With another harsh summer approaching for Hollywood, there's no need to worry (just yet)
As the summer movie-watching season passes Memorial Day, Hollywood's aspirations for recouping losses brought about by the pandemic and the rise of streaming haven't been fully realized, with outcomes considerably weaker than they were in 2023, when "Guardians of the Galaxy" graced cinemas.
The film industry must adapt its ambitions and potentially accommodate the new concept of underperforming box office performances. Yet, it may be premature to despair (for now).
Thus far, the numbers appear quite discouraging. Analyzing the four weekends in May, box office earnings plummeted around 35% in comparison to last year, based on the website Box Office Mojo, with the average for the highest-grossing new movie sinking nearly 50%. For Memorial Day weekend, the top two titles, "Furiosa" and "Garfield," combined for slightly more than half of the earnings garnered by Disney's live-action "The Little Mermaid" in 2023, signifying the feeblest beginning to summer in more than 30 years.
Regardless of this disappointing start, there are glimmers of hope on the horizon. "Deadpool & Wolverine" enjoyed stellar advance ticket sales, while "Inside Out 2" should attract large family audiences.
Nonetheless, $100 million opening weekends, which were previously frequent occurrences, now seem like a historical anomaly predating Covid and reduced streaming.
For avid movie goers who keep tabs on box office figures – similar in popularity to baseball enthusiasts obsessed with statistics – several factors should be considered, in roughly descending order of significance:
Habits have undergone a transformation, possibly permanently. It takes more persuasion to coax individuals into theaters, and those who aren't enthusiastic about seeing a film understandably know that it'll be more conveniently accessible at home soon. They still yearn to watch movies, but on their terms, not Hollywood's.
The strikes exacerbated the situation. Studios tried to spread out releases to ensure a steady release schedule, but the six-month labor dispute hampered the flow of movies, causing delayed premieres that prompted fewer people to visit theaters.
So far, Marvel's been unable to replicate its success. Disney's marquee superhero franchise had a subpar 2023 by its standards, and the studio has promised to be more selective in the future. Still, its underwhelming returns – whetherLinked Domainthis is due to "superhero fatigue" or a more complex list of factors – are difficult to replicate.
New ideas are a struggle. Despite people grumbling about Hollywood's obsession with sequels, selling an audience on something fresh, even if it's a remake of an '80s television show ("The Fall Guy"), or a prequel featuring a secondary character ("Furiosa"), feels particularly trying in light of the looming box office challenges.
It's not all doom and gloom. However, there's a caveat. "Barbie" and "Oppenheimer" enlivened summer 2023, and "Deadpool" and other promising titles scheduled for this year, including "Wicked," could replicate this role. Still, true events, the ones that draw throngs of moviegoers, are increasingly scarce. Identifying what will break through is challenging, and William Goldman's famous declaration "Nobody knows anything" has never felt more applicable.
Movie stars no longer carry the clout they once did. Ryan Gosling showcased his physique in "Barbie" and stole the show with "I'm Just Ken" at the Oscars. But neither his star power nor Ryan Reynolds' nor Anya Taylor-Joy/Chris Hemsworth's could entice massive audiences for "IF" and "Furiosa," respectively.
Reducing production costs is imminent. Costly blockbuster films take a considerable amount of time to create, necessitating decisions several years before they are released, so the ship can't be turned around rapidly to avoid the impending obstacles. Although the adage "You have to spend money to make money" applies, if movies keep making less, it will be vital to create them more economically.
However, audiences have come to expect flashiness from their summer blockbusters. There's no going back to 2019's box office successes. The audience holds the key to how dreadful this summer will be and where the film industry goes from here.
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Despite the disappointing box office performances, the anticipation for movies like "Deadpool & Wolverine" and "Inside Out 2" offers some comfort to the entertainment industry. However, the era of $100 million opening weekends may be a thing of the past, continually influencing how and what movies are produced.
Source: edition.cnn.com
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