• GOWER STREET's Box Office Outlook
  • Posted on Jul 05, 2024

Back on Track: June International Box Office Achieves Pre-Pandemic Level!

What a relief! This June the global box office finally picked up where it left off after the heights of the summer 2023. The International market (excluding China) reached the same box office level as the comparable month in 2017-2019 on average!

International box office (excluding China), generated $1.42 billion in June, on par with the pre-pandemic average at today’s exchange rates. Only twice since the start of the pandemic had the International box office previously achieved this recovery level, in July (+7%) and May (-2%) last year.

Moreover, on a total box office level, the International (excluding China) and Domestic markets combined recorded their best month since August 2023! This resulted in a global box office of $2.7 billion in June.

However, the success is not enough to fully outweigh the challenges of 2024 so far. After the first half year the total global box office is estimated to have reached $14.5 billion for 2024. That’s below the two half-year periods in 2023, -10% behind the first half and -14% behind the second. Nevertheless, it’s the third best of the current decade, ahead of the second half of 2022 (+14%).

GBOT June 2024

On this month’s GBOT (above), the stacked bar graph on the left shows total box office levels split by the three key global markets: Domestic, China, and International (excluding China). The pie chart indicates the current deficit compared to the average of the three pre-pandemic years (2017-2019) and where those losses come from. The bar graph on the bottom right displays the percentage drops globally.

In July two major global new releases dominated the box office and generated half of the revenue. The clear #1 was Pixar’s INSIDE OUT 2, grossing a stunning $1.01 billion within July. That makes it the highest-grossing global release since BARBIE last July ($1.45bn). It’s also the fastest animated title ever to cross the $1 billion mark, achieving the feat in just 19 days.

Even more remarkable is that multiple top markets still need to release the Pixar hit, including Hong Kong (July 11), Netherlands and Sweden (July 17), and Japan (Aug. 1). The sequel has already outgrossed its original from 2015 ($859m). Given the current performance of INSIDE OUT 2, it’s likely that the title will end above THE SUPER MARIO BROS. MOVIE ($1.36bn) and FROZEN 2 ($1.45bn) to become the highest-grossing animated title of all time. It might further move up to become the #10 movie of all-time, which is currently THE AVENGERS ($1.52bn).

The second highest-grossing global release in June was Sony’s BAD BOYS: RIDE OR DIE with an impressive $332 million. That is already clearly higher than CREED 3 ($276m) and THE EQUALIZER 3 ($191m). It will most likely finish in the ballpark of INDIANA JONES AND THE DIAL OF DESTINY ($384m), which was released in June last year. This puts it also near, but below, the last franchise installment BAD BOYS FOR LIFE in 2020 ($427m), which makes it #2 of the series’ four titles.

Sony’s animated THE GARFIELD MOVIE had great holdovers in June and added $119 million in the month for a current cume of $240 million.

The month was closed by the successful release of Paramount’s A QUIET PLACE: DAY ONE. Generating $99 million in just one weekend it became the #4 globally-released title of the month. At that early stage of release, it looks like this prequel will end in the ballpark of the prior installment A QUIET PLACE, PART II from 2021 ($297m), a bit above the US ($256m) and below the first A QUIET PLACE ($341m).

The phenomenal result of the International market in June was led by the Latin American sub-region. It recorded its highest monthly box office and uplift against the three-year average of the decade so far! Its June result was 44% above the historic benchmark for the month. That is ahead of the prior best month in December 2021 (+29%), when SPIDER-MAN: NO WAY HOME was released.

Mexico was again the backbone of that positive development. Internationally it was the highest-grossing market for INSIDE OUT 2 ($81m), doubling the June result for second-placed UK/Ireland ($40.6m)! For BAD BOYS: RIDE OR DIE ($14m) and A QUIET PLACE: DAY ONE ($5m) it was #2.

Brazil also pushed the outstanding result in Latin America, being the #3 international market for INSIDE OUT 2 ($39.8m) neck-on-neck with the UK/Ireland. It further had strong numbers for A QUIET PLACE: DAY ONE ($2m) at #7 and BAD BOYS: RIDE OR DIE ($6m) at #8.

