24/7 Wall St. Insights
- The success of “Deadpool & Wolverine” has heartened the movie industry.
- However, ticket sales for the year will still be abysmal.
- Also: 2 Dividend Legends to Hold Forever
The movie industry was heartened by the success of “Deadpool & Wolverine.” Its opening weekend brought in $205 million in North America, an all-time record for an R-rated movie, and $428 million worldwide. Hollywood has finally had a hit after months of weekends without one. However, it has barely moved the needle for a year in which ticket sales have been abysmal.
The last time the movie industry had a blockbuster year was before the COVID-19 pandemic. Total North American sales were $11.5 billion in 2019, but the pandemic crushed that down to $2.1 billion in 2020. Even as it dug itself out of that trough, sales reached only $8.9 billion last year. Some blame streaming more than the pandemic. Streaming kept people out of theaters in 2020 and likely kept them in their living rooms permanently.
So far in 2024, ticket sales have only been $4.6 billion. That means that even with “Deadpool & Wolverine,” this year will likely be below last. It will be another severe blow to the large companies with traditional studios. Walt Disney Co. (NYSE: DIS), Universal, Paramount, and Warner Bros. will struggle financially.
There will be several winners in the sector. Netflix Inc. (NASDAQ: NFLX), which continues to grow and is highly profitable, is at the top of that list. Amazon.com Inc. (NASDAQ: AMZN) does not break out the exact number for Prime Video, but it is assumed that it helps Amazon’s overall earnings.
Will the movie industry, at least based on traditional studio numbers, ever bounce back? Almost certainly not.
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