Disney And Pixar brought a huge dose of joy to the box office this weekend.
“Inside Out 2” debuted domestically to an estimated $155 million, the second-highest theatrical opening for an animated film and the first since then. Warner Bros. “Barbie” exceeds $100 million in its debut
It's worth noting that Disney is not considering a live-action remake of 2019's The Lion King, which grossed $191.7 million during its debut as an animated film.
“Inside Out 2” is expected to earn $295 million worldwide this weekend.
“Let's welcome our collective return to Disney, Pixar and the box office this summer,” said Sean Robbins, founder and owner of Box Office Theory.
Both Pixar and Walt Disney Animation struggled to regain a foothold at the box office after pandemic restrictions eased and audiences returned to theaters. Disney has chosen to debut a host of animated features directly on Disney+, so parents have been trained to look for new Disney titles via streaming, not in theaters, even when they return to the big screen.
Compounding Disney's problems was that many audiences began to feel that the company's content was becoming overly existential and becoming too concerned with social issues for children to access.
“There have been so many narratives written about the two studios and their cinematic journey lately, so this strong debut for Inside Out 2 is a breath of fresh air,” Robbins said.
The film is the fifth Pixar film to surpass $100 million during its North American debut, and the studio's second-biggest weekend ticket seller behind 2018's The Incredibles 2, which grossed $182.6 million. About 12 million customers flocked to cinemas to watch the film, according to data from EntTelligence.
“This is clearly a big win for theaters,” said Paul Dergarabedian, senior media analyst at ComScore. “It's an even bigger win for Pixar.”
The theatrical industry has struggled this year with fewer titles, with pandemic production shutdowns exacerbated by a double labor strike that shut down film sets for nearly five months last year. The result was a 26% decline in ticket sales compared to 2023 and a 42% decline from 2019 levels, according to data from Comscore. Heading into this weekend, the domestic box office had reached $2.8 billion.
While there were some standout performances from films like Warner Bros. Legendary Entertainment's “Dune: Part Two” and Warner Bros. And Toho's “Godzilla x Kong: The New Empire” and worldwide “Kung Fu Panda 4”, 2024 box office is struggling to achieve a steady pace of releases and ticket sales.
Missing from this year's early summer slate for the first time since 2009 was a Marvel Cinematic Universe title. Typically, these films average $100 million to $200 million to open, with 2019's “Avengers: Endgame” reaching a record $357.1 million. Instead, Universal's The Fall Guy this year grossed $28 million.
Fewer movies and fewer blockbusters could cause the summer box office to drop by as much as $800 million compared to 2023, according to Comscore's Dergarabedian, and would have ripple effects throughout the entire year. After all, the prime summer period, which runs from the first weekend in May through Labor Day, typically accounts for 40% of the annual domestic box office total.
“Inside Out 2” is a bright spot for the industry. It boasts the biggest domestic debut of 2024, surpassing “Dune: Part Two” and its opening weekend ticket sales of $82.5 million.
“Does this performance erase all concerns about evolving consumer behavior? Of course not, but it should remain in the hands of those who believe that Disney or Pixar have lost their commercial appeal forever after an overly aggressive streaming strategy and undercooked films have together eroded some of its commercial importance. “The fans in the last few years,” Robbins said.
And some heavy hitters are coming to close out the summer and end the year.
Deadpool and Wolverine, the first R-rated Marvel film, is scheduled to hit theaters in July, and is expected to have a strong opening weekend as well as a steady stream of ticket sales throughout its run.
Then “Beetlejuice” arrives in early September, “Joker: Folie a Deux” arrives in October alongside “Venom: The Last Dance,” and November sees “Gladiator II,” “Moana 2” and “Wicked.” “. Additionally, December will see “Kraven the Hunter,” “Sonic the Hedgehog 3,” and “Mufasa: The Lion King.”
Disclosure: Comcast is the parent company of NBCUniversal and CNBC.
