Movie theater owners are still feeling the high from 鈥� .鈥� The counterprogramming of 鈥淏arbie鈥� and 鈥淥ppenheimer鈥� brought audiences to cinemas around with the world, ultimately earning nearly $2.5 billion in combined ticket sales. But, gathered in Las Vegas this week for the annual CinemaCon convention and trade show, they鈥檙e also acutely aware that they need more than two movies to survive.
鈥淚t is not enough to rely solely on blockbusters,鈥� said Michael O鈥橪eary, the president and CEO of the National Association of Theater Owners. 鈥淭o have a truly successful filmed entertainment industry, a variety of movies that appeal to movie goers is critical.鈥�
That means, O鈥橪eary said Tuesday, 鈥渁 strong and vibrant market for movies with smaller or medium sized budgets.鈥�
At CinemaCon, Hollywood studios, exhibitors and tech companies come together to preview what鈥檚 next in moviegoing, from the films that they hope will get audiences to the theaters to the latest and greatest in snacks, seating and projection. On stage, the message is (by design) optimistic about the future of cinemas and the industry鈥檚 capacity for evolution. Whether it鈥檚 streaming, piracy, VHS or television, the leaders in the filmed entertainment industry are always quick to remind that their business has survived its share of existential crises: Someone is always forecasting its demise.
O鈥橪eary made a plea to 鈥渙ur friends in the financial industry鈥� to invest more capital into the system, calling it a 鈥渟mart investment鈥� that benefits 鈥渃reatives, studios, exhibition, local communities and, most importantly, movie fans.鈥�
鈥淲e know that a movie that begins its journey with theatrical exclusivity is more successful in every subsequent ancillary platform,鈥� he added. 鈥淭his should appeal to people who want as many film fans as possible to see their movies, but also to people that want to make money.鈥�
Studios including Warner Bros., Universal Pictures, Paramount, Disney and Lionsgate will all take the big stage at Caesar鈥檚 Palace to show new trailers or footage from their biggest upcoming films, from 鈥淔uriosa鈥� to 鈥淒eadpool & Wolverine,鈥� sometimes with the help of movie stars, to stoke excitement in the people who will put these films in their theaters.
2023 was . The overall box office was up 20% from the previous year in the U.S., surpassing $9 billion. But that鈥檚 still $2 billion shy of where the business was pre-pandemic. There were hits, like 鈥淥ppenheimer鈥� and 鈥淏arbie,鈥� of course, and other notable successes from traditional studios, like 鈥淭he Super Mario Bros. Movie,鈥� 鈥淪pider-Man: Across the Spider-Verse,鈥� 鈥淲onka鈥� and 鈥淕uardians of the Galaxy Vol. 3.鈥� There were surprises like 鈥淔ive Nights at Freddy鈥檚鈥� and 鈥淐ocaine Bear鈥� and sleepers like 鈥淎nyone But You.鈥�
There were also moments of successful innovation, including Taylor Swift and Beyonc茅鈥檚 groundbreaking to release their concert films, circumventing traditional studio middlemen. 鈥� 鈥� made over $260 million worldwide, making it the highest grossing concert film of all time. Toho studios also self-distributed its first film ever, with 鈥淕odzilla Minus One,鈥� which made over $114 million worldwide even with a limited release in the U.S.
But there were flops and disappointments too, and some of the tried-and-true genres like superhero movies proved to no longer be the industry supporting tentpoles that they once were. Streamed entertainment continues to be a formidable competitor for eyes and dollars as everyone continues to recover from the pandemic. In 2024, theater owners and studios are also having to grapple with a changed and somewhat depleted pipeline of films following the work stoppage caused by the dual Hollywood strikes.
But O鈥橪eary said that a 鈥済reat reimagination鈥� is underway.
鈥淚nflection points like these are moments of opportunity,鈥� he added. 鈥淎nd this last year has shown me that the future of this industry鈥攊ndeed, the state of this industry鈥攊s limitless.鈥�
Charles Rivkin, the chairman and CEO of the Motion Picture Association, talked about the importance of film productions in the U.S., which he said 鈥渂olster communities鈥� and account for 2.74 million American jobs. He also made an impassioned plea to combat piracy, which he said costs theaters more than $1 billion at the box office, and hopes to work with Congressional leaders to put for 鈥渟ite-blocking鈥� legislation.
Rivkin closed by quoting best documentary winner and AP journalist , in which he said that 鈥淐inema forms memories and memories form history鈥� while accepting the statuette for 鈥�20 Days in Mariupol.鈥�
Chernov鈥檚 words, Rivkin said, 鈥淩eminded us of the power and impact of what we do.鈥�
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