an impressive $612.3 million between its release on July 21 and Labor Day, constituting 15% of the total summer box office.
These trends are emerging as the theatre industry undergoes a resurgence, with the overall box office figures from January through Labor Day witnessing a remarkable 25% increase compared to the previous year. Nevertheless, it’s important to note that it still lags behind the levels of 2019 by 13%. Additionally, the upcoming fall movie season appears to be relatively subdued, even with the anticipation surrounding Swift’s concert movie.
Several highly-anticipated films, including Dune: Part Two from Warner Bros. and Legendary Entertainment, Sony’s Kraven the Hunter, and the sequel to Ghostbusters: Afterlife, have already postponed their release dates to 2024 due to ongoing strikes by writers and actors against the studios.
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