Global box office to top $29 billion in 2023

A projection for the entire world cinema box office in 2023 indicates collections approaching $30 billion, which represents a 12% increase in earnings from films compared to 2022.

This analysis was conducted by British firm Gower Street Analytics (via Deadline), which points to a global box office gross of $29 billion in 2023. This year, world cinema is on track to close at $25.8 billion. dollars.

Despite the increase, if this projection holds up, the company believes the film industry will have to wait until 2024 to see a full return to pre-COVID-19 pandemic global levels.

This is because the forecast for 2023 is still 27% below the average of the last three pre-pandemic years (2017-2019) at current exchange rates (this would rise to 30% compared to historical rates). There was some recovery in 2022, with the inclusion of two blockbusters which passed the $1 billion mark at the box office in Top Gun: nonconformist And Jurassic World: Domain🇧🇷

However, the year also presents challenges, including a China that has blocked Marvel films and is expected to end 2022 nearly $3 billion behind 2021, the Russian invasion of Ukraine that has led to US studios not releasing films in Russia and a mountain of… currency exchange that has reduced the amount of dollars that have returned from the international box office markets.

Meanwhile, the calendar had significant gaps, compounded by a post-production bottleneck that pushed film releases out of the year. The film technology company is basing its 2023 figures on the current release schedule, so date changes between now and then could impact projections.

According to the company, the market in the United States is expected to increase by 12% in 2023, to 8.6 billion dollars, compared to 7.65 billion dollars in 2022. However, these values ​​are still 25% lower than the average of the last three years before the pandemic.

The Asia-Pacific and Latin American regions are expected to gain 11-12% in 2022 and decline about 20% from the pre-pandemic average. The Europe, Middle East and Africa region is projected to grow approximately 7% in 2022 and finish 30% behind the pre-pandemic average, with Russia accounting for the largest negative impact on these figures.

China remains the hardest market to predict, due to a lesser known early release schedule and continued uncertainty over access to imported titles. For 2023, the projection is $5.55 billion in box office receipts in China, an increase from 2022, but well below the 2021 figure.

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Source: Olhar Digital

Camila

Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.