Despite sturdy ticket gross sales from the brand new James Bond and “Fast & Furious” motion pictures, Universal Pictures chairwoman Donna Langley doesn’t count on the box office to return to regular anytime quickly.
“I think the industry is in this moment of evolution, we are surfing the wave of change right now,” Langley mentioned at The Information’s WTF convention Thursday. “I think what we are seeing play out now was happening pre-pandemic. The streaming companies doing extraordinarily well, scaling their volume output, that has been happening for a while.”
While the exec pointed to the pandemic, which ravaged the movie show trade, as accelerating Hollywood’s transfer to streaming, she mentioned that change was inevitable and that Tinseltown remains to be adapting to the “new normal.”
“Inevitably a year from now things will look different than they do today,” Langley mentioned, providing her personal conservative view of how the movie show trade will rebound.
“None of us really know anything. If you look back a year ago, we certainly thought the industry or theatrical moviegoing, would be back in full swing by now,” Langley mentioned. “We are anticipating the [theatrical] market to be down by 20 percent going forward, and for it taking a long time to get back to those pre-pandemic numbers.”
The box office has had a bumpy 2021, however has proven sturdy indicators of recovering after 18 months of movie show shutdowns, reopenings at restricted capability and a dearth of latest Hollywood movies.
This year, the worldwide box office is on monitor to gross $20.2 billion, up 68 p.c from the pandemic-hobbled 2020 which introduced in about $12 billion, in accordance to Gower Street Analytics. But 2021 remains to be far off from 2019’s record-breaking year, which reeled in $42.5 billion.
So far, 2021 has been boosted by box office leaders like “Hi, Mom,” a Chinese comedy that has introduced in over $822 million, in addition to Universal Pictures’ “F9,” the most recent motion film within the “Fast & Furious” franchise with $716.6 million, in accordance to ticket gross sales tracker, Box Office Mojo.
Media critics are keenly watching how the brand new James Bond flick, “No Time to Die” does this weekend when it opens within the US and on Oct. 29 when it premieres in China. The movie, which is distributed internationally by Universal and domestically by MGM, has already reeled in a whopping $119 million from abroad markets final weekend.