Global Box Office Forecast to Hit $29B in 2023, But Remain Well Below Pre-Pandemic Levels
The global cinema Box office Continues to rise slowly but surely from the COVID-19 pandemic.
Gower Street, a box office analysis firm, predicts that worldwide theatrical revenues will reach $25.8 billion by 2022. This is a 21 percent increase over last year thanks to the success of Top Gun: Maverick And Wakanda Forever: Black PantherAmong other titles, it is a great way to bring back cinema-goers.
Gower Street expects a double-digit increase in 2023 box office revenue and estimates that total global box office revenues will be around $29 billion by 2023, which is 12 percent more than this year.
These results are still below the record set before the COVID-19 pandemic decimated theaters around the world. The global box office reached an all-time high in 2019 (pre-pandemic), at $42.3 billion. At current exchange rates Gower Street’s 2023 prediction is 27 percent below the average of the three pre-pandemic years 2017-2019.
Gower Street claims that the recovery has been slowed by China The strict no-COVID policy of the theaters has led to them staying closed longer in the second-largest theatrical market in the world. RussiaThe U.S. studios imposed a blanket boycott on the territory in protest of the invasion of Ukraine by, According to Gower Street, China’s box office is expected to drop to $3 billion this year from 2021 levels. The combination of Russia’s boycott and volatile exchange rates has resulted in a further $1B USD loss in U.S. dollars terms.
James Cameron’s film releasedThe Way of Water: AvatarThis weekend should be a welcome boost for global receipts. Cameron’s 2009 record-breaking hit sequel kicked off its sequel. International Rollout with a China has strong economic growthAccording to Artisan Gateway, the opening weekend is expected to bring in $119 million to $128million (RMB830 million – RMB 890 millions).
The North American market is expected to grow 12 percent to $8.6 Billion in 2023 from $7.65 Billion this year. However, it will still be 25 percent below the pre-pandemic three-year average. The Asia Pacific market, which excludes China, and Latin America territories are expected to grow 11 to 12 percent in 2022. This is around 20 percent less than the pre-pandemic average. Gower Street expects the Chinese box office to reach $5.6 billion in 2023, an increase of $4.4 billion from this year but still far below the $7.3 billion earned by 2021. The region of Europe, Middle East, and Africa is expected to grow the slowest, with a mere 7 percent increase on 2022, which would leave it 30 percent behind its pre-pandemic average. According to the report, Russia will be the greatest obstacle to Europe’s recovery.
According to the group, the film industry will need to wait until 2024 before the global movie box office returns to pre-pandemic levels.