It’s been a good year for Hollywood at the box office. Despite the recession, people have been turning up at cinemas in record numbers, and premium prices for 3D cinemas have also helped push the box office up. As a result, the US and Canadian box office gross passed $10 billion for the year for the very first time, according to Reuters.
Last weekend left the gross $36 million short of the $10 billion mark, and with $29 million added on Monday, it passed the milestone on Tuesday. With the likes of Sherlock Holmes and Alvin and the Chipmunks 2 opening this week, as well as a strong holdover for Avatar expected, the overall box office should add another $100 million or so before 2009 ends.
Although there are still challenges for Hollywood, not least that the credit markets freezing have made it far more difficult to fund movies (studios are taking on more of the financial burden of films than they were previously), audiences have shown they’re keen for a bit of escapism in this gloomy time. Even home entertainment is doing better than expected, as while DVD sales have dropped, Blu-ray is up and so is rental, with many expecting overall business to be on a par with last year. It certainly bodes well for the industry for next year, especially with more and more 3D cinema screens being added all the time, and Blu-ray continuing to grow.