In some ways, angst feels clever in a place like CinemaCon, where, no matter how many successes the film industry has had in the past year (and, uh, it took a lot), exhibitors from all over the world are relentlessly gathering to show enthusiasm. about the cinematic experience and optimism about the future of cinema.
Standard-bearers from the Motion Picture Association, the National Association of Theater Owners and other major industry players gathered Tuesday at Caesars Palace in Las Vegas to present their annual State of the Nation report and officially launch the event. Movie stars, filmmakers, and studio bosses tease, brag about, and in some cases, announce their upcoming releases.
Much depends on those films as a result of a box office slump triggered in part by movements by Hollywood writers and actors, which delayed several films and halted film and television production last year for about six months.
“We cannot shy away from the challenging situations of the moment, nor can we forget about this era of volatility in our industry,” Charles Rivkin, executive leader of the MPA, said at Tuesday’s presentation. MPA, founded in Washington, D. C. , represents Hollywood studios, adding Disney and Netflix.
“However, no one worries about this uncertainty,” he added, “because, after all, we work in an industry where unforeseen twists and turns can lead to an epic story. . . We understand what’s at stake. We recognise the need to do everything possible to ensure the long-term suitability of cinema.
Global box office revenue is expected to reach $32 billion by 2024, according to film research firm Gower Street, which is a far cry from the highs of more than $40 billion in the pre-COVID-19 era. But since the beginning of 2024 – when domestic savings bank revenues fell 20% from last year – there have been glimmers of hope.
In March, Warner Bros. ‘ highly anticipated sequel debuted with $82. 5 million in the U. S. and Canada; in fact, the first successful opening weekend since AMC Theatres’ “Taylor Swift: The Eras Tour” ($93. 2 million).
After the desperately expected good fortune of “Dune: Part Two,” which has already grossed more than $255 million domestically, Universal Pictures’ “Kung Fu Panda 4” has scored a $58 million domestic debut, Sony Pictures’ “Ghostbusters: Frozen Empire. “” has freed up a decent $45 million and Warner Bros. ‘”Godzilla x Kong: The New Empire” has grossed an impressive $80 million.
On Tuesday, exhibitors also touted the growing popularity of Japanese cinema in the U. S. , blockbuster animated films distributed through Crunchyroll, such as the most recent film “Demon Slayer” and Toho Co. ‘s Oscar-winning “Godzilla Minus One. “
Mitchel Berger, senior vice president of global trade at Crunchyroll, said Tuesday that the global industry generated $14 billion a decade ago and is expected to generate $37 billion next year.
“Anime is all the rage right now,” Berger said.
“Fans have known about it for years, but now they’re catching up to it and recognizing that it’s a cultural and economic force to be reckoned with. “
Exhibitors expect the momentum to continue despite several recent disappointments at the box office, such as Universal Pictures’ ill-crafted spy mystery “Argylle” and Sony Pictures’ superhero crisis “Madame Web. “
When the actors’ strike ended in November, cinema operators voiced concerns about the adequacy of the 2024 film schedule. The stoppages of overlapping paintings have prompted studios to delay at least a dozen films from 2024 to 2025, the eighth installment of Paramount Pictures’ “Mission. “: Impossible” and Disney’s live-action remake of “Snow White. “
Cinemark’s lead executive, Sean Gamble, estimated in February that 95 films are expected to be released for wide distribution this year, up from 110 in 2023. And there’s nothing more detrimental to operators than a reduced release schedule. The movie window has particularly decreased (from 90 days to about 35 to 40 days) after theaters closed for more than a year due to the COVID-19 pandemic.
At Tuesday’s presentation, exhibitors pleaded with vendors to take a religious leap and dedicate themselves to releasing films in theaters year-round, not just during periods when attendance is traditionally highest.
“To my friends in distribution, take advantage of the flexibility of virtual and bring your amazing videos 52 weeks a year to each and every exhibitor,” said Chris Johnson, CEO of Classic Cinemas. “Eliminate the number of impressions and accept them as true with us. “to make scheduling and scheduling decisions that deliver the most productive effects for each and every one. . . If you have a certain success, we will accept it.
Michael O’Leary, executive director of the National Association of Theater Owners, advocated for more low- and mid-budget releases to appeal to moviegoers, citing prestigious titles such as A24’s “Past Lives” and Amazon’s “American Fiction” MGM Studios. »
“It’s not enough to just endorse and wish for more movies,” O’Leary said. “We want to collaborate with distribution to bring more films of all sizes to market. “
There are still several blockbusters to come this year.
Universal is “Twisters,” “Wicked” and “Despicable Me 4”; Warner Bros. is starring in “Furiosa: A Mad Max Saga,” “Joker: Folie à Deux” and “Beetlejuice Beetlejuice”; Paramount distributes “Gladiator 2” and “A Quiet Place: Day One”; Sony Releases ‘Venom: The Last Dance’; Disney to release ‘Inside Out 2’, ‘Moana 2’ and ‘Deadpool’
The past few years at CinemaCon have drawn lines of war between exhibitors and streamers. During the streaming wars of 2021 and 2022, studios poured an inordinate amount of resources and budget into streaming projects in an effort to compete with Netflix.
At the time, streaming was touted as the nemesis of movie theaters. But the great streaming boom of the early 2020s has faded as entertainment companies, rocked by financial losses, tighten their belts and greenlight less streaming content.
In December, Disney revealed plans to re-release three Pixar titles — “Soul,” “Turning Red” and “Luca” — in theaters this year, after first releasing them directly to streaming. In addition, “Moana 2,” originally conceived as a Disney-broadcast TV series, has been reworked into a feature film that will hit the big screen in November.
While streaming certainly still poses a risk to movie theaters, the tide seems to be turning in favor of exhibitors as studios rethink their release methods and moviegoers continue to splurge on Imax and other giant premium formats.
“You can watch a movie on TV, on your tablet or on your computer, but you enjoy it in the theater,” O’Leary said. “And part of what makes the film so special is the theaters themselves. “
However, exhibitors at CinemaCon have expressed considerations about the rise of illegal streaming and virtual piracy. Rivkin condemned the practice as an “insidious form of theft” that harms production workers, actors, directors, writers, artisans and even consumers who threaten to fall victim to malicious viruses when they watch videos online illegally.
Rivkin estimates that, on average, piracy costs the film industry more than $1 billion a year. During his State of the Industry address, he called on Congress to pass a site-blocking law that would save Internet users in the United States from Internet sites. Stream movies illegally.
“Piracy operations are becoming more agile, more advanced and more elusive every day,” Rivkin said. “These activities are harmful, regardless of their definition. They are negative for our industry in each and every case. “And they are detrimental to each and every respect for the rights of creators and consumers.