Revising its projection from December last year, Gower Street Analytics has increased its estimate for global box office across 2023. The London-based firm now expects worldwide receipts to hit $32…
China has seen stronger than expected recovery in the first quarter following a disappointing 2022. The Lunar New Year period was solid and recently two Japanese movies have done bang up business . However, there remains concern with a general lack of oomph from audiences with regard to Hollywood titles which have not reached hoped for levels despite a steady stream of release dates being granted.
Gower notes that the $6.8B full-year projection puts China back on a level equivalent to 2021 , but is based almost entirely on how much Q1 actuals over-performed estimates. The analytics firm is holding its Q2-Q4 estimates relatively steady. Excluding China, overseas markets are eyed to reach $16.2B. A significant driver was a better than predicted first quarter, led by the holdover business of, as well as a robust release calendar, local titles clicking and a number of non-U.S. movies travelling well beyond their home markets . Germany is also rebounding.
Offshore markets in January out-performed Gower’s original estimate by 23%, with February up 10% and March +2%. More recently, there’s been great momentum fromLikewise, domestic is getting a boost from, also over $430M. The first quarter slightly underperformed Gower’s original projection but a growing release schedule has led the film tech company to lift its earlier full-year estimate to $9B for North America, which would be a 20% improvement from 2022.
Gower further notes that about 13% of its increased 2023 projection is due to currency exchange rate shifts between December 2022 and the end of March this year.
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