Disney and Pixar brought great joy to the box office this weekend.
“Inside Out 2” debuted with an estimated $155 million domestically, the second-highest theatrical opening of an animated film and the first since Warner Bros.’ “Barbie” topped $100 million in its debut.
Of note, Disney is not considering the 2019 live-action remake of “The Lion King,” which grossed $191.7 million in its debut, the animated film.
“Inside Out 2” is expected to bring in $295 million worldwide for the weekend.
“Let’s throw a ‘welcome back’ together for Disney, Pixar, and the summer box office,” said Shawn Robbins, founder and owner of Box Office Theory.
Both Pixar and Walt Disney Animation are struggling to regain their footing at the box office after pandemic restrictions eased and audiences returned to theaters. Disney has chosen to debut some animated features directly on Disney + and let parents be trained to look for new Disney titles in streaming, not in theaters, even if they return to the big screen.
Adding to Disney’s woes, many viewers began to feel that the company’s content had become too existential and concerned with social issues beyond the reach of children.
“Many narratives have been written about the two studios and films these days, so this strong debut by ‘Inside Out 2’ is a breath of fresh air,” said Robbins.
The film is the fifth Pixar feature to surpass $100 million in its North American debut and the second-biggest opening weekend ticket seller for the studio behind only 2018’s “The Incredibles 2,” which grossed $182.6 million. About 12 million visitors entered theaters to see the film, according to data from EntTelligence.
“This is clearly a big win for movie theaters,” said Paul Dergarabedian, senior media analyst at Comscore. “It’s a bigger win for Pixar.”
The theater industry has struggled this year with fewer titles, as production shutdowns from the pandemic have been exacerbated by a second labor strike that shut down movie sets nearly five months ago. The result is a 26% drop in ticket sales compared to 2023 and a 42% drop from 2019 levels, according to data from Comscore. As of this weekend, the domestic box office was $2.8 billion.
While there have been some standout performances from movies like Warner Bros. and Legendary Entertainment’s “Dune: Part Two,” Warner Bros. and Toho’s “Godzilla x Kong: The New Empire” and Universal “Kung Fu Panda 4,” 2024 box office has struggled to achieve consistent release and ticket sales.
Missing from the summer slate earlier this year for the first time since 2009 was a Marvel Cinematic Universe title. Typically, these films average $100 million to $200 million openings, with 2019’s “Avengers: Endgame” reaching a record $357.1 million. However, this year, Universal’s “The Fall Guy” opened to $28 million.
Fewer movies and fewer blockbusters could push the summer box office up to $800 million compared to 2023, according to Dergarabedian Comscore, and have a ripple effect throughout the year. After all, the crucial summer period, which runs from the first weekend in May to Labor Day, typically accounts for 40% of the annual domestic box office total.
“Inside Out 2” is a bright spot for the industry. It had the biggest domestic debut of 2024, surpassing “Dune: Part Two” and $82.5 million in opening weekend ticket sales.
“Does this performance eliminate all concerns about the evolving behavior of consumers? Of course not, but it should remain in the hands of those who think Disney or Pixar have permanently lost their commercial gravitas after their overly aggressive streaming strategy and undercooked films that together ruined some the movie. audiences in the past few years,” Robbins said.
And some heavy hitters will close out the summer and finish the year.
“Deadpool and Wolverine,” Marvel’s first R-rated feature, due in theaters in July and is expected to deliver a strong opening weekend as well as a steady stream of ticket sales during its run.
Then “Beetlejuice Beetlejuice” arrives in early September, “Joker: Folie a Deux” hits in October along with “Venom: The Last Dance,” and November sees “Gladiator II,” “Moana 2” and “Wicked.” In addition, December will have “Kraven the Hunter,” “Sonic the Hedgehog 3” and “Mufasa: The Lion King.”
Disclosure: Comcast is the parent company of NBCUniversal and CNBC.
