Forecast of 29 billion dollars for the world cinema box office

Charso Press: The global cinema box office continues its slow but steady upward trend after the covid-19 pandemic, and this year it recorded a growth of 21%, but it is still far from the statistics before the corona pandemic.

As the year draws to a close, box office analytics firm Gower Street predicts that worldwide cinema revenue will reach $25.8 billion in 2022, a 21% jump from last year, thanks to the success of films such as Top Gun: Maverick” and “Black Panther: Wakanda Forever” resulted.

For 2023, this company active in the field of box office analysis predicts another double-digit increase and expects the total global box office to reach about 29 billion dollars or 12% more than this year.

These results are still well below the high levels achieved before the corona pandemic and before cinemas around the world were closed. In the last year before the pandemic, 2019, the global box office reached a record 42.3 billion dollars, and according to current statistics, the world cinema box office in 2023 is still 27% lower than the average of the last three years before the pandemic (2017-2019).

The recovery process of China’s cinema box office, which is accompanied by its strict policies to deal with Corona, means that cinemas will remain closed for a longer period of time in the world’s second largest market, and the Russian box office will also continue to grow slowly due to the war in Ukraine. China’s box office will drop by nearly $3 billion this year compared to 2021, and the combination of the Russian embargo and currency fluctuations will mean a further $1 billion drop at the global box office.

The worldwide release of James Cameron’s Avatar 2 this weekend could provide a positive boost to box office sales. The sequel to 2009’s record-breaking “Avatar” opened its international release with a strong opening in China, and is expected to earn $119-128 million in its first weekend.

The North American market is also expected to jump 12% to $8.6 billion in 2023, compared to $7.65 billion this year, still 25% below the three-year average. is taking

The Asia-Pacific market, excluding China and Latin American territories, both grew by 11-12% in 2022, about 20% below the pre-pandemic average.

According to Gower Street, China’s box office for 2023 will reach $5.6 billion, up from $4.4 billion this year, but still far short of the $7.3 billion revenue in 2021. .

The region of Europe, Middle East and Africa is expected to have the slowest growth. Areas that increased by only 7% in 2022 are still 30% below the pre-pandemic average. The report states that Russia will be the biggest problem for box office recovery in Europe.

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

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