‘Black Phone 2’ To Prevail Over Weak Halloween Weekend With $7M+ – Box Office

The October 2024 box office concluded as the lowest since 1998, with Comscore reporting $440M, and the current weekend projected to be the year's weakest at around $49M, attributed to Halloween falling on a Friday and the World Series. While the year-to-date box office reached $7 billion, a 3% increase from last year, it remains 24% below pre-pandemic 2019 levels. Universal/Blumhouse's *Black Phone 2* led the weekend with $7.6M, while Focus Features' *Bugonia* achieved a $4.4M wide opening, representing a career high for director Yorgos Lanthimos despite its $45M production budget.

Analysis

The October 2024 domestic box office concluded at $440 million, marking its lowest performance since 1998 and an 8% year-over-year decline. The current weekend is projected at a year-low $49 million, influenced by Halloween on a Friday and World Series competition. While the year-to-date box office reached $7 billion, a 3% increase from last year, it remains significantly 24% below pre-pandemic 2019 levels of $9.26 billion.

Universal/Blumhouse's *Black Phone 2* led the weekend with $7.6 million, a 41% drop, accumulating $61 million, indicating a moderate run for CMCSA. Focus Features (CMCSA) saw *Bugonia* achieve a $4.4 million wide opening, a career high for director Yorgos Lanthimos, despite its $45 million budget and a B CinemaScore. Conversely, Netflix's *KPop Demon Hunters* (NFLX) underperformed with a projected $3.4 million second weekend, while Paramount's *Regretting You* (PARA) and Sony's *Chainsaw Man* (SONY) experienced sharp declines of 51% and 69% respectively.

The sector's moderately negative sentiment (-0.6) and pessimistic tone reflect persistent underperformance against historical benchmarks and a struggle to regain pre-pandemic consumer engagement. Structural headwinds, including event-driven competition and a lack of consistent tentpole releases, are evident, contrasting sharply with October 2018's $832.8 million driven by three major films.

Key Decisions for Investors

• Investors should maintain a cautious stance on the broader theatrical exhibition sector given the persistent underperformance against pre-pandemic levels and current weak consumer engagement.
• Consider selective exposure to content producers demonstrating consistent, moderate success with diverse film portfolios, such as Comcast (CMCSA) through its Universal and Focus Features divisions, which showed relative resilience.
• Monitor quarterly earnings calls from Netflix (NFLX), Paramount (PARA), and Sony (SONY) for detailed explanations of film underperformance and future content strategies, as their recent releases indicate significant revenue declines.
• Evaluate the pipeline for major tentpole releases across studios, as the absence of such films significantly impacts overall box office revenue, and adjust investment strategies accordingly.