Movie Theaters Brace for SLOW Holiday Season
Without Taylor Swift and Martin Scorsese, the October box office would have resembled a deserted ghost town long before Halloween arrived.
The salvation of the month’s box office was attributed to two distinctive releases: “Taylor Swift: The Eras Tour” and “Killers of the Flower Moon.” These films followed unconventional distribution methods, with one being showcased by a theater exhibitor and the other being supported by a prominent streaming service. Their releases were the sole reason why audiences ventured to the cinemas.
Unfortunately, the situation may deteriorate further before any improvement is seen. Hollywood had initially hoped that the contract negotiations between SAG-AFTRA and the studios would be resolved by the end of October. However, the ongoing strike continues to hinder major stars from promoting their new films, intensifying exhibitors’ concerns as the holiday season approaches.
Related: SAG-AFTRA Suspend Negotiations
In total, the current domestic box office earnings stand at $7.5 billion, representing a 17.1% shortfall when compared to 2019. The earnings are a 25.6% increase over 2022. Industry analysts anticipate that the year’s final tally could hover around $9 billion, but this projection hinges on the performance of the remaining blockbuster releases in 2023. Industry insiders have adjusted down their expectations for the fourth quarter. This adjustment is primarily attributed to the notable postponements of high-profile films such as “Dune: Part Two,” “Ghostbusters: Afterlife,” and “Kraven the Hunter.”
All hope is not lost, but there is a palpable sense of uncertainty looming on the horizon. Disney’s “The Marvels,” the highly anticipated sequel to the billion-dollar blockbuster “Captain Marvel,” is set to hit theaters in November. However, it’s currently tracking on the lower end in terms of expectations for comic book adaptations.
This raises questions about its ability to deliver a box office punch. Compounding the uncertainty, it faces a limited window of opportunity before “The Hunger Games” prequel, “The Ballad of Songbirds & Snakes,” graces the big screen around Thanksgiving. The challenge here is whether moviegoers will remain invested in the world of Panem without the iconic presence of Jennifer Lawrence. While the outlook may appear uncertain, the magic of cinema has a way of surprising us, and the final quarter of the year might still hold some unexpected cinematic delights.
Unlike the Covid-induced slowdown, these recent challenges can be directly attributed to product availability, primarily as a result of the ongoing work stoppage. The strike’s impact has been profound, affecting the release schedule and creating a notable void in the cinema landscape. What’s even more concerning is the impending logjam of titles that will flood theaters once the work stoppage comes to an end.
Related: Marvel Studios Deadpool 3 Delayed
It’s anticipated that the industry will grapple with a cascading series of delays and rescheduled projects in the coming months to address the chaos caused by the SAG-AFTRA strike. As such, the cinematic world faces a period of uncertainty and adjustment as it navigates its way through these unprecedented challenges. Nonetheless, the resilience of the film industry has been proven time and time again, and with innovation and determination, it may well emerge stronger on the other side.
One thing is for certain, it is going to get worse before it gets better. Buckle up – it’s going to be a bumpy fall and winter in the Hollywood landscape. In the face of these challenges, the film industry will continue to adapt and evolve, making space for new and innovative approaches as it navigates these uncharted waters.
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