The Thanksgiving weekend of 2023 is being heralded as a remarkable milestone in the realm of cinema, thanks to an astonishing box office earnings of approximately $422 million across the domestic market. AMC Theatres’ CEO Adam Aron has dubbed this moment a “national phenomenon,” underscoring the revitalized interest in large-screen offerings that the public has shown. This impressive figure represents a significant leap from the previous Thanksgiving record, which stood at $315.6 million established in 2018 when “Ralph Breaks the Internet” led the charge.
The prevailing narrative among industry insiders suggested a moviegoing renaissance was on the horizon, particularly in a post-COVID-19 world marked by previous strikes that had put a pause on many productions. High expectations were met as audiences flocked to theaters, driven by a compelling lineup of feature films that included Disney’s much-anticipated “Moana 2” alongside sequels to popular franchises such as Universal’s “Wicked” and Paramount’s “Gladiator 2.” The figures from November 22 to November 30 indicate that this period is on track to accumulate a phenomenal $681.5 million in total box office receipts.
Audience anticipation for “Moana 2” is particularly notable, as it is projected to debut between $215 million and $220 million over the five-day holiday window. “Wicked,” meanwhile, has already established itself as the highest-grossing film based on a Broadway musical with $263 million, in addition to being set to have one of the best five-day tallies with nearly $118 million. Consequently, “Gladiator II,” which is edging towards $45 million, has also added to the competitive mix.
The Magic of Programming
What stands out in the current box office scenario is the effectiveness of counterprogramming in a market historically dominated by major tentpole events. It’s evident that the synergy of high-quality films allows for audience engagement across various demographics, thereby lifting the entire industry. Each of the trio of films currently dominating the box office boasts commendable audience scores on Rotten Tomatoes: “Wicked” leads at an impressive 96%, followed by “Moana 2” at 87%, and “Gladiator II” close behind at 83%. These ratings not only highlight the films’ quality but also prove that multiple blockbuster releases can coexist profitably within the same timeframe.
Despite this evident success, it is perplexing that major studios don’t consistently strive to replicate such a successful formula during high-traffic periods. There appears to be a hesitancy to risk placing two heavyweights alongside one another on the same marquee, which often results in a dearth of high-profile releases during key periods. This year’s monumental earnings should serve as a wakeup call for the industry: theaters should embrace more substantial offerings during peak times rather than retreating into a cautious shell.
In stark contrast to the vibrancy witnessed this Thanksgiving, the previous years have shown a more muted response from audiences, as they adapted to the new normal post-pandemic. For instance, the 2021 Thanksgiving weekend was marked by lower-as-anticipated figures like $40.5 million from Disney’s “Encanto” and $63.8 million from “Black Panther: Wakanda Forever.” It showcases a transitional period where audiences were still tiptoeing back into theaters, a scenario that seems to have transformed dramatically in 2023.
As the industry looks ahead, there are exciting prospects lined up for next Thanksgiving. With “Wicked: Part 2” slated for release just prior to the holiday, and a host of other promising projects from industry stalwarts such as Paramount and Disney, including “Zooptopia 2,” the future looks bright. The understanding that more films can lead to exceptional box office outcomes should inspire studios to keep abundance at the forefront of their programming strategies.
As the box office figures continue to evolve through the Thanksgiving stretch, filmmakers and studios must recognize the importance of harnessing audience enthusiasm during such pivotal times. The current success reinforces a key lesson: a diverse offering of high-quality films not only satisfies audience cravings but also drives the overall profitability of the industry. As we step into a new era post-pandemic, there is every reason to believe that investing in a rich tapestry of cinematic experiences will continue to pay dividends for Hollywood—and, crucially, for audiences hungry for exceptional storytelling on the big screen.