What a relief! This June the global box office finally picked up where it left off after the heights of the summer 2023. The International market (excluding China) reached the same box office level as the comparable month in 2017-2019 on average! International box office (excluding China), generated $1.42 billion in June, on par with the pre-pandemic average at today’s exchange rates. Only twice since the start of the pandemic had the International box office previously achieved this recovery level, in July (+7%) and May (-2%) last year.
Moreover, on a total box office level, the International (excluding China) and Domestic markets combined recorded their best month since August 2023! This resulted in a global box office of $2.7 billion in June.
However, the success is not enough to fully outweigh the challenges of 2024 so far. After the first half year the total global box office is estimated to have reached $14.5 billion for 2024. That’s below the two half-year periods in 2023, -10% behind the first half and -14% behind the second. Nevertheless, it’s the third best of the current decade, ahead of the second half of 2022 (+14%).
On this month’s GBOT (above), the stacked bar graph on the left shows total box office levels split out by the three key global markets: Domestic, China and International (excluding China). The pie chart indicates the current deficit compared to the average of the three pre-pandemic years (2017-2019) and where those losses are currently coming from. The bar graph on the bottom right displays the percentage drops globally.
In June two major global new releases dominated the box office and generated half of the revenue. The clear #1 was Pixar’s INSIDE OUT 2, grossing stunning $1.01 billion within June. That makes it the highest grossing global release since BARBIE last July ($1.45bn). It’s also the fastest animated title ever to cross the $1 billion mark, achieved the feat in just 19 days. Even more remarkable is that multiple top markets still need to release the Pixar hit, including Hong Kong (July 11), Netherlands and Sweden (July 17), and Japan (Aug. 1). The sequel has already outgrossed its original from 2015 ($859m). Given the current performance of INSIDE OUT 2 it’s likely that the title will end above THE SUPER MARIO BROS. MOVIE ($1.36bn) and FROZEN 2 ($1.45bn) to become the highest grossing animated title of all-time. It might further move up to become the #10 movie of all-time, which is currently THE AVENGERS ($1.52bn).
The second highest grossing global release in June was Sony’s BAD BOYS: RIDE OR DIE with an impressive $332 million. That is already clearly higher than CREED 3 ($276m) and THE EQUALIZER 3 ($191m). It will most likely finish in the ballpark of INDIANA JONES AND THE DIAL OF DESTINY ($384m), which released in June last year. This puts it also near, but below, the last franchise instalment BAD BOYS FOR LIFE in 2020 ($427m), which makes it #2 of the series’ four titles.
Sony’s animated THE GARFIELD MOVIE had great holdovers in June and added $119 million in the month for a current cume of $240 million.
The month was closed by the successful release of Paramount’s A QUIET PLACE: DAY ONE. Generating $99 million in just one weekend it became the #4 globally-released title of the month. At that early stage of release it looks like this prequel will end in the ballpark of the prior instalment A QUIET PLACE, PART II from 2021 ($297m), a bit above US ($256m) and below the first A QUIET PLACE ($341m).
The phenomenal result of the International market in June was led by the Latin American sub-region. It recorded its highest monthly box office and uplift against the three-year average of the decade so far! Its June result was 44% above the historic benchmark for the month. That is clearly ahead of the prior best month in December 2021 (+29%), when SPIDER-MAN: NO WAY HOME released.
Mexico was again the backbone of that positive development. Internationally is was clearly the highest grossing market for INSIDE OUT 2 ($81m), doubling the June result for second-placed UK/Ireland ($40.6m)! For BAD BOYS: RIDE OR DIE ($14m) and A QUIET PLACE: DAY ONE ($5m) it was #2.
Brazil also pushed the outstanding result in Latin America, being the #3 international market for INSIDE OUT 2 ($39.8m) neck-on-neck with UK/Ireland. It further had strong numbers for A QUIET PLACE: DAY ONE ($2m) at #7 and BAD BOYS: RIDE OR DIE ($6m) at #8.
Due to the fabulous June result the Latin American sub-region was able to reduce its gap against the three-year average from -25% at the end of the first quarter down to -19% at the end of the first half, the lowest of the three sub-regions. Nevertheless, the drop to the prior year at the same time is the steepest with -15% after six months.
