Despite Strong Showings So Far, Box Office Set To Be Lower Than Last Year

Apr 10

2024 has had its fair share of box office hits thus far, from Dune: Part Two to Kung Fu Panda 4 to the recently released Godzilla x Kong: The New Empire. The conversation surrounding this year’s projections has sparked up again as CinemaCon 2024 has come around again. Gower Street Analytics, a company that analyses film industry data and produces reports and forecasts based on the results, recently released its report for the 2024 global box office. The numbers have shifted from their initial predictions, but the overall outcome is projected to remain the same.

Gower Street is currently projecting $32.3 billion in overall global box office revenue; this is up .8 billion from their original prediction of $31.5 billion. Domestically and in China, the first quarter had a total that was 1% greater than their prediction. The other international box office markets had a total that was 11% greater than originally predicted. These increases, as well as release calendars shifting, have informed the updated projection. 2023 saw an overall revenue of about $33.9 billion; massive hits such as Barbie and Oppenheimer contributed to this number, a large increase compared to 2022. If the predictions for 2024 come to fruition, the year will come in at about $1.6 billion less than the previous year and about $10 billion less than pre-pandemic numbers.

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Can Cinemas Still Exist?

The 2024 global box office is projected to do better than initially thought, but it still currently falls below previous years. This season faces a unique set of challenges, as it is the fourth year since the initial pandemic lockdown and the first year following a dual set of Hollywood strikes. Other big-name films will be released later in the year, including Deadpool & Wolverine on July 26, Sonic the Hedgehog 3 on December 20, and Joker: Folie à Deux on October 4. In any case, future global box office revenue will not inherently be slowing down.

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