The absence of a Marvel film to kick off the summer movie season for the first time since 2009 has had a noticeable impact on the box office. Marvel Cinematic Universe films have traditionally launched the lucrative summer movie season, with only two films in the past generating less than $100 million openings. Universal’s “The Fall Guy” was the headline film for the first summer weekend this year, but despite strong marketing efforts and positive reviews, it failed to generate significant ticket sales during its opening weekend. Industry experts attribute this to the film’s lack of a known franchise brand and its niche storyline, making it less appealing to a mass audience.
This stumble doesn’t bode well for the summer box office, which was already expected to decline from last year’s $4.1 billion haul due to Hollywood labor strikes that disrupted production and delayed film releases. Comscore’s Paul Dergarabedian estimates that the 2024 summer box office could potentially be down by as much as $800 million compared to 2023, with ripple effects for the entire year. The summer period typically accounts for 40% of the total annual domestic box office, so a limited and unsteady stream of new film releases means that moviegoers haven’t been exposed to trailers and promotions at their local cinemas, leading to potential lack of awareness about upcoming films.
Furthermore, this summer’s movie slate is not as strong as previous years, with fewer blockbusters and major franchise films. There is only one superhero film scheduled for release this summer, “Deadpool and Wolverine,” which is the first R-rated Disney Marvel flick and is set to arrive in late July. Analysts currently predict that the summer movie season will exceed $3 billion in ticket sales, but just barely. Before the pandemic, the summer box office consistently surpassed $4 billion. The last time ticket sales were as low as $3 billion during this season was in 2000.
Despite the anticipated decline in revenue, Dergarabedian suggests that the quality and value of the moviegoing experience should be the focus rather than solely the box office numbers. The industry is currently experiencing a lackluster summer, with the box office tracking down 48% year-over-year. While the May slate is expected to help strengthen ticket sales, cinema operators are in need of significant content to reclaim lost ground. A lack of sizzle in the volume of content and the absence of big splashes have contributed to the underwhelming performance at the box office.
Looking ahead, the summer 2024 slate offers more family-friendly films that may draw out parents and kids during school vacations. Animated features from established franchises, such as Universal’s “Kung Fu Panda 4” and Warner Bros.’ “Dune: Part Two,” have already shown success at the box office. The latter is currently the highest-grossing domestic release of the year with $281.3 million in ticket sales. Additionally, there are highly anticipated releases towards the end of the year, such as “Beetlejuice Beetlejuice,” “Joker: Folie a Deux,” “Venom: The Last Dance,” “Gladiator II,” “Moana 2,” “Wicked,” “Kraven the Hunter,” “Sonic the Hedgehog 3,” and “Mufasa: The Lion King.” These films have the potential to make a significant impact on the box office, given the success of their predecessors.
Ultimately, the success of the summer movie season is determined by audience reception and engagement at the multiplex rather than mere financial figures. While there are concerns about the decline in ticket sales compared to previous years, it’s important to consider the overall moviegoing experience and the value that films bring to audiences.
