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NEED TO KNOW
Moviegoers Are Back in Theaters It appears that individuals have finally become unsatisfied with watching movies from home and they have once again returned to the big screen. Not only are people returning to theaters, but they are buying more concessions and purchasing more premium viewings than ever before. This past weekend brought in $55 million more than this same weekend in 2019! For many theaters, this past weekend was its highest-grossing or contained its highest grossing day out of 2022. With this being said ticket sales for this year are still running 30% below pre-pandemic (2019) levels. Although there are not nearly the same amount of movies being released to theaters as there were in 2019, several of the titles have drawn huge audiences. Between now and the end of the year, audiences will have plenty of films to choose from including Black Panther: Wakanda Forever and the highly anticipated Avatar: The Way of Water. All things considered, the moviegoing industry seems to be recovering well. Read more
Where Is Summer Moviegoing Headed?
The rest of July is predicted to continue to be a good month for summer moviegoing. This prediction is riding on Minions and Thor continuing to draw audiences. However, after that, ticket sales could take a turn downhill. Although there are plenty of films coming out, these films are not highly anticipated sequels, but are, instead, originals. This is worrisome because there is not a built-in fan base and the success of the films will rely heavily on marketing success and word of mouth. Although not a 'sure bet', the anticipated Brad Pitt actioner Bullet Train will be released, along with Jordan Peele's Nope, Idris Elba's Beast and DC League of Super-Pets, which should do well with families and fans of Dwayne Johnson and Kevin Hart. Read more
Movie Theaters Just Fought Through Hardship and Now Face Economic Downturn
After two rough years for the movie industry, we seem to finally be back up and running. With many of the big title films already released, and a thinning major release cadence for the rest of the year, Eric Wold (B. Riley Securities analyst) has decreased his original revenue projections for both 2022 and 2023. Eric now predicts a 28% drop in box office revenue from 2019 for the full year 2022 and a 7% decrease for 2023. He also mentioned that he has 'buy' ratings on Cinemark, and Marcus Corp. while posting, neutral ratings on AMC Theatres. Going off of this, he seems to believe that exhibition stocks will continue to be a relatively safe bet even while the country moves towards a potential recession. This could be due to the relatively low cost of going to the cinemas versus other forms of live entertainment and the fact that, historically consumers tend to continue (and even increase) moviegoing during times of economic hardship. Read more
Will Cruise Find Himself in the Cockpit Once Again for a Top Gun 3
The release of Top Gun: Maverick has officially created a whole new generation of fans for the Cruise driven films. Since May, Top Gun has earned over $1.18 billion globally and continues to grow, with many moviegoers going to see the film not just once but multiple times. Recently, in an interview with Miles Teller, he continued to tease the possibility of another sequel, however, this decision is entirely up to Cruise himself. With Cruise busy on Mission Impossible projects it could be years before we see this sequel occur, but I think we can all agree that this potential sequel is better late than never.
The Minions Have Done It Again with The Despicable Me Franchise Crossing $4 Billion Globally
The newest addition, Minions: The Rise of Gru, has pushed the Despicable Me franchise over the $4 billion mark at the worldwide box office. Not only that but Despicable Me is the highest-grossing animated franchise in history, even above Toy Story. With the way things are going, it would not be surprising if The Rise of Gru crosses the $1 billion mark. The crazy part of these films is that Universal only spends an average of $74.8 million on each of the films and grosses on average $822.2 million. With these kinds of stats, there’s no way the minions will come to an end anytime soon. With that being said, Despicable Me 4 is already set to release on July 3, 2024.
AMC Theatres Reports Busiest Weekend of 2022 on a Global Scale Powered by Multiple Films
Led by the opening of Thor: Love and Thunder, AMC theatres had its busiest weekend of 2022 this past weekend. Not only was it the largest weekend of 2022 but revenue was 12% higher than this same weekend in 2019 (before the pandemic)! An astonishing (roughly) 5.9 million people attended an AMC theatre.
Nope Is Getting Its Own Universal Studios Attraction The Same Day It Opens In Theaters
Most of the time, a film has to prove its audience before it gets a permanent attraction in an amusement park. However, Jordan Peele’s Nope, is an anomaly. Nope will be getting its very own attraction at Universal Studios the very same day the film opens in theaters. This decision shows extreme confidence in the performance of the horror film. The movie and set added to the Studio Tour will be open to the world on July 22. Read more to learn more about the Universal Studio Tour.
