Film industry hopes for comeback story
CinemaCon convention sees glimmers of hope after pandemic and strikes
Somehow, heartbreak feels good in a place like CinemaCon — where no matter how many hits the motion picture industry has taken over the past year (and, uh, it’s taken a lot), exhibitors from all over the world unfailingly come together to exude enthusiasm about the movie-going experience and optimism about the future of cinema.
Flag bearers for the Motion Picture Association, the National Association of Theatre Owners and other major industry players convened Tuesday at Caesars Palace in Las Vegas to deliver their annual state-ofthe-business address and officially kick off the event. Movie stars, filmmakers and studio heads are expected to tease, extol and, in some cases, screen their upcoming releases.
There’s a lot riding on those movies in the wake of a box-office slump partially brought on by the Hollywood writers’ and actors’ strikes, which delayed several movies and effectively halted film and TV production last year for about six months.
“We can’t shy away from the stark challenges of this moment, nor can we ignore this time of volatility in our industry,” said Charles Rivkin, chief executive of the MPA, during Tuesday’s presentation. MPA represents the Hollywood studios, including Disney and Netflix.
“Yet no one should fear that uncertainty,” he added, “because after all, we work in a business where unexpected twists can make for an epic story. We understand the stakes. We recognize the need to do everything possible to ensure the enduring health of cinema.”
Global box office revenue is predicted to hit $32 billion in 2024, according to film analytics firm Gower Street, which is nowhere near the $40 billionplus heights of the pre-COVID-19 era. But since the beginning of 2024 — when domestic box office revenue was down 20 per cent from the previous year — some glimmers of hope have emerged.
In March, the highly anticipated sequel to Warner Bros.’ “Dune” launched at $82.5 million in the United States and Canada — the first true blockbuster opening weekend since AMC Theatres’ “Taylor Swift: The Eras Tour” ($93.2 million).
Following the desperately needed success of “Dune: Part Two” — which has now grossed more than $255 million domestically — Universal Pictures’ “Kung Fu Panda 4” notched a solid $58-million domestic debut, Sony Pictures’ “Ghostbusters: Frozen Empire” posted a decent $45 million and Warner Bros.’ “Godzilla x Kong: The New Empire” drew an impressive $80 million bow.
Exhibitors on Tuesday also touted the rising popularity of Japanese cinema in the United States, including Crunchyrolldistributed anime hits such as the latest “Demon Slayer” movie and Toho Co.’s Oscar-winning “Godzilla Minus One.”
Mitchel Berger, senior vicepresident of global commerce at Crunchyroll, said Tuesday that the global anime business generated $14 billion a decade ago and is projected to generate $37 billion next year.
“Anime is red hot right now,” Berger said. “Fans have known about it for years, but now everyone else is catching up and recognizing that it’s a cultural, economic force to be reckoned with.”
Exhibitors are hoping that momentum holds, despite also weathering several recent boxoffice disappointments, such as
Universal Pictures’ misbegotten spy thriller “Argylle” and Sony Pictures’ superhero disaster “Madame Web.”
When the actors’ strike concluded in November, theatre operators expressed concerns about the health of the 2024 film slate. The overlapping work stoppages prompted studios to push at least a dozen movies to 2025 from 2024, including the eighth instalment in Paramount Pictures’ “Mission: Impossible” saga and Disney’s live-action remake of “Snow White.”
Cinemark CEO Sean Gamble estimated in February that 95 pictures were slated to open this year in wide release, as opposed to 110 in 2023.
At Tuesday’s presentation, exhibitors pleaded with distributors to take a leap of faith and commit to releasing movies in cinemas year-round — not just during times that have historically seen heavier foot traffic.
“For my friends in distribution, please embrace digital’s flexibility and offer your aweinspiring movies 52 weeks of the year to every exhibitor,” said Chris Johnson, CEO of Classic Cinemas.
Michael O’Leary, CEO of the National Association of Theatre Owners, also made the case for more small- and mediumbudget releases that attract cinephiles, citing prestige titles such as A24’s “Past Lives” and Amazon MGM Studios’ “American Fiction.”
“It’s not enough for us to simply sit back and want more movies,” O’Leary said. “We must work with distribution to get more movies of all sizes to the marketplace.”