2024 saw the worldwide box office close out the year with a boom, raking in a remarkable $30 billion overall. This was largely due to an astounding $3 billion earned in December, as reported by Gower Street Analytics, a film industry research company based in the U.K.
December saw an extraordinary box office performance, with a combined global earnings (excluding China and North America) totaling approximately $2.67 billion. This figure ranks as the third highest monthly gross since December 2019, surpassed only by July 2023 and July 2024. The remarkable increase in the final quarter of the year has made it the highest-grossing Q4 on record for the decade, amounting to a staggering $6.5 billion. The second half of the year also saw earnings of $13.3 billion, representing a 5% growth compared to the same period in 2023.
Although the 2023 Hollywood writers’ and actors’ strikes left an impact that echoed into 2024, causing a slowdown in movie releases, the global market (excluding China) and North America managed to stay resilient, generating $24.2 billion in revenue – only a slight decrease of 3% compared to the previous year. Yet, the industry faces an uphill battle as this amount is still 20% lower than the average for the years 2017-2019 before the pandemic.
2021 proved to be a challenging year for China’s box office, with a significant drop of approximately 22% compared to the previous year. This resulted in a total annual revenue of $5.8 billion, which is the lowest since 2014 and represents a substantial 27% decrease from its average before the pandemic. The month of December was notably quiet in China, earning $321 million, making it the eighth-highest grossing month of the year, but still falling 46% short of pre-pandemic earnings.
Conversely, the North American film market wrapped up 2024 on a strong note, earning a whopping $992 million in December, making it the second-highest grossing month of the year, surpassed only by July. This impressive figure represents the strongest December since 2019, with blockbusters like “Moana 2” ($214 million), “Wicked” ($190 million), “Sonic the Hedgehog 3” ($152 million), and “Mufasa: The Lion King” ($128 million) contributing significantly to this success. Despite a minor 3% drop compared to 2023, the market ended the year with a total of $8.8 billion. However, it is still lagging behind pre-pandemic figures by approximately 23%.
In December of 2024, the international market (excluding China) contributed approximately $1.68 billion, bringing the year’s total to around $15.4 billion. Compared to 2023, this marks a slight 2% decrease. However, when adjusted for current exchange rates, it is 17% lower than pre-pandemic averages.
Disney’s “Moana 2” ruled December earnings with a total of $604 million added, bringing its overall income to $904 million. If current trends continue, the animated sequel is expected to surpass the $1 billion threshold in global sales in 2024, joining the ranks of “Inside Out 2” ($1.7 billion) and “Deadpool & Wolverine” ($1.34 billion) as one of the top three highest-grossing films of that year.
As a film enthusiast, I’m thrilled to see that despite a 7% dip in global box office earnings compared to last year (taking current exchange rates into account), it still surpasses the benchmark set by previous recovery years. This suggests an impressive level of resilience within the industry amidst challenging circumstances. Interestingly, Gower Street highlights the U.S. dollar’s strengthening as a complicating factor for international markets, making the year-on-year gap between them expand to 11% when viewed from a historical exchange rate perspective.
As we move forward, the company anticipates a prosperous 2025, predicting a worldwide box office revenue of approximately $33 billion – representing an optimistic 8% increase compared to this year’s earnings.
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2025-01-08 13:16