Box office to surpass pre-pandemic levels with $44 billion in 2023
The theatrical box office will continue its rebound out of the pandemic in 2022 and is expected to surpass its last pre-pandemic year in 2023, according to data from Omedia.
Why it matters: The future of movie theaters has been among the most existential debates in Hollywood since the pandemic began.
- While many movies were rerouted to streaming platforms the past two years, there has been renewed optimism that the theatrical model will survive the streaming era.
Driving the news: Summer movie season kicks into high gear this weekend with the release of "Top Gun: Maverick," the long-awaited sequel to Tom Cruise's 1986 fighter pilot action flick.
By the numbers: The global box office is projected to reach $36 billion in 2022 — an increase of nearly 73% from 2021, when theaters were still reopening around the world.
- In 2023, it's projected to improve by 23% to $44 billion, which would surpass the $41.7 billion made in 2019.
The big picture: The summer has already been good for theaters.
- Marvel's "Doctor Strange in the Multiverse of Madness" has already grossed more than $350 million domestically and more than $800 million globally since its May 6 release.
- On the indie side, A24's "Everything Everywhere All at Once" has become the studio's highest-grossing film ever domestically with nearly $54 million in the U.S.
What's next: Other big movies planned for 2022 include the final "Jurassic World" movie in June, another "Minions" film, and "Thor: Love and Thunder" in July.
- The year will end with the first of four sequels to James Cameron's "Avatar" in December.