Due to the fabulous June result the Latin American sub-region was able to reduce its gap against the three-year average from -25% at the end of the first quarter down to -19% at the end of the first half, the lowest of the three sub-regions. Nevertheless, the drop to the prior year at the same time is the steepest with -15% after six months.

The sub-region of Asia Pacific (excluding China) had a very different result. While its drop against the same period last year is a bit softer with just -8% at the end of June, it has the widest gap against the three-year average of the three sub-regions at -24%! June, in particular, underperformed coming in below last year (-22%) and the three-year average (-26%) in stark contrast to the other two sub-regions.

Europe, Middle East, and Africa (EMEA) was up +22% in June last year and +5% above the three-year average. This is the third-best month of that metric since the start of the decade, just behind July (+17%) and August (+10%) last year. At the same time, from a total value level, it’s just ranked #17. This highlights that June is historically the lowest grossing month of the year in the sub-region.

The main overperforming territory in EMEA was Italy. Traditionally the summer season is a non-theatrical season in Italy and many big releases move to a later date compared to their global rollout. INSIDE OUT 2 did the opposite, releasing day-and-date and winning big.

The film is already the third highest-grossing non-local release in Italy of the decade after just 11 days, generating two-thirds of the month’s total on its own and pushing June to be +84% above the month’s three-year benchmark. This is the best result of the global top 15 markets we track.

Besides Italy, France also supported the great result in June for EMEA. While having great INSIDE OUT 2 results as well – being #6 Internationally – it was the local hit UN P’TIT TRUC EN PLUS again, which made a difference. Adding 3 million admissions for a total of 8 million at the end of the month, it’s now the biggest local movie of the past 10 years after surpassing LA FAMILLE BELIER, the French hit from 2014 (7.5m adms). In June France was +26% above the three-year average.

In contrast to most territories around the world, China recorded a very poor month. It grossed just $304 million in June, the second-lowest result of the past 12 months. This is -41% below the three-year average and -46% below the same month last year. Both metrics are at the bottom of the territories we track. No title was even able to crack the $50 million mark in June.

The highest-grossing movie in China was the local drama MOMENTS WE SHARED with $49 million, followed by the local comedy BE MY FRIEND with $27 million. Two US releases grossed modestly with THE GARFIELD MOVIE ($24.1m) at #4 and INSIDE OUT 2 ($23.9m) at #5. The June result finished the worst Chinese quarter since Q4 2022, widening the gap to the three-year average from -3% at the end of Q1 2024 to -18% after the first half.

The Domestic market is clearly behind that, at 37% after six months of 2024, however, the trend is far more positive. It slightly narrowed the gap for the running year from -39% at the end of March. The second quarter also marked the best Domestic quarter since last year’s Q3 (-26%). June itself was the second best of the past 12 months, grossing $979 million.

Just behind July 2023 (-29%). That is the ballpark of the June result for the past two years, -3% against last year and +0.2% against 2022. The running year is -18% behind last year and a marginal -2% below the first half of 2023.

For the first time since April last year, when THE SUPER MARIO BROS. MOVIE reigned at the box office, a title grossing more than $400 million within a month in the Domestic market. INSIDE OUT 2 achieved $469 million, 48% of the month’s total. Still, six movies were able to gross more than $30 million in total, which is the best since January this year (also 6).

The fabulous result of June marks a massive step forward for the global theatrical industry. A huge relief. Last summer we already though we were there. It was the highest grossing July of all-time. Two consecutive months the global box office performed above pre-pandemic levels in July (+17%) and August (+2%). Unfortunately, the long post-pandemic road to recovery took a detour of nearly a year after it reached these unique heights.

From September onwards a more limited release schedule compared to pre-pandemic standards challenged the market. The six-month-lasting strike in Hollywood started to impact the box office of the theatrical industry at that point. The strikes reduced the dominating US titles on offer, limited the marketing of releases for the time of the actors’ strike, and caused a slowdown of the post-pandemic recovery.

