Hollywood Roaring Back After Pandemic Disaster, Box Office Numbers Growing

It appears predictions of Hollywood's demise might have been a bit premature.

Hollywood took a massive hit starting March 2020 when the COVID-19 pandemic unfolded across America. Theaters were shut down, movies went to streaming and it looked like Hollywood was on the brink of an unprecedented collapse.

To quote the great Lee Corso, "Not so fast, my friends!"

The box office had a comeback year in 2023. (Photo by HENRY NICHOLLS/AFP via Getty Images)

Hollywood puts up huge numbers in 2023.

The box office data is in for 2023, and the numbers were shockingly high. Numbers from Gower Street Analytics show the global box office earned an estimated $33.9 billion in 2023, according to Deadline. That's a 30.5% gain from the global box office in 2022.

It's a giant win whenever there's growth of 30.5% in any industry. While there was explosive growth in 2023, the numbers are still lagging by 15% from the three-year pre-pandemic numbers.

To put it as simply as possible, Hollywood is roaring back, but there's still some ground to cover before it's back.

What lessons can be learned from 2023?

Below are the top 10 global films from the past year (via Box Office Mojo):

So, what lessons can be learned from the fact the box office exploded in 2023 compared to the previous year? While 2022 had some hits like "Top Gun: Maverick" and "Avatar: The Way of Water" - a massive hit globally - 2023 brought an entire slate of hits.

Not only did 2023 bring hits, but it did this crazy thing where originality was rewarded. Instead of a million new comic book movies - there were some - two of the biggest movies of the year were "Barbie" and more importantly in my opinion, "Oppenheimer."

Why does that matter? It's pretty simple. They weren't franchise films, and both dominated the global box office. "Oppenheimer" success is truly incredible.

There was no cooked in audience for that. It was meant to appeal to people who love history, and it made nearly $1 billion at the global office. Instead of rehashing old and tiresome ideas, an original story about the creation of the atomic bombs was the third highest-grossing film of the year.

Hopefully, that kind of success inspires studios to get back to making original content while sprinkling some remakes and sequels along the way.

Secondly, movie theaters are officially back to rolling and fully open. Not only that, but luxury theaters with solid dining and alcohol options are starting to become the norm.

I can go to my local theater, get a big bag of popcorn, a bunch of snacks and as many beers as I want. There's at least three other theaters within a 20 minute drive I can do the same at.

People enjoy the luxuries of home, and theaters have to compete. Clearly, it's working.

Box office had great growth in 2023. (Photo by Alain BENAINOUS/Gamma-Rapho via Getty Images)

Now, let's hope theaters continue to improve and studios drop more awesome movies. Let me know your thoughts on the box office growth at David.Hookstead@outkick.com.