Barbenheimer lights up cinemas but strikes cast shadow on industry’s future
Barbie and Oppenheimer, the pop culture power movie duo nicknamed Barbenheimer, had a triumphant opening weekend, reviving cinemas to their pre-pandemic glory – if only for a fleeting weekend.
Vue cinemas witnessed their biggest weekend since 2019, raking in nearly £30m at the UK box office according to the UK Cinema Association, as over 500,000 eager moviegoers flocked to the screens.
Greta Gerwig’s heavily publicised film based on the iconic Mattel doll dominated the US box office as well, amassing an impressive $155m (£121m) during its opening weekend, while Christopher Nolan’s Oppenheimer earned $80m (£62m).
Vue International boss, Tim Richards, celebrated the “phenomenal” numbers, with 4,000 sold-out sessions, half of which were for Barbie alone.
The bumper weekend has been a welcome relief for embattled cinemas wrestling with mountains of pandemic debt, energy costs and fierce competition from streaming giants like Netflix and Disney+.
“I think it’s not just about Barbie and Oppenheimer,” Richards added, “it’s just a return to cinema. Our customers never left us, we just haven’t had movies.”
However, the elation may be short-lived, as mounting Hollywood strikes threaten the industry’s future.
Danni Hewson, head of financial analysis at AJ Bell, said although Barbie has given the cinema industry a “much-needed boost” the film industry faces a “tricky” period ahead as Hollywood actors unite with crew members and writers in their strikes, potentially disrupting production schedules.
“Cinemas, which struggled to get bums on seats until a decent roster of new blockbusters was finally released after covid shutdowns, will be hoping the dispute is short lived,” explained Hewson.
“They’re unlikely to be impacted in the immediate future but even small changes to almost ready projects will be impossible in the current climate and that could quickly start to eat into the cinematic schedule,” she added.
Barbenheimer’s success has not only benefited Vue but also led to a 10 per cent surge in Cineworld shares, despite its delisting plans and a nearly two per cent increase in upmarket Everyman’s shares.
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, recognised the potential for a cinematic renaissance but warned “the main focus now will be on the pipeline of future hits, with big hitters becoming fewer and further between.”
The Hollywood strikes are “close to a worst-case scenario for cinemas,” she said, explaining that the age of streaming means more people are choosing to watch at home and studios are releasing directly to streamers instead of traditional cinematic premiers.
“While the strikes aren’t necessarily going to derail things forever, it will make the short to medium-term demand for cinema tickets even more difficult to map, adding an unwanted hurdle in what’s already been a very tough obstacle course for cinema chains.”