New Releases Struggle to Ignite North American Box Office
The North American box office continued to see a wave of original films hitting theaters last weekend. However, their box office performances were less than stellar, suggesting that the key to revitalizing the market lies in established franchises and IP-driven movies. Overall, the weekend’s total box office revenue amounted to a mere $65 million, marking a significant 36% drop compared to the same period last year.
Challengers Takes the Top Spot
Leading the weekend was Challengers, a sports romance film from Amazon MGM Studios. Directed by Luca Guadagnino, known for Call Me by Your Name, and starring Zendaya, the movie explores a love triangle between competitive tennis players.
Challengers Movie Still
The screenplay for Challengers comes from debut screenwriter Justin Kuritzkes, a Brown University philosophy graduate with a background in playwriting and novel writing. Despite being his first foray into film, this work has already earned him a spot on Variety’s “10 Screenwriters to Watch” list.
Interestingly, Kuritzkes is married to Celine Song, the acclaimed Korean-American filmmaker behind Past Lives. Having spent years building their careers in New York, they are poised to become the next power couple in American independent cinema, following in the footsteps of Greta Gerwig and Noah Baumbach, and Barry Jenkins and Lulu Wang.
Challengers opened in 3,477 North American theaters, grossing $15.01 million over the weekend. While this is a decent start for the genre, it faces pressure to recoup its $55 million production budget.
In 2017, Luca Guadagnino’s breakthrough film, Call Me by Your Name, adopted a limited release strategy, reaching a maximum of 900 theaters. It eventually earned $18.09 million in North America. His subsequent horror film, Suspiria, had an even smaller release, peaking at 300 theaters. Bones and All (2022), released over Thanksgiving in 2,700+ theaters, grossed $3.61 million over five days and ultimately only $7.83 million domestically – a less than impressive result even considering the pandemic.
Therefore, the opening of Challengers marks a career high for Guadagnino. However, for the overall North American film market, these numbers are not enough to make a significant impact.
Challengers has received positive reviews, holding an 87% freshness rating on Rotten Tomatoes. Zendaya’s star power likely drew many viewers to the theaters. The 27-year-old actress, who started on the Disney Channel, has gained prominence in the Spider-Man and Dune franchises and has won two Primetime Emmy Awards for her role in the HBO series Euphoria. Challengers marks her first true leading role in a film.
Other New Releases and Box Office Disappointments
Unsung Hero Movie Still
In addition to Challengers, two other new films from Lionsgate were released wide. Unsung Hero, a faith-based musical biopic, opened in 2,832 theaters, earning $7.75 million and ranking second. With a production budget of only $6 million and Lionsgate’s typically conservative marketing spend, it is likely to turn a profit.
Boy Kills World Movie Still
Boy Kills World, a revenge action film starring Bill Skarsgård, was released by Lionsgate in 1,993 theaters but only grossed $1.67 million, placing tenth.
The lack of new releases led to some distributors re-releasing older films. Alien (1979) and The Mummy (1999) earned $1.6 million and $1 million, respectively, highlighting the poor reception of Boy Kills World.
IMAX’s Quarterly Report Reflects Market Trends
Last week, IMAX released its quarterly report. While Dune: Part Two performed strongly in March, it couldn’t offset the overall weakness of the North American film market. IMAX’s North American revenue for Q1 2024 decreased by 9% year-over-year, from $86.9 million to $79 million.
The first three months of 2023 saw strong IMAX revenue driven by hits like Avatar: The Way of Water, Ant-Man and the Wasp: Quantumania, and The Wandering Earth 2. This year, the Hollywood strikes impacted the supply of new films, affecting IMAX’s film slate. Dune: Part Two has been the only major film truly worth seeing in IMAX this year, accounting for 54% of IMAX’s global Q1 box office revenue of $261 million.
The End of a Marvel Tradition
As April 2024 draws to a close, the North American film market is about to enter the first weekend of May. Many may have forgotten that since Iron Man in 2008, North American audiences have been treated to a Marvel movie on the first weekend of May each year. This “tradition” lasted for 14 years, excluding 2020 and 2021 due to the pandemic, and has now come to an end. Guardians of the Galaxy Vol. 3 was the last Marvel film to be released on the first weekend of May. Deadpool & Wolverine is scheduled for July, and Captain America: Brave New World will be released in February 2025.
In the past decade, the summer blockbuster season has been pushed forward to May due to the consistent release of Marvel films. Without a Marvel movie in May this year and next, it remains to be seen whether the summer blockbuster season will be redefined and whether it can ignite the passion of American moviegoers as it has in the past.