Insight of the Day: Family-friendly films boost box office

Detailed Findings

1. Market Trends:

   • PG-rated films dominate the domestic box office, making up one-third of ticket sales in 2024, the highest share since 1995.

   • Animated films account for 25% of ticket sales, with four of the top 10 highest-grossing films being animated.

   • Major PG and animated releases (Inside Out 2, Moana 2, Despicable Me 4, Kung Fu Panda 4) have set box office records.

2. Major Records Set in 2024:

   • Inside Out 2 became the highest-grossing animated film of all time.

   • Moana 2 drove record-breaking Thanksgiving sales, with $221 million in domestic revenue over five days.

   • The Despicable Me franchise crossed $5 billion in global box office revenue, a first for an animated series.

3. Family-Friendly Momentum:

   • Family-oriented films revived the box office after a fall slump.

   • Family films like Wicked (PG-rated) broke records for Broadway adaptations, while animated sequels performed consistently well.

Trend Reflected in the Article

• Family-friendly and animated films are reshaping the movie landscape, becoming the dominant force at the box office.

• PG-rated films, historically seen as less exciting, have become the new standard for broad audience appeal, overtaking PG-13 in market share.

Consumer Motivation

1. Nostalgia and Familiarity: Parents and children gravitate toward well-known brands and sequels, ensuring steady audience turnout.

2. Cost-Effective Entertainment: Families view movies as an affordable alternative to other leisure activities, offering escapism akin to a "mini-vacation."

3. Event Viewing: Big releases and holiday weekends encourage families to turn out for shared experiences.

Big Social Drive Reflected by Trend

• Post-Pandemic Social Reconnection: The resurgence of family-friendly films reflects a societal shift toward in-person, communal activities after years of streaming dominance during the pandemic.

• Cultural Need for Positivity: Animated and family-oriented films offer a feel-good, universally accessible reprieve from darker or more intense genres.

Big Social Trend

• Return to Theaters for Shared Experiences: Families are prioritizing theater outings as a way to bond and create lasting memories, driving box office recovery.

• Preference for Franchise Entertainment: Established franchises (Despicable Me, Moana, Wicked) continue to dominate as audiences seek familiarity in uncertain times.

Strategy to Follow by Brands

1. Leverage Franchises and IP: Focus on producing sequels and spin-offs of well-loved properties to ensure audience interest and brand loyalty.

2. Create Cross-Generational Appeal: Develop stories and marketing that engage both children and parents, maximizing audience reach.

3. Capitalize on Seasonal Peaks: Release family films during holidays and weekends to capture high turnout and event-driven sales.

4. Enhance the Theater Experience: Collaborate with cinemas to create themed events, merchandise, or interactive experiences tied to major releases.

5. Promote Accessibility: Offer family-friendly ticket pricing bundles or promotions to sustain the "affordable outing" narrative.

Source: https://www.axios.com/2024/12/03/2024-kids-movies-box-office