Yahoo Finance Why 2019 box office still disappointed — and the Golden Globes' hidden message
All eyes are on the 2020 box office after a successful — albeit disappointing — 2019.
According to a Variety estimate, the yearly domestic box office haul for all 2019 films is projected to total about $11.4 billion — a roughly four percent decline from 2018's massive $11.9 billion.
Although $11.4 billion is still a strong number (and the second-highest in cinematic history) — experts expected much higher results given last year’s plethora of blockbuster titles, from “Avengers: Endgame” and “Star Wars: Rise of Skywalker” to “Frozen 2” and “Toy Story 4.”
But despite the strong 2019 offerings, the year was also plagued by one too many flops.
Elizabeth Banks’ $50 million ‘Charlie’s Angels’ remake struggled to make any type of splash at the box opening — grossing only $8 million in revenue in its opening weekend.
Meanwhile, “Dark Phoenix” was ripped as one of the worst X-Men movies ever released, according to multiple outlets, and its box office receipt was a drag on Disney’s bottom line after it wrapped up its acquisition of 21st Century Fox’s assets.
Separately, the ‘Shining’ sequel ‘Doctor Sleep’ largely missed estimates, earning a dismal $14 million domestically in its opening weekend.
Experts anticipate another box office dip in 2020, given the lack of big-name titles expected this year — although several highly-anticipated sequels should provide a nice boost.
According to the latest reader poll from The Hollywood Reporter, movie-goers are most excited to see “Wonder Woman 1984,” along with other notable remakes and adaptations like “Dune,” “No Time to Die,” and the solo “Black Widow” movie, featuring the Avenger of the same name.
Golden Globe effect
Meanwhile, award show winners and losers can often sway the minds of ticket holders. It’s something that Hollywood should keep in mind as awards season kicks into high gear.
“Green Book,” which captured the top award at last year’s Oscars, saw a box office boost the week after its surprise win for Best Picture with ticket sales surging nearly 122 percent, according to Box Office Mojo.
As Hollywood preps for Oscars season, the results of Sunday night’s Golden Globes could provide a taste of what’s to come. Streaming platforms like Netflix (NFLX) got left behind in favor of the big production powerhouses.
Netflix, which spent $15 billion on original content in 2019 and raised over $4 billion in debt to fund even more in 2020, only took home two statues despite 34 nominations — more than any other studio or network.
To add insult to injury, its biggest awards-season contender “The Irishman” didn’t win one thing.
Although the night was described as “humiliating” for the platform, it remains to be seen whether or not the results will actually push movie lovers to choose the theater over their couch.
For now, though, the Globes seems to have sent a message with its snubs. Is the film industry really ready for a streaming takeover? Maybe not just yet.
Alexandra Canal is a Producer at Yahoo Finance. Follow her on Twitter @alliecanal8193
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