Netflix is the holiday box office’s biggest competition

The news: The holiday box office is off to a strong start, with “Wicked,” “Moana 2,” and “Gladiator 2” generating significant box office revenues for Comcast, Disney, and Paramount, respectively.

• “Wicked” added $118.2 million in box office sales over the Thanksgiving weekend, bringing its global total to $359.2 million.
• “Moana 2” debuted over the holiday weekend and has generated $389 million globally, adding to a string of Disney box office successes throughout 2024.
• “Gladiator 2” trailed the two leaders, but still added more than $30 million, bringing its total to $111.2 million.

The strong performance shows an appetite among consumers for blockbuster media ahead of a holiday season packed with major releases.

• Other notable films coming this month include “Kraven the Hunter” from Sony, “Mufasa: The Lion King” and Bob Dylan biopic “A Complete Unknown” from Disney, and “Sonic The Hedgehog 3” from Paramount.

Competing with the couch: While audiences have shown a desire to return to theaters throughout the year, Netflix will compete with theaters for attention this holiday season.

• Netflix is releasing the second season of South Korean hit “Squid Game,” the most viewed show in the streaming service’s history, on December 26. The original series debuted in 2021, and Netflix’s holiday release will test its longevity as it prepares to sunset some of its other tentpole franchises.
• That’s not all Netflix has up its sleeve. The streaming service scored two crucial Christmas Day NFL broadcasts that will put its livestreaming capabilities to the test after a choppy boxing match between Jake Paul and Mike Tyson.

Our take: The box office has enjoyed strong results in 2024 that are likely to continue through the holiday season as consumers look for in-theater experiences.

Netflix’s lineup, however, shows that premiere holiday entertainment isn’t confined to theaters. Viewership of “Squid Game” and its NFL streaming performance will be a crucial test for Netflix.

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