Where would the 2023 box office be without the bomb and the bomb?
“Barbenheimer” may have started as a meme, but the two seemingly different blockbusters with two release dates became the cinematic phenomenon of the year. All that social media chatter led to ticket sales (and then some): Warner Bros. comedy “Barbie” crowned 2023 as the highest-grossing film ($1.44 billion) and Universal’s historical biopic “Oppenheimer ” as the third biggest hit (an incredible $951 million).
The studios were (finally!) rewarded for distancing themselves from the overly familiar and embracing the new and novel. Notably, the top three films of the year – Universal's animated “The Super Mario Bros. Movie” is No. 2 with $1.35 billion – were original films. Sure, “Barbie” is based on the world-famous doll, Mario is arguably the greatest mascot in video games, and J. Robert Oppenheimer is a real person who changed the course of history. So even if they weren't pure creations, these films weren't sequels or part of existing film series. And on paper, neither was a clear box office winner.
There are always the inevitable bombshells, and 2023 will be remembered as the year superheroes lost their Midas touch at the box office. Beyond the embarrassments of “The Marvels” and “The Flash,” there was a lot of red ink spilled on “Indiana Jones and the Dial of Destiny” and “Mission: Impossible – Dead Reckoning Part One.” The failures of Harrison Ford's fifth outing as the swashbuckling adventurer and Tom Cruise's most recent outing as globe-trotting spy Ethan Hunt were particularly shocking because not only were they two of the most expensive films of all time, but they were also burned into the release calendar as guaranteed successes, only to completely miss expectations. We can't blame Paramount for renaming Mission: Impossible – Dead Reckoning Part Two.
Overall, the domestic box office collected $8.58 billion, according to Comscore. It's the highest-grossing year since COVID upended the movie theater industry – well ahead of 2022 ($7.46 billion) and 2021 ($4.56 billion). But it hasn't returned to pre-pandemic levels, when U.S. box office revenue easily reached $10 billion to $11 billion a year. Part of the problem is that Hollywood studios are releasing fewer and fewer films, whether because of strike-related delays or other problems in the production process. Only 88 films were released in theaters in 2023, compared to 108 in 2019, when ticket sales reached $10.5 billion.
Things may get worse before they get better. Major blockbusters such as “Mission: Impossible 8” and “Captain America: Brave New World” have been pushed back to 2025 and as a result, North American revenue is expected to fall 11% to $8 billion in 2024. Of course, surprise billion-dollar blockbusters like “Barbie” and “The Super Mario Bros. Movie” could boost box office returns. However, analysts do not expect the cinema industry to fully recover until 2025 at the earliest.
Before this year comes to a close, Variety took a look at how the major studios fared at the global box office.
Walt Disney Studios Motion Pictures / Courtesy of the Everett Collection
Disney
Heights: “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)
Degree: C+
Takeaways: Oh, how the mighty have fallen. Well, relatively speaking of course. In terms of market share, Disney is still the leader (though it's worth noting that James Cameron's “Avatar: The Way of Water,” which hit theaters in late 2022, grossed more in 2023 than most of the studio's potential blockbusters). After a stunning box office success in 2019 that may never be repeated, Disney showed the cracks, cracks, cracks in its once invincible armor. Only one film, Guardians of the Galaxy Vol. 3, was a complete success. And while Pixar's “Elemental” and “The Little Mermaid” ended up with respectable box office returns, neither one lived up to expectations. “Indiana Jones 5” cost $300 million, becoming one of the year's most painful flops and a reminder that movies just shouldn't be that expensive.
But none of these headaches compared to the nosedive of the Marvel Cinematic Universe. It started with Ant-Man and the Wasp: Quantumania and culminated in The Marvels breaking all the wrong records as the lowest-grossing entry in the franchise's history. Disney CEO Bob Iger has admitted that the studio suffered from mistakenly focusing on quantity over quality. At some point, Disney could shape a billion-dollar movie by throwing every recognizable object onto the big screen. But this year it became clear that the company's brand recognition is no longer enough to attract audiences to the cinemas. The longtime box office giant remains well-stocked with its arsenal of films from the likes of Marvel, Lucasfilm and Pixar. However, Disney needs a serious internal reckoning to regain the luster that has been missing from the Magic Kingdom.
