In most years, Memorial Day weekend is a huge moment for theaters, because it ushers in the summer movie-going season. Unfortunately, Memorial Day weekend 2024 was the worst box office draw in years — even with the hugely anticipated and critically acclaimed Furiosa: A Mad Max Saga going head-to-head with Chris Pratt’s The Garfield Movie. Excluding 2020, which was the height of the COVID-19 pandemic, Memorial Day weekend 2024 was the worst money-maker in three decades. Instead of kicking off the summer blockbuster season with a bang, the holiday weekend has been an ominous warning.

With ticket sales down and newly released movies hitting streaming and video-on-demand (VOD) services in record time, it’s not surprising that films are struggling to make it big in theaters. For comparison, 2015’s Mad Max: Fury Road grossed a whopping $45 million over a non-holiday opening weekend, which ultimately led to an impressive $380 million global box office draw. Meanwhile, Furiosa, which is equally well-received, earned just $32 million over the four days that make up Memorial Day weekend. Sadly, Hollywood’s slump is becoming much more of a pattern, and there are clear-cut reasons why.

6

Streaming Means There’s More Choice At Home Than In Theaters

Streaming Platforms & VOD Services Give Audiences More To Watch

With movie lovers paying increasingly high rates for multiple streaming platforms — Netflix, Disney+, Max, Apple, Paramount+, and more — it’s no wonder they aren’t as pressed about going to theaters for new releases. None of the current streaming services are perfect, but, among them all, they offer plenty of choice. If someone is already paying for multiple streaming services, there’s less incentive to spend more money on a movie ticket.

5

Audiences Have Been Conditioned That New Theatrical Releases Will Quickly Go To VOD

The Fall Guy Spent Just A Few Weeks Exclusively In Theaters

Ryan Gosling and Emilys Blunt’s The Fall Guy should have been a massive box office hit — a blockbuster with theatrical staying power. However, it wasn’t even in theaters three weeks before becoming available on video-on-demand (VOD) platforms. When there’s a strong chance that most movies will be on VOD within a month or two — and a strong possibility that they’ll appear on streamers in just a few more weeks than that — it’s hard to make a case for going to the theaters. While some must-see movie experiences, like Barbie, Oppenheimer, and Dune: Part Two, are exceptions to that rule, it’s hard for most films to break through.

4

The COVID-19 Pandemic Changed Moviegoing Habits

Audiences Got Used To Watching New Releases At Home

Although the height of the COVID-19 pandemic occurred four years ago, 2024 is still feeling the impact of how the pandemic reshaped folks’ movie-going habits. Theaters were not just closed, but they — like other public places — were deemed unnecessary health hazards. People preferred to stay home, away from risk factors, even when theaters reopened with COVID-19 compliant health polices. Between the pandemic still affecting would-be audience members and changing others’ habits, it’s unreasonable to think there would be a complete return to normalcy.

3

Bigger Budgets Puts Greater Box Office Expectations On Some Movies

Tentpole Films Have A Harder Time Becoming Runaway Blockbusters

While budgets don’t play a factor in every single movie release, it’s much more difficult to release a sleeper hit in 2024. When analyzing box-office bombs, budgets are a huge factor. In general, tentpole movies that are “meant” to be seen in theaters commonly have budgets of upwards of $200 million. That alone makes the bar for profitability so much higher, which means fewer and fewer movies can reach that level of success.

2

Movie Theaters Are Expensive

From Transit To Snacks, Everything Has A Price Tag

While costs vary by location, chain, and day of the week, it’s no secret that most movie theaters are incredibly expensive. If an average ticket costs between $10–20, that’s just one factor. Attendees must also factor in transportation costs and the price of snacks and drinks, all of which are becoming even more costly. Going to a movie theater just isn’t something a lot of people are willing to do on a weekly or biweekly basis, especially as the average cost of living surges. When VOD and streaming offer a one-off cost, it’s hard to justify an individual — let alone a family — forking over more for a theater experience.

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The Movie Theater Experience Isn’t Always Great

An Audience Can Make Or Break A Film

Although theater-going experiences can vary widely, it’s true that a crowd can make or break an experience. At times, an excited packed house can make a mediocre movie a thrilling experience. On the other hand, audience members who refuse to put away their phones or remain quiet throughout the film’s runtime can ruin an entire outing. With so much inherent risk or potential grievances, staying home and watching something on Netflix can feel way more appealing.