In 2024, the UK and Ireland’s film industry provided remarkable resilience. Those big releases went on to be in close, if not outright blockbuster, box office hits. Universal’s Wicked, Disney’s Inside Out 2, and Deadpool & Wolverine put a massive dent in the marketplace. Combined, they represented only 17% of the revenue generated this year. On average, the top ten films only accounted for 41% of all box office revenue. That’s a very bright recovery path, although it’s tough to tell even after the long-term stunting effects of US strikes.
It was the first year dominated by Paddington In Peru as the highest grossing film, earning £36.6 million. However, it was soon eclipsed by Bridget Jones: Mad About The Boy, which surpassed it with a remarkable £45.8 million. The success of these films truly represents a new desire for appreciation for the cinematic experience from moviegoers.
Cinema Attendance and Market Dynamics
2024 is set to be the UK and Ireland’s best cinema admissions year on record, 2.3% up on 2018 at 138 million admissions. This jump is hope for a return to movie-going — something we need as we inch toward an industry rebound. Their average ticket price is just £7.71. This is a small decrease from last year’s average of £7.86, bringing the cost of a trip to the cinema within reach for everyone.
Cinemas
In the revival of cinema, London has been an invaluable asset. Yet it is only served by 81 out of the top 300 performing cinemas in the UK and Ireland. Significantly, 24 of these cinemas are in the West End, a high-value, strategically important area for film distribution. This domination of London speaks to the larger theme of the role high-density metropolitan areas play in producing box office success.
The big ten distributors, including such industry titans as Disney and Universal, controlled a whopping 89.5% market share. Since artists are subject to their dominance, their dominance gives them incredible power to shape trends. This gets audiences a continuous stream of rich, varied content year-round.
Insights from the FDA Chief
Andy Leyshon, director of the FDA’s Office of Planning and Analytics. He published the 23rd annual FDA Yearbook on April 9. He mentioned the growing need to have a regular calendar of theatrical releases to keep audiences always engaged.
“We need to ensure that we have a 52-week theatrical release calendar with more consistency. 2024 was a challenge as we felt the aftershock of the US strikes, but going forward distributors and exhibitors should be confident knowing that audiences want a diverse slate throughout the entire year.” – Andy Leyshon
As for slate awareness, Leyshon agreed that it has gotten better. He added that we have to work harder to surprise and delight audiences and motivate them to go to the movies.
“Slate awareness has naturally improved with a healthier roster of releases across 2024, but there is still some way to go and much work to be done to fully engage audiences.” – Andy Leyshon
He further highlighted that cinema continues to be a value form of entertainment, as overall footfall is up when the world is experiencing pandemic-related declines.
“Cinema remains the most affordable out-of-home leisure activity, and with footfall up… we have to be happy.” – Andy Leyshon
Leyshon further pointed to the specific cultural importance of cinema. Retention, he warned, is the key to the industry’s future.
“To maintain that audience faith we do need to ensure that the film offer remains interesting… that cinemas can flourish.” – Andy Leyshon
Future Outlook for the Film Industry
Leyshon called for some really inspiring moves to jumpstart the film industry. He proposed 25% tax relief on distribution P&A expenses for UK features with budgets of £15 million or less. He thinks that will encourage the distributors to put more money into promoting local films.
“Distribution tax relief is essential to realise the benefits of the IFTC… all leading to increased audience engagement and business levels for local productions going forward.” – Andy Leyshon
On these steps, Leyshon said he was encouraged by the ability of the industry to recover.
“Hopefully, 2025 can lay the foundations for a return to record business levels over the next three to four years.” – Andy Leyshon