The magic of the movies is fading as the only options at the box office seem to be endless remakes or sequels. With the live-action Snow White or a third Sonic the Hedgehog hitting the theatres, film fans are left wondering why original stories are left on the back burner while familiar stories take the spotlight.
In 2024, movie theaters decreased in 18 percentage points of revenue compared to 2023’s U.S. box office total.
It is no surprise that during the 2020 COVID-19 outbreak, films, specifically those released in theaters, were put at risk. Many movies were canceled or postponed, resulting in a significant loss of profit.
The disruption caused a change making streaming more popular, as most were confined to their homes. As COVID became less of a threat, they maintained their popularity, placing theaters at a disadvantage.
However, the revenue made from streaming has not fully compensated for what’s typically made in theaters. To understand what’s going on, it’s important to know how the movie world works.
Hollywood’s major studios are Disney, Warner Brothers, Universal, 20th Century Fox and Sony. From 1995-2009, they released about 112 movies per year in theaters, in total. From 2010-2023, the number of theater releases dropped to 83.
Before COVID, the worldwide box office generated approximately $40 billion in revenue a year. In 2022 and 2023, that number was slashed in half.
In addition, increased prices may be lowering demand for tickets. The amount of tickets purchased have decreased by 38% while ticket prices have gone up by 33% over the past 10 years.
The film industry has done what it can to adapt to the changes. So what does that look like?
Less new titles and original, outside-of-the-box movie ideas. It is more reliable for companies to put out already known and loved major titles that they know will bring attention back to the theater.
The Marvel universe is a great example of this. They continue to crank out film after film, knowing that their fans will see them in theaters, because they’re part of a long-beloved franchise.
Yet, over the past few years, critics and audiences have condemned recently released Marvel-associated superhero films with low reviews because of poor quality and effects, like “The Marvels” and “Madame Web.”
2024’s “Deadpool and Wolverine” was an exception. The combination of the seriousness and intense action that Hugh Jackman brings to his films with the comedy that Ryan Reynolds has acquired as Deadpool made for a masterful movie with glowing reviews.
Another popular form of recreating popular stories is through remakes or adaptations. An example that got a lot of attention but failed to meet expectations was 2024’s “Mean Girls.”
While combining the best of the original movie and the Broadway musical was all in good faith, it produced a rather poor result, with top critics such as Stephanie Zacharek from TIME magazine saying, “Everything that made the original picture so sly, funny and affecting is gone.”
In trying to get 2000s movie fans and theater kids to flock to theaters, the result was a film that audiences consider a disservice to both.
The movie industry looks to adapt to the new age of media while attempting to reach its past glory. As artists recover in a post-Palisades fire and writer’s strike era, they aim to stay resilient in promoting smaller projects they feel are the start to a new golden age.
“This is a risk averse industry, $200 million dollar movies are also a risk, and it doesn’t always work out but you take the risk anyway,” Oscar-winning writer of “American Fiction” Cord Jefferson said. “Instead of making one $200 million dollar movie, try making 20 ten million dollar movies.”