©Paramount/Courtesy Everett Collection
Of highest importance
Heights: “Scream VI” ($169 million), “PAW Patrol: The Mighty Movie” ($197 million), “Teenage Mutant Ninja Turtles: Mutant Mayhem” ($180 million)
Lows: “Mission: Impossible – Dead Reckoning Part One” ($567 million), “Dungeons & Dragons: Honor Among Thieves” ($208 million)
Degree: B-
Takeaways: Many studio executives thought that Cruise would be king of the box office for the second year in a row with “Dead Reckoning Part One” after “Top Gun: Maverick.” But the latest “Mission: Impossible” failed to find success in its opening weekend and was then undone by the one-two punch of “Barbie” and “Oppenheimer.” Compounding the pain, China is no longer a viable market for Hollywood tentpoles, while COVID delays and disruptions drove Dead Reckoning Part One's budget to a staggering $291 million. It's also a sign that the seven-film series may be running out of steam, with at least one more (almost finished) film yet to be released.
And Dungeons & Dragons won't fill the void if Ethan Hunt decides to turn in his IMF badge. The plan was for the Chris Pine-led adventure to be the start of a new film series. But despite the good reviews, the generations of moviegoers who grew up with the role-playing game failed to make it on a large scale. This meant there was no clear path to profitability for the $150 million production.
There were some bright spots for Paramount. “Teenage Mutant Ninja Turtles: Mutant Mayhem,” which cost a thrifty $70 million and grossed more than double that at the global box office, looks set to become a valuable new family franchise while “Paw Patrol” continues to draw crowds. The “Scream” series was also successfully restarted. The only problem is that the franchise is mired in off-screen controversies involving cast changes and firings, meaning Ghostface may not be coming back anytime soon. Call Neve Campbell!
©Sony Pictures/Courtesy Everett Collection
Sony
Heights: “Spider-Man: Across the Spider-Verse” ($690 million), “Equalizer 3” ($190 million), “Napoleon” ($188 million)
Lows: “Dumb Money” ($20 million), “65” ($60 million)
Degree: b
Takeaways: Showing that superhero fans haven't completely given up on the multiverse, “Across the Spider-Verse” became one of the rare comic book films to top the box office this year. Next up: “Beyond the Spider-Verse.” “Equalizer 3” grossed $190 million worldwide (almost as much as the previous two installments), demonstrating Denzel Washington's commercial resilience. “Napoleon” isn’t a box office success per se, considering it cost $200 million to produce. However, Sony only acted as a hired distributor on the Apple-financed historical epic, so it's all pure plunder for the studio. Plus, that's a pretty respectable gross for a movie about a long-dead military genius who should have avoided Moscow (and Waterloo).
But not everything was worth it for Sony. The studio tried to get in on the GameStop trend with the “Big Short”-like “Dumb Money,” but found that the market had turned. It didn't help that a star-studded ensemble that included Pete Davidson, Paul Dano, Seth Rogen and America Ferrera couldn't promote the film during the strike. Then there was “65,” a movie that was somehow about Adam Driver and dinosaurs (we didn't see it, and based on ticket sales, you didn't see it either). The $45 million production grossed $60 million worldwide. Considering that movie theaters account for half of all ticket sales and that it costs tens of millions to market a film, “65” was a financial failure. Some things are better left extinct.
©Universal/Courtesy Everett Collection
Universal
Heights: “The Super Mario Bros. Movie” ($1.36 billion), “Oppenheimer” ($951 million), “Five Nights at Freddy's” ($289 million), “M3GAN” ($180 million). -Dollar)
Lows: “Fast X” ($704 million), “Book Club: The Next Chapter” ($29 million), “Renfield” ($26 million), “The Last Voyage of the Demeter” ($21.8 million)
Degree: A
Takeaways: What a year! Two of the three biggest hits of 2023, “The Super Mario Bros. Movie” and “Oppenheimer,” belong to Universal. Meanwhile, “M3GAN,” a $12 million film that grossed $180 million, and “Five Nights at Freddy's,” which turned its $20 million budget into $289 million worldwide, were two of the most profitable. What makes it even more impressive is the fact that Universal doesn't have the extensive IP library that Warner Bros. or Disney have. Instead, the studio put together its killer slate by relying on everything from historical biopics to low-budget horror films and video game adaptations, most of which did without a Roman numeral in the title. Points for creativity and implementation.
