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Summer Box Office Revenue Down 10 Percent From 2016

With all the millions and millions of dollars that Hollywood spends on films it is vital to the industry for them to preform well in theaters. Unfortunately this year Hollywood is off to a bad start. According to The Hollywood Reporter comScore is reporting an early box office decline of ten percent from last year and 20 percent compared to 2015 at this time. Lets look at the reasons why.

First of all lets get the one film that has held its own and lived up to its hype out of the way. Of course we are talking about Disney/Marvel’s Guardians of the Galaxy Vol. 2 directed by James Gunn. During it’s third weekend it grossed $35.1 million. This was close to beating out the very disappointing debut of 20th Century Fox’s Alien: Covenant, which made a low $36 million domestically during it’s first weekend. This follows up the big disappointment of Warner Bros. Pictures King Arthur: The Legend of the Sword which made only a bit over $15 million in it’s opening weekend. Overall King Arthur has made $93.5 million and has been deemed one of the worst openings ever for a big budget studio tentpole. While Guardians has grossed over $300 million domestically and $732 million globally. Quite the contrast between the two.

The decline from years past has some analysts worried due to the lack of blockbusters to be released in August. Jeff Brock box office analyst of Exibitor Relations had this to say: “The thing is, we already know August is pretty lean this year, so studios have to make it up elsewhere in June and July. That will put a lot of pressure on original films like Wonder Woman and Christopher Nolan’s Dunkirk to succeed.”

Before hitting the panic button, analysts are looking towards the films like Warner Bros. Pictures Wonder Woman and Colombia Picture’s Spider-Man: Homecoming to pick up the slack. But one thing is for sure, it all starts with a solid Memorial Day weekend, “I think whether or not we turn things around is extremely dependent on Memorial Day weekend,” Brock continues. “Last year was a pretty big disappointment with Alice Through the Looking Glass and X-Men: Apocalypse. Hopefully, Pirates of the Caribbean: Dead Men Tell No  Tales and Baywatch will performer stronger this time around.”

Unfortunatly for the box office, early reviews for both Pirates of the Caribbean: Dead Men Tell No Tales and Baywatch have not been very good. But as we have seen in the past that
does not mean that the theaters won’t be filled. Even though the overall box office numbers are down, domestic box offie revenue is up more than 2 percent for the year despite the
current slump. So even though the numbers don’t look great now, there is still time for box office sales to recover.

What are your thoughts on the films that have came out so far, and what are you looking forward to seeing in the next few weeks? Chime in below!


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Source: The Hollywood Reporter

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