The Thanksgiving weekend of 2023 marked a historic moment for the film industry, setting an astonishing benchmark at the domestic box office with an estimated revenue of $422 million. This surge has been characterized by AMC Theatres CEO Adam Aron as “a national phenomenon,” reflecting not only the public’s renewed interest in cinema but also the strategic release of high-quality films during the season.
The recent figures surpass the previous Thanksgiving record of $315.6 million established in 2018, primarily driven by the animated feature Ralph Breaks the Internet. This shift in consumer behavior signals a pivotal change within the film market, particularly in a post-pandemic landscape characterized by fluctuating viewer confidence. Industry insiders had anticipated this substantial rebound, particularly with notable releases like Disney’s Moana 2, Universal’s Wicked, and Paramount’s Gladiator 2 all vying for audience attention.
What stands out in this year’s Thanksgiving box office performance is how it reflects not just a recovery but a clear evolution in audience preferences. The ten-day total, which began with the release of Wicked and Gladiator 2 on November 22, is projected to achieve an impressive $681.5 million—a figure that would have been unimaginable during the pandemic’s peak.
One of the key factors contributing to this surge is the successful counterprogramming that allows for diverse film offerings. Moana 2 is expected to set a record with approximately $215 million to $220 million over the five-day holiday, while Wicked has not only become the highest-grossing adaptation of a Broadway musical but is also boasting impressive reviews. With Rotten Tomatoes scores of 96% for Wicked, 87% for Moana 2, and 83% for Gladiator 2, it’s evident that moviegoers were drawn in by both the quality and the variety of options.
Historically, studios have sometimes hesitated to release multiple major titles in a single weekend due to fears of cannibalizing ticket sales. However, this year’s figures demonstrate a compelling argument against such cautiousness. Rather than competing, these films appear to complement one another—creating a stronger draw that benefits the entire industry.
A Lesson for the Future
While the excitement of this year’s box office success should be celebrated, it also provides an essential lesson for film studios moving forward. The success recorded during this Thanksgiving should push industry executives to rethink their release strategies. In a time where audiences are eager to return to theaters, withholding prime slots in favor of limiting competition ultimately impoverishes the filmmaking ecosystem.
Comparatively, the Thanksgiving figures from 2021 and 2022 reveal a time when audiences were still hesitant—braving back-to-back releases like Disney’s Encanto and Lionsgate’s The Hunger Games: The Ballad of Songbirds and Snakes each earned far less, indicating that audiences were still reeling from the pandemic’s impacts. This year, however, normalcy seems to have returned with vigor, urging studios to fill the gap left from previous years.
The upcoming year is poised to further capitalize on the momentum gained this Thanksgiving. The anticipated release of Wicked: Part 2 and several other titles—such as Disney’s Zootopia 2—during the holiday season promises to keep the momentum alive. Additionally, upcoming films like Paramount’s reboot of The Running Man and a yet-to-be-titled Warner Bros/New Line feature seem to suggest that audiences will have a rich tapestry of cinematic experiences to look forward to.
As the industry prepares for another year of potential box office milestones, it is essential for studios to remember this Thanksgiving’s success. It’s a reminder that when high-quality films are strategically released, audiences will respond, transforming the cinematic landscape into a vibrant and thriving environment. Such insights are not merely retrospective; they serve as a blueprint for what could become a new golden age of cinema.