Published Jul 28, 2022
Exhibitors continue to do their part to reignite industry recovery from the devastating impact of the COVID-19 pandemic, taking steps to adapt their business model, including execution of enhanced cleaning procedures, changes in operational protocols and investment in high-efficient air filtration systems. Theatres have been safely reopened and Consumers have responded…
YTD (thru Jul 24) is surging 200% greater than last year and holding steady at 70% of 2019 numbers. Thanks to Minions ($297M), Thor ($271M) and Top Gun ($97M), July has pulled its weight and will end within 95% of 2019. With only a few more weeks remaining, the summer is up 120% versus last year and within 91% of 2019 (the 2nd highest grossing year in industry history).
Oh, and speaking of Top Gun, last weekend, the title moved into the #10 slot on the all-time highest grossing title list...7 days later (7/24) and it has now silently snuck past Star Wars Last Jedi and The Avengers and nestled into #8 on the all-time list --- Jurassic World ($654M) needs to "watch its six"!
My point…the industry is in its final leg of recovery but still being hampered by a lack of content. True, that due to the pandemic, production was temporarily halted, and new releases were postponed or shifted to streaming services, resulting in a drastic reduction in the volume of new films, but those days SHOULD now be in our rearview mirror!
Following up on my rant from last month (Jun’22), studios need to ramp up releases. Thru July 24, this year’s boxoffice is trailing 2019 by 30%, which appears to be a straight line to the fact there have been 37% fewer titles available.
Underscoring my point, with respect to Exhibitors and Consumers doing their part, this year’s 37% fewer titles have generated an average opening weekend gross 11% greater than 2019. Further, half of the 11% increase can be traced to an actual increase in attendance (the other half is increased ticket price).
The balance of Q3’22 (Aug and Sep), shows some sign of improvement, with “wide” releases currently on the slate down 21% (still worrisome, but better than minus 37%) from 2019. Helping boost September will be reissues of Spider-man: No Way Home – The More Fun Stuff (9/2) -- which is a “fan cut” of added and extended scenes -- and, in anticipation of the Dec release of Avatar 2, the original Avatar (9/23).
Moving into Q4’22, the quantity of titles will still be a concern; however, the quality is impressive, including…
Tickets to Paradise (Universal - Comedy), George Clooney, Julia Roberts – Oct 21
Black Adam (Warner Bros - Adventure), Dwyane Johnson – Oct 21
Black Panther: Wakanda Forever (Disney - Adventure), Angela Bassett, Letitia Wright – Nov 11
Strange World (Disney - Animated), Jake Gyllenhall, Dennis Quaid, Lucy Liu – Nov 23
Avatar: The Way of Water (Disney - Adventure), Sam Worthington, Zoe Saldana – Dec 16
Shazam! Fury of the Gods (Warner Bros - Comedy), Zachary Levi, Adam Brody – Dec 21
Puss in Boots: The Last Wish (Universal - Animated), Antonio Banderas, Salma Hayek – Dec 21
Babylon (Paramount - Drama), Brad Pitt, Margot Robbie, Tobey Maguire – Dec 25
To quote Orson Welles…”if you want a happy ending, that depends, of course, on where you stop your story.” Our story has a ways yet to go.
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