2024 was, all told, a mixed year at the box office. Things started out on a dreadful note as the first half of the year was filled with flops, disappointments, and movies that simply couldn’t carry the load after 2023’s SAG and WGA strikes completely upended the release calendar. Fortunately, things turned around in the second half of the year thanks to hit movies like “Wicked,” “Deadpool & Wolverine,” and “Inside Out 2” turning the tide. Despite all of that, the global box office finished well below that for 2023, slowing the industry’s recovery in the aftermath of the 2020 lockdowns. At the same time, streaming’s place as the future was more firmly cemented.
According to Gower Street Analytics (via Deadline), the global box office total for 2024 was $30 billion, compared to $33.9 billion in 2023. That number includes $8.75 billion from domestic ticket sales, which was down from 2023 when that number topped $9 billion. In light of the strikes and the slow start to last year, that number could have been much worse. There is much to be said about that, and we will dive into it all a bit further here in a moment. But there’s one eye-opening statistic that helps put this all into perspective; namely, Netflix’s total revenue for the fiscal year ending in September 2024 was $37.5 billion (or, to put it another way, 25% more than the total global box office last year).
It’s certainly a bit of an apples to oranges equation, as Netflix is a subscription streaming service that has both movies and TV shows to attract customers. That said, if there was any question as to which section of the business is most important to Hollywood’s future, there shouldn’t be.
It’s also crystal clear that Netflix is the king of the streaming wars despite being but one of the many competitors in that space. This is to say nothing of Disney+, Hulu, Max, Paramount+, or Peacock, not to mention smaller services like Shudder. Together, streaming absolutely overshadows the theatrical marketplace.