The sub-region of Asia Pacific (excluding China) had a very different result. While its drop against the same period last year is a bit softer with just -8% at the end of June, it has the widest gap against the three-year average of the three sub regions at -24%! June, in particular, underperformed coming in below last year (-22%) and the three-year average (-26%) in stark contrast to the other two sub-regions.
Europe, Middle East, and Africa (EMEA) was up +22% on June last year and +5% above the three-year average. This is the third best month of that metric since the start of the decade, just behind July (+17%) and August (+10%) last year. At the same time, from a total value level, it’s just ranked #17. This highlights that June is historically the lowest grossing month of the year in the sub-region.
The main overperforming territory in EMEA was Italy. Traditionally the summer season is a non-theatrical season in Italy and many big releases move to a later date compared to their global roll out. INSIDE OUT 2 did the opposite, releasing day-and-date and winning big. The film is already the third highest-grossing non-local release in Italy of the decade after just 11 days, generating two thirds of the month’s total on its own and pushing June to being +84% above the month’s three-year benchmark. This is the best result of the global top 15 markets we track.
Beside Italy, France also supported the great result in June for EMEA. While having great INSIDE OUT 2 results as well – being #6 Internationally – it was the local hit UN P’TIT TRUC EN PLUS again, which made a difference. Adding 3 million admissions for a total of 8 million at the end of the month, it’s now the biggest local movie of the past 10 years after surpassing LA FAMILLE BELIER, the French hit from 2014 (7.5m adms). In June France was +26% above the three-year average.
In contrast to most territories around the world China recorded a very poor month. It grossed just $304 million in June, the second lowest result of the past 12 months. This is -41% below the three-year average and -46% below the same month last year. Both metrics are at the bottom of the territories we track. No title was even able to crack the $50 million mark in June. The highest grossing movie in China was local drama MOMENTS WE SHARED with $49 million, followed by local comedy BE MY FRIEND with $27 million. Two US-releases grossed modestly with THE GARFIELD MOVIE ($24.1m) at #4 and INSIDE OUT 2 ($23.9m) at #5. The June result finished the worst Chinese quarter since Q4 2022, widened the gap to the three-year average from -3% at the end of the Q1 2024 to -18% after the first half.
The Domestic market is clearly behind that, at-37% after six months of 2024, however the trend is far more positive. It slightly narrowed the gap for the running year from -39% at the end of March. The second quarter also marked the best Domestic quarter since last year’s Q3 (-26%). June itself was the second best of the past 12 months, grossing $979 million. Just behind July 2023 (-29%). That is the ballpark of the June result for the past two years, -3% against last year and +0.2% against 2022. The running year is -18% behind last year and a marginal -2% below the first half of 2023.
For the first time since April last year, when THE SUPER MARIO BROS. MOVIE reigned at the box office, a title grossed more than $400 million within a month in the Domestic market. INSIDE OUT 2 achieved $469 million, 48% of the month’s total. Still, six movies were able to gross more than $30 million in total, which is the best since January this year (also 6).
The fabulous result of June marks a massive step forward for the global theatrical industry. A huge relief. Last summer we already though we were there. It was the highest grossing July of all-time. Two consecutive months the global box office performed above pre-pandemic levels in July (+17%) and August (+2%). Unfortunately, the long post-pandemic road to recovery took a detour of nearly a year after it reached these unique heights.
From September onwards a more limited release schedule compared to pre-pandemic standards challenged the market. The six-month-lasting strike in Hollywood started to impact the box office of the theatrical industry at that point. The strikes reduced the dominating US-titles on offer, limited the marketing of releases for the time of the actors’ strike and caused a slowdown of the post-pandemic recovery.
For two months now we have seen a significantly more robust release calendar of blockbusters. Multiple titles reached their potential, and a first break out release in nearly a year with INSIDE OUT 2 arrived in June. The longest period of a low-filled release calendar is over. As always not all movies to come will reach or exceed expectations, that was ever the case, but the evolving movie offer will continue to increase the global office over the upcoming months and reduce the volatility.
