The U.S. box office is finally rebounding and projected to hit a record-breaking $12 billion in 2018, per Hollywood Reporter. And with the holiday season approaching, it is likely that more Americans will flock to the theatres. Footfalls at movie theatres have been relatively stable over the past three decades but a spate of hits in 2018 might just prove to be record year for the box office.
Movie studios generally target the summer or year-end holidays for big-ticket releases. However, this year, the box office has gained momentum a shade ahead of the holiday season with Sony Pictures Entertainment, a division of Sony Corporation of America’s SNE, Venom breaking the biggest opening weekend ever for a movie released in October. This was followed by Halloween from Universal Pictures, owned by Comcast Corporation CMCSA, recording the second-largest October opening of all time.
Venom, Halloween Set the Mood
Box office totals are up almost 10% from 2017. And with the holiday season approaching, it’s likely that more Americans will be visiting theatres with quite a few big movies lined up for release. However, the mood for the holiday season seems to have been set with Venom recording the best opening weekend ever for a movie released in October, with an estimated $80 million take, domestically.
Following Venom is Halloween, which opened with a whopping $77.5 million and set the record for the second-best October opening weekend of all time. Halloween’s opening is also the second-largest ever for an R-rated horror movie, surpassing the $53.8 million set by AT&T, Inc.’s T Warner Bros’ Nun, which released in September.
It goes without saying that 2018 is proving to be a great year for the domestic box office. Earlier this year, The Walt Disney Company’s DIS Black Panther alone raked in $700 million in domestic sales, surpassing Titanic, to become the third-highest grossing film in the United States.
Understandably, Venom and Halloween have set the mood for the holiday season box office with a spate of big movies lined up for release. Disney’s The Nutcracker and the Four Realms, Universal’s The Grinch, Sony’s The Girl in the Spider's Web,Paramount Pictures, a subsidiary of Viacom, Inc.’s VIAB, Overlord and Warner Bros’ Fantastic Beasts: The Crimes of Grindelwald, all release in November.
Box Office Geared Up for Record 2018
Per Hollywood Reporter, the 2018 domestic box office is heading toward a record haul and is projected to hit $12 billion. October particularly has been one of the best months for the box office in a long time, and is expected to get bigger during the holiday season. This has seen domestic revenues increase almost 10% from 2017 and analysts are predicting that this year could eclipse 2016’s $11.4 billion.
Moreover, the U.S. box office hit a record high of $3.3 billion in the second quarter thanks to summer hits like Incredibles 2, Avengers: Infinity War and Jurassic World: Fallen Kingdom.While big studios have always bet on summer and the holiday season for their big ticket releases, this year has seen films like Black Panther and Avengers: Infinity War releasing outside this window.
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