Cinema's rebound after the strikes: sequels' success at the 2024 box office

In 2024, global cinema revenue totaled about 32.3 billion dollars, which compared with 33.9 billion dollars in 2023 shows a 3 percent decline. However, these figures indicate an improvement in the production situation after the Hollywood strikes in 2023. Animated sequels in 2024 were recognized as the highest-grossing films at the box office. Pixar's animation "Inside Out 2," with 1.7 billion dollars in global box office revenue, topped this list and became the first animation in history whose international sales surpassed 1 billion dollars. This film, together with four other sequel animations including "Despicable Me 4," "Moana 4" and "Kung Fu Panda 4," placed among the year's top 10 highest-grossing films and indicate the global and intergenerational popularity of this genre. Box office success in 2024 was mainly dependent on established intellectual property (IP), because most of the highest-grossing films were sequels, spin-offs, or continuations of franchises. Major works such as "the Deadpool & Wolverine animation," "Dune: Part Two and Wicked" were able, by relying on well-known stories, to attract large audiences. Older sequels such as "Gladiator 2" and "Beetlejuice Beetlejuice" also, by drawing on nostalgia, showed the emphasis on the power of familiar brands. The only original, non-sequel films that are on the list of the top 20 highest-grossing films globally in 2024 are the animation "The Wild Robot" from the studio "DreamWorks Animation" and "It Ends with Us," the latter of which is an adaptation of a bestselling romance novel.

The highest-earning studios and their blockbusters

In 2024, Disney was recognized as the leader in global box office revenues, and the successful animation "Inside Out 2" became the highest-grossing family (PG) film in history. This year was a historic record for Walt Disney Studios, achieved through a series of blockbuster successes in sequels. The studio announced that in 2024 it was the first highest-earning studio globally and was able to take in 5.46 billion dollars worldwide, which includes 2.23 billion dollars in the domestic market and 3.23 billion dollars in international markets.

Each of the major studios had outstanding performance. Universal drew attention with "Despicable Me 4," which achieved impressive sales of nearly 1 billion dollars. This franchise, which has proven to have high staying power, has been able with its distinctive humor and family appeal to achieve considerable sales. In addition, Sony's film "Venom: The Last Dance" grossed 476 million dollars globally, and "Gladiator 2" from Paramount was close with 439 million dollars in sales. This well shows the importance of well-known franchises and their impact on studios' success.

One of the year's biggest surprises was the horror film "Longlegs" from Neon, which with a 22.6 million dollar opening at the domestic box office was able to take in 126 million dollars in total and set a new record for original horror films in 2024. This year indicated the diversity of cinema audiences' tastes. Family films and R-rated content were both able to succeed at the box office. This balance among different genres and target audiences helped the overall growth of the cinema industry in 2024.

On the other hand, Warner Bros. also experienced a major success with the film "Dune: Part Two." This epic science-fiction film, made based on Frank Herbert's classic novel, with stunning visuals and an engaging story was able to captivate many audiences and proved the high demand for quality science-fiction films.

Superhero films have remained a dominant force at the box office, and Sony also had a successful performance with "Venom: The Last Dance." Because it has the popular character Venom, who has loyal fans, this film was able to become one of the highest-grossing cinematic works and made the importance of the superhero genre for major studios more apparent than before.

Paramount Pictures achieved considerable success with the film "Gladiator 2" and was able, with its epic scope and engaging story, to attract large audiences to movie theaters. In addition, the "Sonic the Hedgehog 3" franchise, which is based on video games, has been able by combining action, humor, and nostalgia to become a successful formula for attracting audiences. In what follows there is a table that summarizes the best films and the studios that made them.

In the 2024 box office, several major and notable trends are observed:

1. The power of franchises and sequels: Sequel films and franchises have continued to perform successfully at the box office and attract considerable attention.
2. Growth of animation films: This genre has continued its success for years and has been able to attract a wide range of audiences.
3. Diversity in genres: While superhero and science-fiction films still have many fans, other genres such as animation and family films have also performed well at the box office.
4. The impact of streaming services: Despite the transformation that streaming services have brought about in the entertainment industry, major films with high budgets and cinematic events still have the ability to draw large crowds to movie theaters.
5. Expansion of the international box office: Films' success in global markets plays a vital role. Films that have been able to connect with global audiences often achieve considerable sales. Studios pay special attention to producing content that is appealing to audiences around the world.

Predicting future box office trends with certainty is difficult, but successful franchises, quality storytelling, and the use of innovative visual effects will likely remain key factors for success.

The commercial importance of making sequel films

In the 1980s, two or three of the top ten films were sequels, but now in the list of the top 10 highest-grossing films 9 films are sequels. This trend indicates the cinema industry's dependence on previous fans to reduce risks and generate steady revenue in a recovering market. Making a sequel is important for several reasons:

1. Financial profitability: Sequels often come with a loyal fan base and make box office revenue easier. People who enjoyed the first film are more likely to watch its sequel, because they already know the characters, the story, and the world, and this reduces uncertainty about the film's success. Also, producing a sequel generally involves less risk than making an entirely new film. The first film has already proven its commercial viability, which makes investors and studios more confident about a sequel's potential to perform well at the box office.
2. Character and story development: Sequels allow filmmakers to expand the world, characters, and stories introduced in the first film. Therefore, sequels provide more space for character development. In the first film, characters are often introduced, and in sequels their arcs can be developed further, which makes audiences invest in their journey. Also, sequels allow filmmakers to revisit and continue these beloved stories and give fans the opportunity to engage with characters they love.
3. Technical and aesthetic advances: Sequels also provide an opportunity to use new advances in film technology, such as improved special effects, better animation, or more sophisticated filmmaking tools. This can make the sequel feel fresher and more visual than its predecessor. Filmmakers can enhance the visual experience and storytelling by using advanced techniques that were not available during the original production.
4. Industry standards and market trends: As Hollywood increasingly moves toward franchise-based filmmaking, sequels have become an integral part of this shift. Studios and filmmakers are often more inclined to develop sequels of well-known properties because of the predictable success they offer. Studios and filmmakers are often more inclined to make sequels for well-known features because of the predictable success they offer compared with independent films.

Final remarks

In 2024, the cinema industry, with total global revenue of $32.3 billion, despite a 3 percent decline relative to the previous year, saw a significant recovery after the Hollywood strikes of 2023. Pixar's animation Inside Out 2, with global sales of $1.7 billion, was recognized as the year's highest-grossing film and demonstrated the success of sequels and franchises. Major studios such as Disney, Universal, and Sony also performed well, and Disney, with $5.46 billion in global revenue, led the box office. Also, key trends such as the power of franchises, the growth of animated films, diversity in genres, and the impact of streaming services on the cinema industry were evident this year. The results of 2024 show that the cinema industry, despite existing challenges, has been able, by relying on popular sequels and franchises, to move gradually toward revival. This trend underscores the importance of making sequel films because of financial profitability, franchise development, and the use of technical advances. Given changes in the market and in audiences' tastes, successful franchises and quality storytelling are expected to remain key factors for success in the future.