The Oscar Weekend Box Office Highlights A Huge Problem For Movie Theaters

Hollywood's biggest night is behind us. The Oscars took place on Sunday, with Sean Baker's "Anora" coming away as the big winner, nearly pulling off a clean sweep that culminated in a Best Picture win. It was a remarkable feat for an indie movie made for just $6 million. Upon winning the prize for Best Director, Baker even used a huge chunk of his speech to make an impassioned plea for Hollywood to make films for theaters rather than streaming, while also imploring audiences to seek out the theatrical experience.

Somewhat ironically, though, the box office was a barren wasteland as the Academy Awards unfolded, with Marvel's "Captain America: Brave New World" topping the charts for a third straight weekend with a measly $15 million. Meanwhile, Focus Features' "Last Breath" was the only major new release, taking in $7.8 million. It was a lousy showing overall, with the domestic box office barely clearing $50 million for the weekend in total. What's most frustrating, as someone who, like Baker, cherishes the theatrical experience, is that it didn't have to be this way. It frankly shouldn't be this way.

Let's look back at 2024. On Oscars weekend last year, "Kung Fu Panda 4" topped the charts with a healthy $58 million. Elsewhere, then-future Best Picture nominee "Dune: Part Two" pulled in $46.2 million on its second weekend, while Blumhouse's "Imaginary" and Angel Studios' "Cabrini" both entered the marketplace, giving theaters plenty to offer moviegoers. In the end, the Oscars enjoyed an increase in viewership over 2023, and theaters saw a healthy turnout. It was a win-win.

The Oscars exist to celebrate cinema, very specifically the sort of cinema that is meant for the big screen. Sure, Netflix and other streamers have entered the conversation recently, with Apple's "CODA" even winning Best Picture a couple of years back. But those movies still have to have some sort of theatrical release to qualify for the Academy Awards. That being the case, it does feel a bit wrong that Hollywood pretty much left theaters out to dry this past weekend.

Looking at the landscape, it's not as though there were simply no movies that could have been released this past weekend. March 14 will see Steven Soderbergh's "Black Bag," "The Day The Earth Blew Up: A Looney Tunes Movie," A24's "Opus," and Jack Quaid's comedic thriller "Novacaine" all arriving on the same day. Might "Black Bag" or "Novocaine" have been well-positioned to succeed on February 28 instead of creating a needlessly crowded weekend? Warner Bros. also has "Alto Knights" opening against Disney's "Snow White" on March 21. Again, why not move "Alto Knights" away from a surefire blockbuster?

Those are just a couple of examples. The point is, several studios have finished films that could have easily made the Oscars weekend more robust. The Oscars aren't competition like the Super Bowl that can run the risk of sinking a movie's opening weekend. Rather, as we saw last year, the right films can succeed against the Oscars with ease. There's no good reason to avoid that spot on the calendar.

The fact of the matter is that the box office's recovery in the aftermath of the 2020 COVID-19 lockdowns has been slower than expected. 2024 getting off to a very slow start before bouncing back certainly didn't help matters, as the year's total box office gross was below that for 2023, taking us in the wrong direction. A big part of the issue has been Hollywood not only releasing fewer movies overall, but also keeping those movies in theaters for shorter windows before bringing them to VOD or streaming.

Per Box Office Mojo, 2023 saw 592 movies release in theaters, while 2024 saw 674. That increase is a good thing. The problem? Theaters are still being starved to death on certain weekends. Just look at "Argylle" leading the worst Super Bowl weekend ever in 2024 with a dismal $6.2 million. This problem truly goes back to 2022 when movies like "The Batman" were left uncontested for weeks on end. Theaters absolutely need a consistent stream of product to help keep the lights on. A $15 million number one movie simply isn't going to cut it, plain and simple.

Hollywood needs theaters and theaters need Hollywood. It's a symbiotic relationship that needs to continue to work for the industry to thrive. Studios would do well to fill gaps on the release calendar in the future if they want theaters to survive. AMC and Regal aren't exactly in great financial shape, and weekends like this only make things worse. It's inexcusable. It needs to stop. Audiences will show up, they just need something to show up for.