The year 2024 witnessed a modest decline in the domestic box office, grossing $8.56 billion, a 4% dip compared to 2023. This downturn, however, represented a significant recovery from the alarming 27.5% deficit recorded in the first half of the year. Several factors contributed to this initial slump, including the lingering effects of the 2023 Hollywood strikes, which disrupted production schedules and led to a dearth of high-profile releases early in the year. Notably, 2024 marked the first time in nearly two decades that the crucial summer movie season did not kick off with a sequel or superhero film. The tide turned mid-year with the release of Pixar’s “Inside Out 2,” which emerged as the year’s top-grossing film, revitalizing the box office and mitigating the overall decline.
Despite the late-year surge, the 2024 total remained below the coveted $10 billion mark, a threshold the domestic box office hasn’t surpassed since the pre-pandemic year of 2019. The years leading up to the pandemic, from 2015 to 2019, consistently saw box office revenues exceeding $11 billion, peaking at $11.89 billion in 2018. The persistent struggle to return to these pre-pandemic heights underscores the ongoing challenges faced by the film industry in the face of evolving audience habits and the growing popularity of streaming services. Industry analyst Paul Dergarabedian aptly described 2024 as an atypical year lacking a traditional roadmap, highlighting the industry’s efforts to navigate a changing landscape and recapture audience engagement.
A striking characteristic of the 2024 box office was the dominance of sequels. In contrast to 2023, which saw original films like “Barbie” and “Oppenheimer” achieve significant commercial success, nine out of the ten top-grossing films of 2024 were sequels. This trend reflects a prevailing industry strategy of capitalizing on established intellectual property and catering to audience familiarity with popular franchises. “Inside Out 2,” “Deadpool & Wolverine,” “Moana 2,” “Despicable Me 4,” “Beetlejuice Beetlejuice,” “Dune: Part Two,” “Twisters,” “Godzilla x Kong: The New Empire,” and “Kung Fu Panda 4” all secured positions within the top ten, highlighting the enduring appeal of these established cinematic universes.
The lone non-sequel to break into the top ten was “Wicked,” an adaptation of the hit Broadway musical. Its impressive performance, both domestically and globally, solidified its position as the highest-grossing film based on a Broadway musical, surpassing the previous record holder, “Mamma Mia.” The success of “Wicked” demonstrates the potential for non-franchise films to resonate with audiences, particularly when leveraging the popularity of pre-existing source material with a built-in fan base. Beyond the top ten, the box office also witnessed the strong performance of family-friendly films, contributing significantly to overall revenue.
Family films, predominantly those rated “PG,” generated approximately $2.9 billion domestically, accounting for roughly one-third of all ticket sales. “Inside Out 2” led the charge in this category, becoming the highest-grossing animated film to date. This success underscores the enduring demand for quality family entertainment and the importance of catering to this demographic. “PG-13” rated films also constituted a substantial portion of the box office, claiming about 30% of the total revenue. Meanwhile, “Deadpool & Wolverine,” the first R-rated film in the Marvel Cinematic Universe, broke new ground by becoming the highest-grossing film with that rating, demonstrating the potential for more mature content within the superhero genre.
Analyzing the studio landscape, Disney emerged as the clear leader in 2024, boasting three of the four highest-grossing films of the year: “Inside Out 2,” “Deadpool & Wolverine,” and “Moana 2.” Disney’s dominance is further emphasized by its achievement of surpassing $2 billion in box office revenue, a feat only it has accomplished since the onset of the pandemic. Universal secured the second position, with its top-performing films, “Wicked,” “Despicable Me 4,” and “Twisters,” all ranking among the year’s top ten grossers. Warner Bros. and Sony followed, with their respective highest-grossing films also featuring prominently in the top ten. Looking ahead to 2025, the film industry anticipates a resurgence in box office revenue, fueled by a robust slate of sequels, reboots, remakes, and original titles. Projections suggest a potential return to the $9 billion mark, signaling a continued recovery and renewed optimism for the future of theatrical exhibition.
