This week in Las Vegas, movie studio and movie theater owners will come together to shout an undeniable message from the level of the Colosseum at Caesars Palace, like King Kong roaring from the depths of the Hollow Earth:
Movies are back.
Or more accurately, some videos have returned. Alternatively, the videos are more “back” than many other people had imagined.
CinemaCon serves as an enthusiastic gathering for the theater industry, filled with heady euphoria for the magic of the big screen and provocative kicks in the chest by the National Association of Theater Owners, the Washington, D. C. -based industry group.
The truth, however, is that box office news has recently combined as the film industry continues its long recovery from the COVID-19 pandemic and two overlapping Hollywood moves that have undermined the release schedule. On the plus side, however, it wasn’t, as bad as it was.
Film research firm Gower Street estimated on Sunday that the global box office for 2024 would total $32. 3 billion, a slight improvement from the company’s initial projection of $31. 5 billion released in December. Gower Street attributed the slight increase to a better-than-expected first phase. quarterly effects on foreign markets, China.
However, the projection, if accurate, represents a 5% reduction from 2023 sales figures. The revised estimate for this year is still 18% below the average of the last three years prior to the pandemic, the company said. Total revenue reached a record $42. 3 billion. in 2019.
In the U. S. In the U. S. and Canada, the first three months of the year generated about $1. 65 billion for the film industry, a higher amount than expected but still 6% lower compared to the same period in 2023.
A handful of films performed better than expected, including “Dune: Part Two” ($265 million, U. S. ), “Godzilla x Kong: The New Empire” ($135 million) and “Bob Marley: One Love” ($96 million). ). The “Kung Fu Panda 4” and “Ghostbusters: Frozen Empire” franchises also drew audiences to their multiplexes.
“Speed wasn’t a remarkable performance, but several movies performed better, a sign that customer demand will be physically powerful over the next year,” Wells Fargo analyst Omar Mejias wrote in a research report. Mejias improved the stock of Cinemark, the third largest movie theater in the country. trader, “overweight” (or “buy”), pushing stocks higher.
In a note to clients, Eric, an analyst at B. Riley, said the latest effects “demonstrate the resilience of post-pandemic film demand. “
Most analysts estimate that the national treasury will total between $8 billion and $8. 5 billion in 2024, down at least 6% from last year. The second quarter got off to a slow start, with Dev Patel’s action film “Monkey Man” and 20. Century Studios’ “The First Omen” is worse than expected (neither of them charges much to do, fortunately for the studios).
As the overall effects show, other people still want to move on to the movies. But most of all, they want to see certain types of movies more than others. Sequels and reboots continue to dominate the charts, even if there’s the occasional action and mystery (“The Beekeeper”), romantic comedy (“Anyone But You”) or musical biopic.
Each of CinemaCon’s major studios will try to make a splash with big films coming throughout the rest of the year and beyond, even if the summer’s all-important slate is reduced compared to last year’s, in part due to strike-induced production delays. . (Want to stay on top of what’s going on in Las Vegas?My colleague Christi Carras is covering the occasion for The Times. )
Disney is on ‘Inside Out 2’ to counter its downward trend in animation, as well as Marvel’s next installment, ‘Deadpool’
The list of presenters reflects the oddity of the current state of the film industry, in which niche systems can work strangely well.
On Tuesday, Sony’s Crunchyroll will take on exhibitors following the Film Owners Association’s state of the industry, an acknowledgment of anime’s superior force on the big screen (objects from GKids’ release of “The Boy and the Heron,” which recently grossed a whopping $73 million in China). Later in the festivities, Angel Studios, last year’s corporate smash hit “Sound of Freedom,” will perform over breakfast.
Serious hazards remain in the exhibition sector. Attendance fell even before the pandemic shut down movie theaters, as customer behavior and festivals turned time and money into other entertainment options.
The industry has shown an over-reliance on poles from Imax-compatible studio action tents, while movie theater chains want a rich and varied roster of movies to thrive. AMC, the world’s largest movie company, continues to see its percentage value fall (more than 50% year-to-date) due to its large debt. Alamo Drafthouse is reportedly for sale.
It remains to be seen whether the global box office will ever return to the more than $40 billion of 2019 and previous years. A clearer picture will emerge in 2025, when the movements of writers and actors will be farther away. But overall, there is strong evidence that cinema attendance has proven strong despite the current difficulties.
Andy Cohen turned Bravo into a cable powerhouse. Now, the “King of Reality TV” is facing his own drama. Bravo and the makers of shows like “Real Housewives” are facing a series of accusations and lawsuits for bullying, harassment and unfair hard work. internship.
Hollywood celebrities are afraid of deepfakes. This skills company will use AI to combat them. WME is partnering with Loti, a Seattle-based AI and symbol popularity company, to prevent the unauthorized virtual use of visitor symbols by adding deepfakes. Further reading: WME owner Endeavour gets personal again.
CNN Originals returns after cuts with the series about the space shuttle Columbia. The department that got CNN ratings and an Oscar is bounced back after budget cuts. Its latest offering is a co-production with the BBC.
Studios are reviewing their plans for a $1 billion upgrade of the historic TV city. They are scaling back their plans to modernize the legendary studio in reaction to neighbors’ concerns.
Elsewhere in the company:
According to an initial tally, the long-awaited vote of Disney shareholders was just 31% in favor of billionaire dissident Nelson Peltz’s efforts to serve on the Burbank giant’s board, a decisive victory for Chief Executive Bob Iger.
Why didn’t most investors buy into what Peltz touted about Disney’s troubles?It’s not necessarily the right user for the job.
Anyway, Iger didn’t defeat his enemy any faster than we all turn our attention to the question of who will update him in 2026, assuming he effectively retires this time, as planned.
Outdoor filming is still down from last year.
— TV ratings: NCAA women’s finals set a record (Hollywood journalist)
A deal between Paramount Global and Skydance would be more (surprising) for Shari Redstone than for other investors (Wall Street Journal). A non-Redstone shareholder is already protesting.
— TikTok is turning to nuns, veterans and ranchers in a marketing campaign. The video app is spending millions on classified ads at risk of being banned in the United States. (New York Times)
– Like “Bluey”, a $2 billion ruin with a dubious future. (Business Week)
“Trent Reznor and Atticus Ross have a plan for everything. (GQ)
— The Ballad of Ray Suzuki: The Secret Life of Pitchfork’s Early Years and the Most Notorious Review Ever “Written” (The Ringer)
Take a look at the Los Angeles Times’ definitive ranking of the 50 Hollywood books of all time.
How many have you read?
This newsletter is written, in part, with the sound of the new album by the steel band DC Darkest Hour, “Perpetual | Terminal. “
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Ryan Faughnder is editor of the Los Angeles Times’ Company Town team, which covers the entertainment industry. It also hosts the entertainment industry newsletter The Wide Shot. Originally from San Diego, he earned a master’s degree in journalism from USC and a bachelor’s degree. Prior to joining The Times in 2013, he wrote for the Los Angeles Business Journal and Bloomberg News.
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