Heading into Memorial Day weekend, it was already anticipated that the box office would witness its lowest totals since the turn of the century. The final numbers turned out to be even lower than expected.
The No. 1 film for this weekend, “Furiosa,” made just $32 million over the four-day period, making it the lowest No. 1 Memorial Day release since 1995, when Casper opened to $22 million (before adjusting for inflation).
This drop underscores a significant downturn in theatrical earnings. Box office analysis company Nash Information Systems had projected a $160 million 4-day total prior to the weekend, which would have placed it as the weakest Memorial Day weekend since at least 1999. However, the final total came in at $128 million, down 37% from last year and the lowest in 26 years.
A Tipping Point for Theatrical Releases?
This dramatic low suggests a potential tipping point for theatrical movie business. Industry insiders indicated that last year’s WGA and SAG-AFTRA strikes have muddied the waters of 2024 box office data due to strike-induced production lags. I don’t think this is an inflection point where we say, ‘Oh, if the pandemic didn’t finish it off, the strikes will,’
said Comscore analyst Paul Dergarabedian. This is a slump that I think everyone in Hollywood saw coming when the strikes went on for weeks on end.
The Performances That Missed Their Mark
Furiosa and The Garfield Movie‘s disappointing performances were contributing factors. Furiosa fell by 59% from its first weekend, generating just under $10.8 million from 3,864 locations in North America. To date, it has earned $49.7 million domestically and $114.4 million globally against a hefty $168 million production budget.
The Family Flick Dominates
This image released by Sony Pictures shows Garfield, voiced by Chris Pratt, in a scene from the animated film ‘The Garfield Movie.’ The animated pic featuring Chris Pratt’s voice had no significant competition until ‘Inside Out 2’ arrived on June 14.
However, even with The Garfield Movie’s expectations met at $31.1 million start, having grossed $91 million against a $60 million production budget before marketing, neither film matched their predecessors’ success nor overcame general audience selectiveness exacerbated by post-COVID trends.
An Unexpected Slump
May’s domestic box office did not meet even half of last year’s totals until Memorial Day itself. With a historically poor May behind and insufficient blockbuster releases due to earlier strikes slashing film slates, theaters contended with fewer cinematic draws than usual.
As for potential changes responded by studios dampen showing frequent highs or steady slumps that affect theater revenues visibly post-pandemic. It remains to be seen if films can bounce back or if new conventions solidify awaiting home screening audiences largely.
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