Hollywood is in for a RUDE awakening in 2024. The box office offerings look weak, with only a handful of tentpole movies having a chance at cracking $500 million globally. Analysts are blaming the SAG-AFTRA and WGA strikes at delaying content output, but the content that’s coming looks pretty lackluster. Is this Hollywood’s year of reckoning?
Additional Context:
The 2024 Hollywood box office outlook is significantly influenced by the aftermath of the SAG-AFTRA strike, which ended recent Hollywood labor disruptions. The strike has already made a noticeable impact on Hollywood’s bottom line at the box office. Movies that are currently hitting theaters are reportedly losing out on as much as 15 percent of their box office potential due to the lack of actor-driven publicity. This is particularly significant as the impacts of the WGA and SAG-AFTRA strikes have been mostly deferred, with a months-long gap in the production pipeline expected to become a real problem in the near future, especially for studios dependent on box office revenue.
As studios scramble to save their 2024 projects, the film industry is now facing a backlog of projects and strained resources, including visual effects houses. Major releases affected by the strike include high-profile titles like “Deadpool 3,” “Venom 3,” “Twisters,” and “Gladiator 2.” Studios had to negotiate under high pressure to save the 2024 summer release calendar. Several major titles, including “Snow White” and “Elio” by Disney, have been delayed by months or even a year. The box office suffered a notable drop due to the lack of new releases during the strike, and this downturn is expected to continue into the first quarter of 2024 despite the resolution of the strike. The industry is now in overdrive to get their tentpoles ready for summer 2024 and beyond, which requires a Herculean effort due to the backlog of projects.
Overall, the impact of the SAG-AFTRA strike on the 2024 Hollywood box office is significant. It has led to schedule disruptions, delays in major releases, and a potential decrease in box office revenues. The industry is now working to navigate these challenges and recover from the effects of the strike.
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