For two months now we have seen a significantly more robust release calendar of blockbusters. Multiple titles reached their potential, and the first break-out release in nearly a year with INSIDE OUT 2 arrived in June. The longest period of a low-filled release calendar is over. As always not all movies to come will reach or exceed expectations, that was ever the case, but the evolving movie offer will continue to increase the global office over the upcoming months and reduce the volatility.

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    11. Notwithstanding any provision in this Agreement to the contrary, we agree that if SCREENDOLLARS makes any future material change to this Arbitration Agreement, you may reject that change within thirty (30) You and SCREENDOLLARS acknowledge and agree that Apple, and Apple’s subsidiaries, are third-party beneficiaries of the Agreement as related to your license of the App Store Sourced Application, and that, upon your acceptance of the terms and conditions of the Agreement, Apple will have the right (and will be deemed to have accepted the right) to enforce the Agreement as related to your license of the App Store Sourced Application against you as a third-party beneficiary thereof.days of such change becoming effective by writing to us at the following address: contactus@screendollars.com.
    12. Export.The Services may be subject to U.S. export control laws and may be subject to export or import regulations in other countries. You agree not to export, reexport, or transfer, directly or indirectly, any U.S. technical data acquired from SCREENDOLLARS, or any products utilizing such data, in violation of U.S. export laws or regulations.
    13. Electronic communications.The communications between you and SCREENDOLLARS may use electronic means, whether you visit or use our Services or send e-mails to us, or whether SCREENDOLLARS posts notices on or in the Services or communicates with you via e-mail. For contractual purposes, you (a) consent to receive communications from SCREENDOLLARS in an electronic form; and (b) agree that all terms and conditions, agreements, notices, disclosures, and other communications that SCREENDOLLARS provides to you electronically satisfy any legal requirement that such communications would satisfy if it were be in a hardcopy writing. The foregoing does not affect your statutory rights, including but not limited to the Electronic Signatures in Global and National Commerce Act at 15 U.S.C. section 7001 et. Seq (“E-Sign”).
    14. Governing law. Any and all controversies, disputes, demands, counts, claims or causes of action between you and SCREENDOLLARS and our employees, agents, successors, or assigns, regarding or relating to this Agreement or the Services will exclusively be governed by the internal laws of the Commonwealth of Massachusetts, without regard to its choice of law rules and without regard to conflicts of law principles except that the arbitration provisions will be governed by the Federal Arbitration Act. The United Nations Convention on Contracts for the International Sale of Goods will not apply to this Agreement.
    15. Notice.Where SCREENDOLLARS requires that you provide an e-mail address, you are responsible for providing us with your most current e-mail address. In the event that the last e-mail address you provided to us is not valid, or for any reason is not capable of delivering to any notices required or permitted by this Agreement, our dispatch of the e-mail containing such notice will nonetheless constitute effective notice.  You may give notice to us at the address set forth in Section 8.8.  Such notice shall be deemed given when received by us by letter delivered by nationally recognized overnight delivery service or first class postage prepaid mail at that address.
    16. Entire Agreement.This Agreement, including the documents referred to herein, constitutes the entire agreement between you and us regarding the use of the Services. Our failure to exercise or enforce any right or provision of this Agreement will not operate as a waiver of such right or provision. If any provision of this Agreement is, for any reason, held to be invalid or unenforceable, the other provisions of this Agreement will be unimpaired and the invalid or unenforceable provision will be deemed modified so that it is valid and enforceable to the maximum extent permitted by law. Your relationship to SCREENDOLLARS is that of an independent contractor, and neither party is an agent or partner of the other. This Agreement, and your rights and obligations herein, may not be assigned, subcontracted, or otherwise transferred by you without SCREENDOLLARS’s prior written consent, and any attempted assignment, subcontract, or transfer in violation of the foregoing will be null and void. The terms and conditions set forth in this Agreement will be binding upon assignees.
    17. Copyright/Trademark Information.Copyright © 2020, Screendollars, LLC. All rights reserved. All trademarks, logos and service marks (“Marks”) displayed on or in the Services are our property or the property of third parties. You may not use these Marks without our prior written consent or the consent of such third party.
    18. Contact Information:SCREENDOLLARS, LLC. | 33 Miller Hill Road, Dover, MA 02030 | (978) 494-4150, contactus@screendollars.com.

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