'Incredibles' summer helps Hollywood turnaround with potential for record year
The new entry in the 'Incredibles' film series is helping to make this summer's box-office tally, well, pretty incredible.
Some Wall Street analysts who began the year forecasting a drop from a dismal 2017 are now revising their outlooks. Surprised by the draw of 'Black Panther' plus the stellar performance of 'Incredibles 2', they say the US box office could actually end the year up a few percentage points. Following one of the worst US summers on record last year, 2018 was expected by some industry watchers to be equally gloomy - or worse. That was mainly because of a lack of big movies in the second half, particularly with no new 'Star Wars' film. But with the first half delivering a couple of record months, the outlook has improved.
"The bear-case thesis that emerged last summer was simply incorrect," said AMC Entertainment CEO Adam Aron"The overall health of this industry is strong."
Rising ticket prices, up almost 5pc on last year, explain some of the optimism. A better-than-expected 2018 would be a boost to Hollywood, which has struggled to adapt to changing consumer habits and rising competition from digital streamers. Aron, who was predicting an upbeat year back in April, now says sales will exceed last year's tally and have "a fighting shot to be the biggest year domestically in history". The annual record of $11.4bn was set in 2016. Year-to-date, the domestic box office is up 8pc, while summer sales are up 11pc, thanks to 'Incredibles 2'. which has now topped the $1bn mark globally.