Since the COVID-19 pandemic, around 3,000 movie theaters have been shut down in the US. From over 5,500 locations nationwide in 2019, there are now less than 2,000. With the rise of streaming services, the performance of movie theaters has been declining steadily over the past four years. This mass quarantine allowed for streaming platforms to rise through the ranks, as more people began to watch from home. As a result, without heavy marketing strategies or big-name headlines, there seems to be no reason to go to the theater when the movie will be available on your laptop in another three months.
But is this truly the end of movie theaters? The answer is no, not even close.
Here are the financial stats for the movie industry:
In 2019, the North American Box office made $11.3 billion. In 2020, it dropped to $2.1 billion, which shocked the entire industry. Since then, there has been growing speculation regarding the downfall of cinema. In 2023, however, the box office came back to $8.9 billion. The release of “Barbie” and “Oppenheimer” in mid-2023, along with “Avatar: The Way of Water” and “Top Gun: Maverick” in 2022 are examples of big-name movies that have topped the charts and brought back hope.
“Barbie,” the top-grossing movie of 2023, made $1.4 billion at the box office. As for the future, the successful release of “Dune Part 2” has brought in almost $100 million in the opening weekend. The box office seems to slowly but surely be making a comeback.
So, although there has been an evolution in streaming habits and platforms, movie theaters will not be obsolete.
Shoutout to the blockbusters for dominating our screens in 2023!
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