Box Office Drought Prompts Media Execs And Wall Streeters To Take Stock Of Post-Pandemic Movie Business
deadline.comWidespread optimism months ago that domestic box office might readily return to pre-Covid levels has given way to a new sense of pragmatism about the movie business.This year’s tally will far surpass last year’s $4.5 billion haul, but it will certainly fall billions short of 2019’s $11.4 billion in receipts, and all bets are off for 2023.
Given the uncertainty, Wall Street analysts and media executives are sharpening their pencils and revising the books. Their general sentiment is that there is still money to be made — particularly on the studio side — but that old methods will no longer suffice.Sony Pictures Entertainment CEO Tony Vinciquerra was asked at this week’s Bank of America investor conference if he thought the box office would eventually get back to pre-pandemic levels. “I hope it does,” he said. “I believe it will get close.” Despite the domestic struggles, he noted, “the rest of the world is still growing in film.
There’s a big challenge in China, a big challenge in Russia and Ukraine, obviously,” but territories like Korea, Indonesia and India are “still doing really well.”Covid production shutdowns months ago are resulting in the current drought of viable new titles, Vinciquerra added, and a strong fourth quarter and 2023 slate will inject much-needed energy. “Next summer is going to be absolutely crazy,” he predicted. “It’s going to be back to where we were pre-pandemic, where you have a lot of films in the marketplace, a lot of marketing going to promote these films, and you’re going to see significant, significant box office.”Studio owners are adjusting their operations to reflect the new landscape.
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