In news unsettlingly reminiscent of last year's summer Box Office misstep, the failure of several key tentpole releases to live up to projected takings has had a knock-on effect on the overall 2023 summer Box Office. However, it's important to realize that a simple failure to produce year-on-year increases in the still shaky post-pandemic landscape isn't reason for doom and gloom just yet. Local entertainment attorney, Brandon Blake of Blake & Wang P.A, takes a more balanced look at the latest Box Office figures.
Down 2% on Last Summer
So far, the May 1- July 2 2023 Box Office period has not been particularly inspirational. With Pixar's Elemental, Indiana Jones and the Dial of Destiny, and The Flash all underperforming on expected numbers, the running total to date is sitting at $1.88B, 2% down on the $1.91B from last year, according to figures released by Comscore.
Yes, that in itself is something of a down note in a year of theatrical releases that started with amazing and unexpected performances from films like the Super Mario Bros movie. And yes, everyone in business likes to see numbers climb year on year. So some disappointment is more than understandable. These figures also leave summer 2023 lagging 17% behind the coveted 2019 benchmarks, where the summer box office came to $2.27B.
But let's not lose sight of the fact that summer 2020 was only able to deliver a paltry $416.7M before industry-wide shutdowns that stretched deep into summer 2021. Just two years ago, it was unknown if the theatrical exhibition industry could recover at all. Several chains are still dealing with the knock-on effects of the lengthy shutdown. The economic climate is not particularly conducive to ‘fun money' spending. And until those few ‘flops' (while each picture may have underperformed expectations, it's not like they have provided nothing to fuel the industry's bottom line), 2023 was shaping into an exceptionally fruitful year- even with those challenges looming large.
A Better July
Additionally, while it's probably best to put aside lofty notions like a full return to pre-pandemic figures for 2023, summer 2023 is not even over yet. And July has some rich pickings, especially with Mission: Impossible – Dead Reckoning Pt. 1, Barbie, and Oppenheimer all waiting in the wings. Additionally, while 2022's August was mostly notable for a dearth of any key performers at all due to pipeline interruptions, this August has some solid marquee fare that could deliver a last hoorah for the summer season. Paramount's Teenage Mutant Ninja Turtles: Mutant Mayhem, Sony's Gran Turismo, and Universal's Strays may not be the loftiest of cinematographic offerings, but they have built-in crowd appeal that should deliver solid performances.
Perhaps we should take a closer look at this season's top box office performer, Disney, too. Gone are the days of day-and-date releases and streaming hostility to the exhibition industry. Disney's chart-topping $811M in box office takings through summer can be attributed to a solid and diverse release slate, catering to a wealth of demographics from children and families right through to older adults, leveraging cinematographic releases as marketing for their end streaming channel, and with long windows that are performing solidly for the whole run.
We're sitting in a 2023 that's brought a Box Office cume 18% ahead of 2022, and only 21% behind 2019. A few dull months don't wipe out the outstanding recovery we've seen so far. A better summer taking would have been nice, but true recovery isn't built on one shining season, but rather a solid and consistent return to a full and exciting slate of films- and 2023 has certainly delivered on that so far.