There were certainly misfires. “Almost With a huge budget of $340 million, Dom Toretto's latest adventure struggled to break even. Elsewhere, the vampire comedy “Renfield” was heartbreaking, “Book Club: The Next Chapter” was all too easy to put down and “The Last Voyage of the Demeter” sank without a trace.
©Warner Bros./Courtesy of Everett C
Warner Bros.
Heights: “Barbie” ($1.44 billion), “The Nun II” ($268 million), “Meg 2: The Trench” ($395 million), “Wonka” (280 million to date) Dollar)
Lows: “The Flash” ($270 million), “Blue Beetle” ($129 million), “Shazam: Fury of the Gods” ($133 million), “Aquaman and the Lost City” (118th to date). million US dollars)
Degree: B+
Takeaways: Warner Bros. deserves a lot of credit for starting the Barbie Core movement that swept the globe and became a film monoculture. Thanks to director Greta Gerwig's ingenuity, Margot Robbie's pitch-perfect interpretation of the Mattel doll, and a marketing campaign for the ages, “Barbie” is by far the biggest success of the year. Meanwhile, the spooky sequel The Nun II was extremely profitable on its $38 million budget. And “Wonka,” with a $100 million price tag, cemented Timothee Chalamet’s star power and proved a worthy throwback to the world of pure fantasy.
But one particular blonde bombshell can't erase the utter collapse of four big-budget DC films. Warner Bros. spent over $660 million (excluding marketing) to bring these superhero films to the big screen – only a total less than 2016's Batman v Superman: Dawn of Justice ($874 million ) at the worldwide box office. DC's new bosses, James Gunn and Peter Safran, have already announced plans to reshape the sprawling superhero universe. If only they could join the Speed Force to go back in time and stop these comic book guys from being published.
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Apple
Ups and downs: “Killers of the Flower Moon” ($156 million), “Napoleon” ($188 million)
Degree: b
Bring away: What can I say about Apple? The tech giant isn't looking to make money at the box office, which is great because with budgets in the $200 million range, neither “Killers of the Flower Moon” nor “Napoleon” are in danger of doing so . But the decision to release them in theaters rather than streaming them raised the profile of both films, leading to more people actually becoming aware of their existence. This is in contrast to many previous Apple films (apologies to the “Spirited” hive). Theaters essentially served as expensive billboards for Apple TV+. Additionally, pulling out all the stops for a major theatrical outing will appeal to writers like Martin Scorsese (“Killers of the Flower Moon”) and Ridley Scott (“Napoleon”) and help attract top talent. For most studios, such logic would be ruinous. But Apple's $3 trillion market cap means it's not like any other company. Thank you, Tim Cook, for subsidizing the film business.
Courtesy of Lionsgate
Lionsgate
Heights: “John Wick Chapter 4” ($440 million), “Hunger Games: The Ballad of Songbirds and Snakes” ($300 million), “Saw X” ($109 million), “Jesus Revolution” ( 54 million US dollars)
Lows: “Are you there, God? “It's Me, Margaret” ($21 million), “Joy Ride” ($15 million), “The Marsh King's Daughter” ($2 million)
Degree: B+
Bring away: Kudos to Lionsgate for controlling the budgets. John Wick Chapter 4 and the prequel The Hunger Games were each reasonably priced at $100 million, putting them well positioned to make a profit at the box office. The fourth “John Wick” with Keanu Reeves as a nunchuck assassin became the most successful film in the action series. It bodes well for them The Ana De Armas-led spinoff “Ballerina” hits theaters next year. “The Ballad of Songbirds and Snakes” has hit a record $300 million, an encouraging sign that moviegoers are still interested in Hunger Games even without the presence of Jennifer Lawrence's Katniss Everdeen. Expect Lionsgate to greenlight another entry in the post-apocalyptic franchise.
None of Lionsgate's mistakes were catastrophic. “Are you there, God? “It's Me, Margaret,” the long-awaited adaptation of Judy Blume's groundbreaking novel, and “Joy Ride,” a raunchy R-rated comedy, didn't exactly justify their budgets despite rave reviews. But these are not losses that result in heads being shed. As for The Marsh King's Daughter, Lionsgate probably at least saved money by spending next to nothing on the marketing budget. Do you remember the film even being shown in cinemas? Neither do we.