The film industry is anticipated to face a minor downturn in global box office by 2024, with a 3% decrease from the prior year. Gower Street Analytics projects a total global box office of $32.3 billion for 2024, down from $33.9 billion in 2023, mainly due to the impact of exchange rates.
Part of this decline is attributed to changes in the film release calendar, influenced by the Hollywood strikes of 2023. Despite this, the forecast for 2024 is an improvement from an earlier projection of $31.5 billion. The current outlook also accounts for variations in currency values, which affect international revenue when converted to US dollars.
The first quarter of the year saw actual box office receipts exceeding expectations in North America and China, indicating some resilience in these markets. Gower Street Analytics highlights modest gains in the domestic market and notable improvements in the international market, particularly in China where year-on-year growth is expected.
These projections align with the current industry landscape, where China has shown strong box office performance compared to North America. Reports indicate that China’s year-to-date box office figures are significantly higher than those of North America, suggesting a shifting trend in moviegoer preferences and market dynamics.
