Global Box Office Forecast to Top $29 billion in 2023. – The Hollywood Reporter

The global cinema box office has continued its slow but steady rise since the COVID pandemic.

After the year ends, box office analytics firm Gower Street forecasts that worldwide theatrical revenue will hit $25.8 billion in 2022 (total take as of December 10 was $23.6 billion, according to Gower Street’s calculations), a 21 percent jump from last year, thanks to the success of Top Gun: Maverick And Black Panther: Wakanda ForeverAmong other titles, in drawing fans back to theaters.

For 2023, Gower Street is forecasting another double-digit bump and expects total global box office to drop to about $29 billion, or 12 percent from this year.

The results are still well below the high-water mark seen before the COVID-19 pandemic shut down theaters worldwide. In the last pre-pandemic year, 2019, the global box office hit an all-time high of $42.3 billion. At current exchange rates, Gower Street’s forecast for 2023 is 27 percent behind the average of the last three pre-pandemic years of 2017-2019.

The recovery from China has slowed, Gower Street says – its strict no-covid policy has meant theaters have been closed longer in the world’s second-biggest theatrical market – and its aggression against Ukraine in February led to blanket boycotts. Region from US studios. Box office in China this year will drop to $3 billion from 2021 levels, Gower Street says, and a combination of the Russia boycott and volatile exchange rates suggests another $1 billion drop in the US dollar.

Release of James Cameron Avatar: The Way of Water This weekend worldwide should provide a welcome shot to global receipts. The sequel to Cameron’s record-breaking 2009 hit began its international rollout with a strong bow in China, where it is forecast to earn $119 million-$128 million (RMB830 million-RMB 890 million), according to regional box office consultancy Artisan Gateway. In its opening weekend.

The North American market is forecast to jump 12 percent in 2023 from $7.65 billion this year to $8.6 billion, but comes in 25 percent below the three-year pre-pandemic average. The Asia Pacific market, excluding China and Latin America regions, is expected to gain 11-12 percent in 2022, down about 20 percent from the pre-pandemic average. Gower Street is forecasting that the Chinese box office will earn $5.6 billion for 2023, up from $4.4 billion this year, but still below the $7.3 billion earned in 2021. Europe, Middle East and Africa region is predicted to grow the slowest. 7 percent in 2022, to finish 30 percent above the pre-pandemic average. Russia will be the biggest drag on Europe’s recovery, the report said.

The group predicts that the film industry will have to wait until at least 2024 before the global box office returns to pre-pandemic levels.

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