Despite 29% growth, 2023 cinema could not return to pre-pandemic era
Despite a notable 29% growth in box office revenue compared to 2022, the 2023 cinema struggled to return to the pre-COVID era, causing concerns about this year’s screenings and their financial outcomes, according to industry observers.
In a year marked by a final box office tally of $33.4 billion, 2023 cinema faced challenges in matching the pre-pandemic figures of $42.3 billion from 2019. Several analytical firms predict that 2024 may bring further worries, indicating a need for a 26% increase in sales to reach pre-COVID levels.
Key factors contributing to the challenges include a wide scale strike by screenwriters and actors, impacting not only North American revenues but also global cinema figures. This strike, coupled with the significant success of two major releases – ‘Oppenheimer’ and ‘Barbie’ – created a dramatic change in the industry.
The widespread impact of the strike extended beyond the North American market, affecting both large and small international film festivals. It disrupted the natural evaluation of films’ true worth at the box office and prompted delays in the release of certain films.
The success of ‘Oppenheimer’ and ‘Barbie’ rapidly propelled these films to global fame, collectively grossing $2.4 billion, contributing to over 7% of the total sales for the year. This success, however, may be viewed as an exception, as 2024 is unlikely to witness a lineup of blockbuster films and renowned directors comparable to 2023.
Despite the challenges, certain genres such as animation, horror, and action films gained popularity, garnering high audience satisfaction and positive reviews. However, with fewer crowd-pleasing films scheduled for 2024, concerns about the sustainability of cinema’s return to its pre-COVID glory persist.
The loss of several prominent filmmakers in 2023, including William Friedkin, Alan Arkin, Ron Cephas Jones, Angus Cloud, Matthew Perry, Ryan O’Neal, and Michael Gambon, further underscored the challenges faced by the industry.
While 2023 witnessed a significant growth in post-pandemic box office numbers and showcased high-quality productions, the issues of discrimination and consumerism within the film industry continue to impede the long-awaited return to stability and tranquility along the cinematic shore. The impacts of these issues are expected to extend into 2024, potentially reshaping the global cinema landscape and influencing its intrinsic
value.