As it stands, there is virtually no chance that 2024’s ticket sales match last year’s. That sucks, particularly as theater chains like AMC are continuing to try and dig out of the hole that was made for them in 2020. Studios, it’s worth mentioning, also really need theatrical revenue, as streaming is largely still unprofitable (save for Netflix) and cord-cutting continues to accelerate. The industry can ill-afford a major downturn.
One thing that perhaps isn’t talked about enough is the fact that audience habits changed dramatically during the pandemic. New movies could be streamed at home thanks to the advent of premium VOD, making it even less essential to head to theaters. Let’s not forget that ticket prices are more expensive than they were in 2019 when the box office hit a record $11.4 billion, so even fewer people are actually going to the movies. What we’ve seen over the last couple of years, though, is the ability to turn that tide. “Top Gun: Maverick” brought out older moviegoers en masse, whereas “Five Nights at Freddy’s” brought out young people in record numbers. Hollywood must find a way to keep that momentum alive, even in the face of a barren release calendar.
What 2024 needs is some unexpected breakout hits like 2023 had. It needs more imported hits from overseas. It needs more specialty programming. Studios and theaters alike need to put their heads together and figure out ways to keep the momentum going as best they can without as many big, new movies coming until much later in the year. It’s easier said than done, but this is a pivotal moment.
Last year ended on a good note. For the good health of the industry moving forward, things mustn’t backslide too far before we turn the corner and get beyond the coming down period.
I spoke more about this on today’s episode of the /Film Daily podcast, which you can listen to below:
We also counted down my personal top 10 movies of 2023, so check it out!
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