Box office summary of 2023

The year 2023 in the film industry witnessed a fascinating mix of victories and setbacks for major studios, marking a diverse landscape of box office performances and unforeseen outcomes. Let's dive into the highs and lows across prominent studios and their movie releases.

Warner Bros' "Barbie" and Universal's "Oppenheimer" dominate

Among the standout successes, Warner Bros' comedy "Barbie" and Universal's historical biopic "Oppenheimer" emerged as colossal hits, dominating the global box office. "Barbie" reigned supreme as the highest-grossing movie of 2023, securing $1.44 billion, while "Oppenheimer" trailed closely behind, amassing a staggering $951 million.

Remarkably, these top-performing movies reflected a shift towards originality, standing out amidst a slew of releases. Universal's animated "The Super Mario Bros Movie" claimed the second spot with $1.35 billion, proving that original concepts can still draw in massive audiences.

The decline of superheroes and unexpected disappointments

However, not all ventures met expectations. 2023 marked a surprising downturn for superhero films. Titles like "The Marvels", "The Flash", "Indiana Jones and the Dial of Destiny" and "Mission: Impossible — Dead Reckoning Part One" failed to resonate with audiences, despite being highly anticipated and backed by significant investments. The notable underperformance of these big-budget productions signified a shift in audience preferences and raised questions about the reliance on established franchises.

Box office rebound and studios' performances

The domestic box office raked in $8.58 billion in 2023, marking a significant rebound since the disruption caused by the pandemic. Nonetheless, the industry has yet to reach pre-pandemic levels, partly attributed to a decrease in film releases. With only 88 movies hitting theatres in 2023 compared to 108 in 2019, studios faced challenges in rejuvenating box office revenues.

Variety's assessment of major studios' performances:

Disney (Grade: C+): Despite market leadership, Disney faced setbacks with underperforming titles like "The Marvels" and "Indiana Jones 5", indicating cracks in their once unassailable position.

Highs: "Guardians of the Galaxy Vol 3" ($845 million), "The Little Mermaid" ($569 million), "Elemental" ($496 million).

Lows: "The Marvels" ($204 million), "Indiana Jones and the Dial of Destiny" ($383 million), "Wish" ($126 million).
 

Paramount (Grade: B-): Paramount saw successes with movies like "Scream VI" and "PAW Patrol: The Mighty Movie", but high-budget productions like "Mission: Impossible – Dead Reckoning Part One" struggled, hinting at franchise fatigue.

Highs: "Scream VI" ($169 million), "PAW Patrol: The Mighty Movie" ($197 million), "Teenage Mutant Ninja Turtles: Mutant Mayhem" ($180 million), "Killers of the Flower Moon" ($156 million).

Lows: "Mission: Impossible – Dead Reckoning Part One" ($567 million), "Dungeons & Dragons: Honor Among Thieves" ($208 million).

Sony (Grade: B): Sony's wins with "Spider-Man: Across the Spider-Verse" and "Equalizer 3" were balanced by losses from films like "Dumb Money" and "65".

Highs: "Spider-Man: Across the Spider-Verse" ($690 million), "Equalizer 3" ($190 million), "Napoleon" ($200 million).

Lows: "Dumb Money" ($20 million), "65" ($60 million).

Universal (Grade: A): Universal's diverse lineup, including hits like "The Super Mario Bros Movie," "Oppenheimer," and profitable low-budget ventures, showcased their creative prowess.

Highs: "The Super Mario Bros Movie" ($1.36 billion), "Oppenheimer" ($951 million), "Five Nights at Freddy's" ($289 million), "M3GAN" ($180 million).

Lows: "Fast X" ($704 million), "Book Club: The Next Chapter" ($29 million), "Renfield" ($26 million), "The Last Voyage of the Demeter" ($21.8 million).
 

Warner Bros. (Grade: B+): "Barbie" soared as a global phenomenon, yet the studio faced significant setbacks with DC superhero films like "The Flash" and "Shazam: Fury of the Gods".

Highs: "Barbie" ($1.44 billion), "The Nun II" ($268 million), "Meg 2: The Trench" ($395 million), "Wonka" ($280 million to date).

Lows: "The Flash" ($270 million), "Blue Beetle" ($129 million), "Shazam: Fury of the Gods" ($133 million), "Aquaman and the Lost City" ($118 million to date).

Apple (Grade: B): Not primarily focused on box office gains, Apple's theatrical releases, "Killers of the Flower Moon" and "Napoleon", showcased the tech giant's willingness to support prestigious projects.

Highs and lows: "Killers of the Flower Moon" ($156 million), "Napoleon" ($188 million).

Lionsgate (Grade: B+): Lionsgate's prudent budgeting led to successes with "John Wick Chapter 4" and "Hunger Games: The Ballad of Songbirds and Snakes", while minor setbacks came with lesser-known releases.

Highs: "John Wick Chapter 4" ($440 million), "Hunger Games: The Ballad of Songbirds and Snakes" ($300 million), "Saw X" ($109 million), "Jesus Revolution" ($54 million).

Lows: "Are You There God? It's Me, Margaret" ($21 million), "Joy Ride" ($15 million), "The Marsh King's Daughter" ($2 million).

As the year draws to a close, studios can reflect on the changing dynamics of audience preferences and the necessity to adapt their strategies to navigate an evolving film landscape.