Hopes for a smashing summer box office fade heading into the July Fourth weekend
The temple of doom… an “Indiana Jones” title and an apt nickname for struggling US movie theaters. Disney's “Indiana Jones and the Dial of Destiny” opens this week, and early tracking suggests the franchise finale could pull in an underwhelming $60M (well below its 2008 predecessor). The projections have some analysts fearing that in-theater audiences may not return to prepandemic levels.
IP’s no guarantee: Universal's hit “Mario Bros.” movie had the industry hopeful, but Disney’s “Little Mermaid” sales disappointed, while “The Flash” from Warner Bros. tanked 72% in its second weekend.
Not great, Bob: Flicks released this year have so far pulled in $3.6B at the domestic box, a 31% drop from 2019 based on the same criteria.
Feeling down in front… With the writers’ strike heading toward the 60-day mark, Hollywood insiders aren’t hopeful about a bounce back: 75% of film-industry pros said ticket sales likely wouldn’t eclipse prepandemic #s for at least five years. Investors may be taking note: Cinemark shares are down 15% from their June peak, and IMAX shares have fallen 7% in the same period. Still, July releases including “Mission: Impossible,” “Barbie,” and “Oppenheimer” could give theaters a much-needed breath of life.
To find strength, Hollywood must search outside itself… International markets increasingly appear to be driving the industry. Overseas ticket sales outnumber North American sales 2-to-1, and 5 of the top 10 films in the first weekend of May were non-English-language movies. In the first quarter, IMAX reported that a third of its global revenue came from foreign content.